The Nigerian Exchange Limited (NGX) closed higher on Monday, February 23, 2026, as selective gains in equities and a sharp rally in sovereign bonds supported the market’s upward trajectory.

The NGX All-Share Index (ASI) advanced by 0.66 percent to settle at 196,263.55, extending the bullish momentum recorded in the previous week.

Equity market capitalisation rose to ₦125,968,997,561,131.03, consolidating above the ₦125 trillion mark.

Trading Activity Moderates

Market turnover showed mixed signals:

• Deals: 95,091

• Volume: 1,288,740,705 shares

• Value: ₦31,500,496,319.13

While volume remained strong at 1.29 billion shares, transaction value declined significantly compared to the previous week’s daily averages above ₦50 billion. This suggests broader participation but lighter institutional block trades.

Top Gainers

Leading the gainers’ chart were:

• FTGINSURE: ₦0.60 → ₦0.66 (+10.00%)

• OKOMUOIL: ₦1,459.70 → ₦1,605.60 (+10.00%)

• FIDSON: ₦86.90 → ₦95.50 (+9.90%)

• NPFMCRFBK: ₦6.27 → ₦6.89 (+9.89%)

• INFINITY: ₦15.75 → ₦17.30 (+9.84%)

The strong rally in OKOMUOIL provided meaningful support to the index given its market weight within the Oil & Gas and Consumer-related segments.

Top Losers

On the downside:

• TAJSUKS1 declined 13.59%

• TIP fell 10.00%

• LOTUSHAL15 dropped 10.00%

• DEAPCAP shed 9.97%

• LIVINGTRUST lost 9.92%

The sharp decline in TAJSUKS1 reflects volatility within sukuk instruments, contrasting with gains in other fixed income securities.

Most Active Stocks

• JAPAULGOLD – 473.98 million shares valued at ₦1.97 billion

• CHAMS – ₦221.26 million

• JAIZBANK – ₦566.90 million

• NSLTECH – ₦68.76 million

• MBENEFIT – ₦242.50 million

The heavy turnover in JAPAULGOLD signals continued speculative and retail-driven positioning.

Fixed Income Market Strength

Several government securities recorded notable gains:

• FGS202778 rose 19.99%

• FG202033S6 gained 10.73%

• FGS202772 advanced 9.99%

• FG202034S2 appreciated 4.28%

The rally in sovereign bonds suggests yield repositioning and renewed demand for medium-term government instruments.

ETF Market Performance

Exchange-traded funds recorded strong movements:

• NEWGOLD surged by ₦6,489

• VETINDETF gained ₦13

• VETGOODS rose ₦6.60

• VETBANK advanced ₦3.00

The sharp rise in NEWGOLD indicates hedging behavior and possible reaction to global gold price movements.

Critical Market Analysis

1. Momentum Continues but Liquidity Softens

Although the ASI gained 0.66 percent, transaction value at ₦31.50 billion is significantly lower than recent high-liquidity sessions above ₦60 billion. This suggests the rally is narrowing toward select counters.

2. Capitalisation Nearing Psychological Milestone

With equity capitalisation approaching ₦126 trillion and the ASI nearing 200,000 points, the market is entering psychologically significant territory.

3. Bond-Equity Divergence

While some sukuk instruments declined sharply, other federal government bonds recorded double-digit percentage gains, indicating segmented fixed-income behavior rather than uniform movement.

4. Breadth Assessment

The presence of strong double-digit gainers alongside double-digit decliners signals rotational trading rather than a broad-based rally.

Outlook

The NGX remains structurally bullish after delivering consecutive strong weekly performances. However, declining transaction value suggests potential short-term consolidation as the market approaches the 200,000 level.

If institutional participation increases above ₦50 billion in daily turnover, the index could test new highs in the coming sessions. Otherwise, mild pullbacks and sector rotation may dominate near-term trading.