The Nigerian Exchange Limited (NGX) closed marginally lower on Wednesday, February 25, 2026, as mixed performance across equities offset strong gains in select banking and oil counters.

The NGX All-Share Index (ASI) dipped by 0.06 percent to settle at 194,370.20, compared to 194,484.52 recorded on Tuesday.

Equity market capitalisation declined slightly to ₦124.75 trillion, reflecting a marginal pullback of approximately ₦73.43 billion.

Despite the near-flat close, trading activity remained elevated.

Liquidity Remains Firm

Market statistics showed:

• Deals: 70,222

• Volume: 1,375,815,959 shares

• Value: ₦46,197,799,398.45

Although lower than Tuesday’s ₦53.35 billion, transaction value remains above ₦45 billion, confirming sustained institutional presence.

The volume surge above 1.37 billion shares indicates broad participation across mid-cap and financial stocks.

Banking and Oil Stocks Provide Support

Top Gainers

• JAIZBANK rose 9.95% to ₦14.03

• OKOMUOIL advanced 9.93% to ₦1,765.00

• TRANSEXPR gained 9.77%

• FTGINSURE appreciated 9.72%

• CHAMPION added 5.39%

The continued rally in JAIZBANK and OKOMUOIL highlights sustained interest in financial and agro-industrial counters following the recent monetary easing.

Heavyweight Drag Limits Upside

Top Losers

• LOTUSHAL15 −10.00%

• RTBRISCOE −10.00%

• ABCTRANS −10.00%

• SKYAVN −9.98%

• HMCALL −9.93%

Profit-taking in select mid-cap stocks weighed on the broader index.

Most Active Stocks

• ZENITHBANK – ₦11.07 billion

• ACCESSCORP – ₦1.69 billion

• FTGINSURE – 193.69 million shares traded

• JAPAULGOLD – 114.77 million shares

• ELLAHLAKES – ₦999.22 million

ZENITHBANK’s ₦11.07 billion turnover signals aggressive repositioning in tier-one banking stocks following the Central Bank’s 50 basis points rate cut.

Fixed Income and ETF Segment

Bond instruments remained unchanged, suggesting stable fixed income positioning.

ETF performance was mixed:

• VETGOODS +₦5.40

• VETBANK +₦3.50

• VSPBONDETF −₦13.99

• VETINDETF −₦17.75

The decline in bond ETFs indicates yield adjustments following rate repricing.

Critical Market Analysis

1. Consolidation After Volatility

The market has now recorded two consecutive sessions of marginal decline following last week’s 6.95 percent rally and Monday’s early-week positioning.

The 0.06 percent dip suggests consolidation rather than structural weakness.

2. Banking Sector at the Center

Heavy liquidity concentration in ZENITHBANK and ACCESSCORP confirms that financial stocks remain the primary driver of market direction.

Lower interest rates may compress margins in the short term but are expected to stimulate loan growth and economic activity over the medium term.

3. Macro Backdrop Remains Supportive

With:

• Inflation easing to 15.10 percent

• External reserves at $50.45 billion

• Monetary policy easing underway

The macroeconomic environment supports equity valuation stability.

4. Technical Positioning

The ASI remains above 194,000 and close to the 195,000–200,000 resistance zone.

Short-term volatility is likely as the market digests recent gains and adjusts to lower-rate expectations.

Outlook

Despite Wednesday’s marginal decline, the broader market structure remains constructive.

If liquidity sustains above ₦45–₦50 billion and heavyweights stabilize, the NGX could resume its upward trajectory toward the 200,000 mark.

However, selective profit-taking in overextended counters is likely to persist in the near term.