Nigeria’s stock market delivered one of its strongest monthly performances in recent history in February 2026, with investors gaining ₦17.61 trillion in February.
Energy and industrial stocks drove the broad-based rally despite intermittent profit-taking.
Pinnacle Daily review of data from the Nigerian Exchange Limited (NGX) showed that the benchmark All-Share Index (ASI) advanced by 16.60 per cent to close at 192,826.77 points on February 27, up from 165,370.40 points it opened in February.
Similarly, the market capitalisation climbed in tandem, rising from ₦106.15 trillion to ₦123.76 trillion over the review period.
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The double-digit surge came even as the market experienced short-term pullbacks at the beginning and end of the month.
On January 30, the ASI dipped 0.09 per cent as investors locked in gains, while the final trading session in February saw a 0.38 per cent decline, with about ₦476 billion shaved off market value in what analysts described as orderly de-risking.
Sectoral performance underscored the strength of the rally, led by a sharp breakout in energy counters.
The NGX oil and gas index emerged as the top performer, soaring 33.63 per cent from 3,038.79 points to 4,060.73 points, while the NGX commodity index followed closely, rising 26.11 per cent during the month.
Industrial stocks also staged a significant rebound, climbing 22.20 per cent to close February at 7,314.57 points after starting the period on a flat note.
Banking equities provided additional momentum, advancing 16.67 per cent amid sustained liquidity and heavy transaction volumes in bellwether names such as Aradel Holdings, Zenith Bank and Access Holdings.
Analysts linked part of the expansion in market capitalisation to supplementary listings in early February.
Guaranty Trust Holding Company and Presco Plc added a combined 291.67 million ordinary shares to the bourse, further boosting total market value.
By the end of the month, the market’s year-to-date return had surged to 23.91 per cent, up sharply from 6.27 per cent at the close of January, cementing February as a defining period in the ongoing bull run on the Nigerian bourse.
Alex is a business journalist cum data enthusiast with the Pinnacle Daily. He can be reached via ealex@thepinnacleng.com, @ehime_alex on X
