The Nigerian Exchange (NGX) opened the new trading week on a firm footing on Monday, February 9, 2026, extending the bullish momentum recorded in the week ended February 6, 2026 as rising liquidity, stronger deal counts, and broad-based participation reinforced investor confidence.
The NGX All-Share Index (ASI) rose by 1.29 percent to close at 173,946.22 points, building on the 3.84 percent weekly gain recorded in the prior week when the index settled at 171,727.49 points.
Equity market capitalisation increased further to ₦111.66 trillion from the ₦110.24 trillion it closed last week to confirm that the rally remains supported by real capital inflows rather than short-term price distortions.
From Weekly Breakout to Daily Confirmation
Last week’s performance marked a decisive breakout for the market, driven by strong sectoral gains in Oil & Gas, Premium Board stocks, Banking, and Pension indices.
That momentum has now translated into the new week with Monday’s session acting as confirmation rather than exhaustion.
While the previous week recorded 3.86 billion shares valued at ₦128.58 billion across 240,463 deals, Monday alone delivered a notable 65,960 deals with 775.18 million shares traded at a value of ₦27.92 billion.
The elevated deal count relative to daily averages from the previous week signals continued institutional participation, especially in high-capitalisation stocks.
Liquidity Rotation Supports Market Stability
A comparison of capital flows shows a clear pattern of rotation rather than exit. During the week ended February 6, bond market activity rose sharply, with ₦476.43 million in bond trades, while equities remained dominant.
On February 9, bond market capitalisation declined to ₦48.84 trillion, while ETF capitalisation expanded to ₦171.34 billion, up from ₦136.27 billion earlier in the month.
This shift indicates that investors are selectively reallocating capital toward diversified and growth-aligned instruments, rather than abandoning fixed income altogether. Such rotation is consistent with expectations of sustained equity performance and moderate yield pressures.
Price Action: Broad Participation, Not Narrow Leadership
The structure of price movements on February 9 contrasts positively with earlier speculative phases of the rally. Gains were not limited to micro-cap stocks.
Price appreciation in FGN Sukuk instruments, including FGSUK2031S4 and FGSUK2033S6, reflects institutional repricing following recent listings and yield adjustments rather than retail speculation.
At the equity level, stocks such as May & Baker, Chemical and Allied Products, and DAAR Communications hit daily price limits, reinforcing the breadth already observed last week when 71 equities advanced, compared with 35 decliners. This continuity confirms that the rally remains market-wide.
On the downside, losses recorded in Eunisell, Tripple Gee, and Abbey Mortgage Bank were corrective in nature. These stocks had posted significant gains during the prior week, and the pullback aligns with normal profit-taking behaviour rather than a reversal in sentiment.
Banking Stocks Continue to Anchor Liquidity
One of the strongest signals linking February 9 to last week’s performance is the continued dominance of banking stocks in traded value.
Access Holdings and Zenith Bank accounted for a substantial share of Monday’s turnover, with Zenith Bank alone recording over ₦3.43 billion in trades.
This mirrors last week’s trend, where Financial Services stocks accounted for 56.68 percent of traded volume and 39.24 percent of total value.
The persistence of banking sector leadership underscores confidence in earnings visibility, balance sheet strength, and dividend expectations.
ETFs and Fixed Income Reinforce Bullish Bias
ETF price appreciation on February 9, led by NEWGOLD, SIAMLETF40, STANBICETF30, and VSPBONDETF, complements last week’s strong ETF turnover of ₦438.47 million. Rising ETF prices typically reflect demand for diversified exposure, often associated with sustained uptrends rather than short-lived rallies.
In the fixed income space, selective gains in sovereign instruments alongside price stability in others suggest orderly repositioning. This balance reduces systemic risk and supports broader market confidence.
Risk and Near-Term Outlook
The transition from a strong weekly close to a higher daily follow-through reduces the probability of an immediate correction. However, with the ASI now firmly above 170,000 points, short-term consolidation cannot be ruled out.
Any pullback, if accompanied by declining volumes rather than aggressive selling, would likely represent technical adjustment rather than trend failure.
Investors King Note
The February 9 trading session confirms that last week’s rally was not an isolated event. Rising deal counts, sustained banking sector dominance, expanding ETF capitalisation, and orderly bond market adjustments collectively point to a liquidity-supported uptrend.
As long as institutional participation remains intact, the Nigerian equity market is positioned to maintain its positive trajectory in the near term.
