Nigerian Exchange Limited (NGX) is commanding heightened investor attention, as several listed companies climb to fresh all-time highs and new 52-week peaks, reinforcing confidence in equities amid the nation’s evolving economic and regulatory reforms.

The Nigerian capital market last week closed what analysts described as a historic trading session, with momentum shifting into what market operators have termed a “super-cycle”. By Friday, February 20, 2026, the market was not merely advancing—it was undergoing a structural re-rating that had drawn the interest of both domestic and global portfolio investors.

The NGX All-Share Index (ASI) extended its bullish streak, rising 6.95 percent to close at an unprecedented 194,989.77 points. Market capitalisation surged to N125.2 trillion, reflecting a gain of more than N8 trillion in just five trading days.

Trading volumes underscored the renewed appetite for equities. A total of 7.6 billion shares valued at N252.6 billion were exchanged during the week, up sharply from 4.6 billion shares recorded in the preceding week. Market breadth remained positive, with 71 stocks advancing against 41 decliners, buoyed by the return of foreign portfolio investors. Analysts noted that Nigeria currently ranks second globally in dollar-denominated returns this year, a development that has further strengthened offshore interest.

The bullish undertone was evident from the start of the week. On Monday, February 16, market capitalisation jumped by N5.1 trillion, representing a 4.36 percent increase. The ASI gained 7,953.36 points to close at 190,266.44, compared with 182,313.08 recorded the previous Friday. Market breadth also closed positive, with 57 gainers against 27 losers.

Heavy demand for high-capitalised stocks powered much of the rally. Beta Glass, Oando, Ikeja Hotel, McNicholas and ABC Transport each recorded the maximum 10 per cent daily gain, closing at N453.20, N44, N41.80, N8.47 and N8.25 per share, respectively.

However, profit-taking was observed in some counters. RT Briscoe declined by 9.99 per cent to close at N15.68, while Deap Capital fell 9.91 per cent. Caverton Offshore Support Group, Guinea Insurance and Tantalizers also posted notable losses.

Access Corporation led the activity chart by volume, with 86.7 million shares traded in a single session that saw 1.1 billion shares worth N64 billion exchanged across 64,821 transactions.

In a milestone, MTN Nigeria Communications Plc emerged as the most valuable company on the NGX after reaching an all-time high of N708.90 per share. The telecoms giant closed with a market capitalisation of N14.88 trillion, overtaking leading industrial heavyweights.

The stock’s 8.56 percent daily gain and 38.79 percent year-to-date rally have been underpinned by stronger earnings performance and supportive regulatory reforms. Investor sentiment was further bolstered by MTN’s $6.2 billion move to take IHS Towers private — a strategic decision analysts believe will significantly reduce foreign exchange-linked lease costs and improve dividend sustainability.

In the energy space, Seplat Energy Plc strengthened its growth outlook following its $1.28 billion acquisition of Mobil Producing Nigeria Unlimited from ExxonMobil, alongside the commencement of first gas production at its ANOH Gas Plant in January 2026. The company’s shares recently touched N8,400.

Similarly, Aradel Holdings Plc attracted heightened investor interest after reporting a 55 per cent surge in profit to N401.2 billion and increasing its stake in ND Western Limited to 81.67 percent.

Within the industrial goods segment, Dangote Cement Plc and Lafarge Africa Plc drove sectoral gains exceeding 10 percent, reinforcing the dominance of what analysts have dubbed the “Super 25” — a cluster of 25 companies that collectively account for N111.11 trillion of total market capitalisation.

Other counters posting fresh highs include GTCO, Nestlé Nigeria, Okomu Oil, Presco, Zenith Bank and NGX Group, reflecting broad-based optimism across banking, consumer goods and industrial sectors.

Investor confidence is also being reinforced by macroeconomic improvements. Headline inflation eased sharply to 15.1 per cent in January, down from 34.8 per cent a year earlier, enhancing the relative attractiveness of equities over fixed-income instruments.

Additionally, reports indicated that U.S. capital inflows into Nigeria surged by 566 per cent to $2.23 billion, signalling a growing reassessment of Nigerian risk among international investors.

Meanwhile, Chairman of the Presidential Fiscal Policy and Tax Reforms Committee, Professor Taiwo Oyedele, called for stronger investor education to attract young Nigerians into regulated investment channels. He cautioned that misinformation is pushing many youths toward high-risk crypto trading and gambling platforms, urging stakeholders to prioritise transparency and accessible market information.

Market observers believe the convergence of corporate earnings recovery, structural reforms and macroeconomic stability could sustain the rally through 2026, positioning the NGX as one of the most compelling frontier market opportunities globally.

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