The Nigerian stock market achieved a historic milestone in February 2026 as investors recorded a massive gain of N17.6 trillion, marking the highest monthly gain ever in the history of the Nigerian capital market.
This surge pushed the Nigerian Exchange Limited market capitalisation significantly higher, rising from N106.153 trillion at the end of January to N123.763 trillion by the close of February.
The impressive monthly performance reflected renewed investor confidence, sustained institutional accumulation, and increased retail participation across key sectors.
Trading sentiment stayed optimistic throughout February, driven by liquidity inflows, earnings-driven positioning, and positive developments around energy prices.
The NGX All-Share Index rose sharply by 16.6 per cent during the month, closing February at 192,826.78 points compared to 165,370.40 points in January.
On the fundamentals, earnings resilience continued to support the rally. Banking stocks attracted strong positioning due to elevated interest rates that boosted net interest margins and improved profitability outlooks.
Industrial stocks benefited from cost adjustments and pricing strategies that helped mitigate inflationary pressures.
Select consumer goods stocks also drew investor interest based on recovery narratives and enhanced operational efficiencies.
However, in a month-on-month and week-on-week review, sustained profit-taking led to a pullback as cautious sentiment persisted in the market.
Investors lost over N1.4 trillion week-on-week, with the NGX market capitalisation declining accordingly.
The NGX ASI also fell by 1.1% week-on-week, dropping from 194,989.77 points to close at 192,826.78 points on Friday.
Reacting to the market developments, analysts at InvestData Consulting Limited stated: “Risks remain. Inflationary pressures, exchange rate volatility, and global geopolitical uncertainties could introduce intermittent volatility. Portfolio managers are therefore adopting a more selective approach rotating capital into fundamentally sound names while trimming exposure to overheated positions.”
