LAGOS — The Nigerian Exchange (NGX) concluded February 2026 on a historic high, recording a massive 16.60% monthly gain.
The surge, which added trillions to the market capitalization, was fueled by a “perfect storm” of stellar corporate earnings and a global energy shock that sent investors racing toward oil and gas blue-chips.
According to the latest data, the All-Share Index (ASI) and Market Capitalization both hit record-breaking levels, cementing the NGX’s position as one of the best-performing frontier markets globally in early 2026.
Sector Performance: The “Energy Engine” Takes Charge
While the broader market was bullish, the Oil & Gas sector was the undisputed champion, significantly outperforming the other four major sectors.
| Sector | February Performance | Key Drivers |
| Oil & Gas | +28.4% | Middle East tensions; Launch of “Cawthorne” crude. |
| Banking | +14.2% | Recapitalization progress; ₦4.05T raised. |
| Industrial Goods | +11.5% | Dangote Cement’s ₦1.5T profit announcement. |
| Consumer Goods | +8.9% | Resilient earnings from BUA Foods. |
| Insurance | +5.1% | Portfolio rebalancing by institutional investors. |
The “Khamenei Shock” and the Seplat Surge
The standout performer of the month was the energy sub-sector. Following the escalation of U.S.-Israeli-Iran tensions in late February, global Brent crude prices spiked, creating a “War Risk Premium” that directly benefited indigenous producers.
- Seplat Energy: Saw its share price hit new peaks as investors anticipated higher Q1 2026 margins.
- Oando PLC: Continued its recovery trajectory, buoyed by successful asset acquisitions and improved production outlooks.
- TotalEnergies & Conoil: Both recorded double-digit gains as retail petrol demand and price adjustments favored downstream margins.
Banking Recapitalization: A Multi-Trillion Naira Vote of Confidence
The Banking sector’s 14.2% jump was tied to the CBN’s ongoing recapitalization exercise. As 20 banks successfully crossed the ₦4.05 trillion mark in funds raised, investor confidence in the stability of the “Trillion-Naira Economy” grew.
- Zenith Bank and GTCO remained the darlings of foreign portfolio investors (FPIs), who returned to the market in February seeking “deep value” amidst the Naira’s stabilization.
Market Sentiment: The “March Outlook”
Despite the 16.6% jump, some analysts are sounding a note of caution for the month ahead.
- Profit Taking: After such a rapid ascent, institutional investors may begin “harvesting” gains in early March, which could lead to a temporary price correction.
- MPC Volatility: The upcoming 304th Monetary Policy Committee (MPC) meeting is casting a shadow. If the CBN hikes interest rates further to combat inflation, capital may rotate out of equities and into high-yield fixed-income instruments like the FGN Savings Bond (currently at 13.9%).
- The $50B Reserve Buffer: Nigeria’s robust foreign reserves ($50.45 billion) act as a safety net, ensuring that any currency-linked shocks are managed, thereby keeping the “NGX Bull” alive.
February 2026
February 2026 will go down as the month the NGX proved its resilience against global geopolitical headwinds. By gaining 16.60%, the exchange has effectively decoupled from many other struggling emerging markets.
For the savvy investor, the message is clear: while Oil & Gas is the current locomotive, the broader industrial and banking foundations of the Nigerian market are stronger than they have been in a decade.
