By theG&BJournal
MON FEB 23 2026-theGBJournal| Nigeria’s equities market pushed higher despite renewed pressure on the local currency, with the Nigerian Exchange Limited (NGX) All-Share Index climbing 0.7 percent to 196,263.55 points in Monday’s trading session.
In tandem, the market capitalization rose by 0.63% to settle at N125.96 trillion.
The rally signals sustained investor appetite for stocks, even as macroeconomic headwinds continue to buffet the broader economy.
Market participants rotated into bellwether banking and consumer goods counters, betting on earnings resilience and positioning ahead of policy signals from monetary authorities.
Gains were seen in BUACEMENT (+4.3%), OKOMUOIL (+10.0%) and ZENITHBANK (+2.8%) drove the All-Share Index higher by 0.7% .
Consequently, the Month-to-Date and Year-to-Date returns settled higher at +18.7% and +26.1%, respectively.
The total volume traded increased by 57.1% to 1.29 million units, valued at N31.50 billion, and exchanged in 95,091 deals.
JAPAULGOOLD was the most traded stock by volume at 473.98 million units, while ARADEL was the most traded stock by value at N4.14 billion.
Analyzing by sectors, the Insurance (+3.4%), Banking (+1.4%) and Industrial Goods (+1.3%) indices advanced while the Oil & Gas (-0.2%) and Consumer Goods (-0.1%) indices declined.
As measured by market breadth, market sentiment was neutral (1.0x), as 32 stocks advanced, matching the number of losers. OKOMUOIL (+10.0%) and FIDSON (+9.9%) led the gainers, while DEAPCAP (-10.0%) and LIVINGTRUST (-9.9%) led the laggards.
The uptick reflects a familiar pattern in Nigeria’s financial markets: equities often attract inflows when currency weakness raises expectations of inflation hedges and portfolio rebalancing.
In contrast, the NASD market opened the week with a bearish tilt, as the NASD Securities Index (NSI) declined by 0.21% to close at 3,985.90 points.
Correspondingly, market capitalisation eased by the same margin to settle at N2.38 trillion.
Market activity was mixed, with traded volume surging by 99.77% to 7.30mn units, while transaction value fell by 26.81% to N61.83mn.
SDCBANCO (+1.00%) emerged as the sole gainer, while Central Securities Clearing System Plc (-5.64%) led the laggards
Meanwhile, the naira’s renewed decline, underscoring lingering foreign exchange supply constraints and cautious sentiment in the currency market.
The divergence between a rising stock market and a softening currency highlights the complex balancing act facing policymakers, as investors weigh growth prospects against exchange rate volatility.
The official FX rate depreciated by 0.2% to N1,343.50/US$ from N1,340.00/US$1, coming off last weeks 4.48% w/w gains at the NFEM window.
On the external front, the Central Bank of Nigeria’s (CBN) published gross foreign reserves increased to US$48.50bn, representing a 1.16% w/w accretion (US$555.38mn) as of February 17, 2026.
The improvement in reserves aligns with the positive net FX flows recorded during the week and continued foreign investor participation.
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