The Nigerian Exchange Limited (NGX) opened the new trading week on a strong bullish note as aggressive buying pushed the benchmark index sharply higher.
The NGX All-Share Index (ASI) surged by 4.36 percent to close at 190,262.44, compared to 182,313.08 recorded at the close of the previous week on Friday, February 13, 2026.
Equity market capitalisation climbed from ₦117.027 trillion at the end of last week to ₦122,129,988,802,836.16, reflecting a remarkable gain of approximately ₦5.10 trillion in a single session.
This marks one of the strongest single-day capitalisation expansions in recent sessions.
Liquidity Expansion Signals Institutional Positioning
Trading activity strengthened significantly:
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Deals: 64,821
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Volume: 1,075,885,250 shares
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Value: ₦64,025,689,588.49
For context, the entire week ended February 13 recorded total turnover of ₦193.33 billion. Monday alone accounted for over 33 percent of last week’s total value traded, underscoring the intensity of capital inflow.
The transaction value also exceeded Friday’s ₦52.63 billion close, confirming renewed momentum.
Sectoral and Heavyweight Influence
The rally was supported by strong gains in major counters:
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ARADEL rose 10 percent to ₦1,096.70
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BETAGLAS gained 10 percent to ₦453.20
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JAIZBANK, IKEJAHOTEL, and ZICHIS all appreciated by 10 percent
The sharp price expansion in high-capitalisation stocks contributed materially to the index’s 4.36 percent jump.
Notably, the NGX Oil & Gas Index had already gained 11.40 percent in the prior week. Monday’s performance suggests continued strength in energy-linked equities.
Most Active Stocks Reflect Banking and Energy Rotation
The most actively traded stocks were:
Heavy turnover in these names indicates institutional rotation into banking and oil & gas plays.
ZENITHBANK’s ₦5.93 billion turnover alone signals sustained foreign and domestic interest in tier-one financial institutions.
Profit-Taking Pockets
Despite the broad rally, selective profit-taking emerged:
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LOTUSHAL15 declined 10 percent
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RTBRISCOE fell 9.99 percent
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DEAPCAP dropped 9.91 percent
The pullback in some mid- and small-cap stocks suggests tactical repositioning rather than broad-based weakness.
Fixed Income and ETF Market
Bond instruments remained largely unchanged, indicating that the capital movement was equity-driven rather than a shift from fixed income to bonds.
ETF performance was mixed:
ETF flows remain supportive but secondary to equity momentum.
Critical Weekly-to-Daily Analysis
1. Momentum Acceleration
The market gained 6.16 percent for the entire previous week.
Monday alone delivered 4.36 percent, meaning the market has already achieved nearly 71 percent of last week’s total gain in just one session.
This indicates accelerating bullish momentum.
2. Capitalisation Breakout Above ₦120 Trillion
Crossing the ₦120 trillion threshold is psychologically significant.
The jump to ₦122.13 trillion reinforces the strength of institutional accumulation.
3. Liquidity Confirmation
Monday’s ₦64.03 billion turnover:
4. Risk Consideration
While the rally is strong, the 4.36 percent single-day spike raises the probability of short-term consolidation or mild profit-taking in subsequent sessions.
However, breadth remains supportive given the previous week recorded:
If breadth sustains above 2:1 in favor of advancers, the rally could extend.
Outlook
The NGX has entered a high-momentum phase following last week’s 6.16 percent gain and Monday’s 4.36 percent surge.
If liquidity remains above ₦50 billion daily and heavyweight stocks maintain upward bias, the ASI could test new psychological thresholds above 195,000 in the near term.
However, investors should monitor:
The market structure currently favors bulls, but volatility is likely to increase as valuations expand rapidly.
