Stock Market Gains N4.08trn in First Trading Week of February

Kayode Tokede

The Nigerian stock market closed the first trading week in February 2026 on a positive note, gaining N4.08 trillion to extend its winning streak.

The growth was sustained as investor sentiment strengthened amid some impressive corporate earnings by some listed firms.

From a low of 165,370.40 basis points and N106.153 trillion as at Friday January 30, 2026; the Nigerian Exchange Limited All-Share Index and market  capitalisation rose to 171,727.49 basis points and N110.23 trillion at the close of trading last week.

The NGX ASI in its first trading  week in February 2026 leaped above 170,000 basis points driven by investors who bought stocks like Seplat Energy Plc, among others that caused the 3.8per cent rally on the Exchange last week, bringing the year-to-date returns to +10.4per cent.

Gains in MTN Nigeria Communications Plc (+8.4per cent), Dangote Cement Plc(+7.1per cent) Seplat Energy (+10per cent), Lafarge Africa (+6.4per cent) and Stanbic IBTC (+8.5per cent) impacted on the equities market last week.

Market activity also strengthened, with total trading volume and value rising by 53.5per cent w/w and 98.3per cent week-on-week, respectively. Sector performance was broadly positive, as the NGX Oil & Gas  Index (+10.9per cent), NGX Industrial Goods index (+4.4per cent),

NGX Banking Index (+3.6per cent), and NGX Consumer Goods index (+1.0per cent) advanced, while the NGX Insurance index (-2.3per cent).

However, the market breadth remained strongly positive, with 70 gainers outweighing 34 decliners, reflecting broad-based investor participation. R.T. Briscoe led the gainers table by 60.69 per cent to close at N12.63, per share. Zichis Agro Allied Industries followed with a gain of 60.38 per cent to close at N6.72, while Abbey Mortgage Bank went up by 59.04 per cent to close to N14.95, per share.

On the other side, Deap Capital Management & Trust led the decliners table by 27.37 per cent to close at N6.82, per share. Red Star Express followed with a loss of 17.55 per cent to close at N17.15, while Cornerstone Insurance declined by 12.24 per cent to close at N5.45, per share.

Overall, a total turnover of 3.860 billion shares worth N128.581 billion in 240,463 deals was traded last week by investors on the floor of the Exchange, in contrast to a total of 3.087 billion shares valued at N81.505 billion that exchanged hands previous week in 222,185 deals.

The Financial Services Industry led the activity chart with 2.188 billion shares valued at N50.459 billion traded in 94,005 deals; thus contributing 56.68 per cent and 39.24 per cent to the total equity turnover volume and value respectively.

The Services Industry followed with 466.771 million shares worth N4.495 billion in 18,526 deals, while the ICT Industry pulled a turnover of 377.800 million shares worth N9.049 billion in 25,653 deals.

Trading in the top three equities, Chams Holding Company, Access Holdings and Universal Insurance accounted for 664.942 million shares worth N6.801 billion in 15,161 deals, contributing 17.23 per cent and 5.29 per cent to the total equity turnover volume and value respectively.

The Nigerian stock market is poised to maintain its upward trend this week, driven by improving investor sentiment and the continued release of strong earnings results.

Analysts predicted that the market’s positive performance will be sustained, with key sectors such as banking, consumer goods, and industrials leading the charge.

On market outlook, Cowry Assets Management Limited said, “In the near term, we expect the Nigerian equities market to maintain a positive bias, supported by sustained investor interest in fundamentally strong stocks and improving market breadth.

“Elevated trading activity and broad-based sectoral gains suggest that sentiment remains constructive, particularly in sectors benefiting from earnings releases and valuation driven accumulation.”

Afrinvest Limited also stated, “This week, we expect the bullish performance to be sustained, supported by improving investor sentiment and the continued release of earnings results.”