The bears maintained their grip on the market for the fourth consecutive session on February 23, capping off a week of sustained profit-taking with another decline on Friday .
📊 Market Performance Overview
| Metric | Previous Close | Today's Close | Change | % Change |
|---|---|---|---|---|
| NGX All-Share Index (ASI) | 193,567.81 | 192,826.77 - 192,826.78 | ▼ -741.03 to -741.04 points | ▼ -0.38% |
| Market Capitalisation | ₦124.24 trillion | ₦123.76 trillion | ▼ -₦475 billion to -₦475.62 million* | ▼ -0.38% |
| Year-to-Date (YTD) Return | — | 23.91% | — | — |
*Note: There appears to be a discrepancy in the reported loss figure. GTI Research specifies a decrease of ₦475.62 million , while other sources report ₦475 billion . The ₦475 billion figure is more consistent with the scale of market movements this week.
📈 Trading Activity
Despite the index decline, market activity showed mixed signals:
| Activity Metric | Value | Change from Previous Session |
|---|---|---|
| Volume Traded | 823.8 million shares | ▼ -5.15% |
| Value Traded | ₦34.75 billion | ▲ +10.37% |
| Number of Deals | 63,759 transactions | ▼ -8.01% |
The increase in total value despite lower volume suggests a shift toward higher-priced stocks in Friday's session.
📊 Market Breadth: A Positive Surprise
Interestingly, while the index fell, market breadth turned positive:
| Breadth Metric | Count |
|---|---|
| Advancing Stocks | 39 |
| Declining Stocks | 25 |
| Unchanged Stocks | 84 |
| Market Breadth Ratio | 1.56x |
This positive breadth (more gainers than losers) despite a falling index suggests that the decline was driven by a few heavyweight stocks, while broader market participation was actually favourable.
🏆 Top Gainers of the Day
| Company | Ticker | Gain | Closing Price |
|---|---|---|---|
| Sovereign Trust Insurance | SOVRENINS | ▲ +9.95% | ₦2.21 |
| RT Briscoe | RTBRISCOE | ▲ +9.93% | ₦12.51 |
| NGX Group | NGXGROUP | ▲ +9.78% | ₦124.00 |
| Ellah Lakes | ELLAHLAKES | ▲ +9.70% | ₦13.00 |
| Omatek Ventures | OMATEK | ▲ +9.70% | ₦2.60 |
📉 Top Losers of the Day
| Company | Ticker | Loss | Closing Price |
|---|---|---|---|
| Mecure Industries | MECURE | ▼ -9.97% | ₦75.85 |
| Meyer Plc | MEYER | ▼ -9.90% | ₦18.65 |
| Daar Communications | DAARCOMM | ▼ -9.83% | ₦2.11 |
| Champion Breweries | CHAMPION | ▼ -6.49% | ₦18.00 |
| Dangote Cement | DANGCEM | ▼ -6.09% | ₦779.00 |
📊 Sectoral Performance
Sectoral performance was mixed, with three indices closing higher:
| Sector | Index | Change |
|---|---|---|
| Insurance | NGXINS | ▲ +1.52% |
| Banking | NGXBNK | ▲ +0.79% |
| Consumer Goods | NGXCNSMRGDS | ▲ +0.28% |
| Oil & Gas | NGXOILGAS | ▼ -0.26% |
| Industrial Goods | NGXINDUSTR | ▼ -2.44% |
The Industrial Goods sector suffered the steepest decline, pressured by losses in Dangote Cement (-6.09%) and likely other heavyweights .
🔍 Most Active Stocks
| Metric | Leader | Volume/Value |
|---|---|---|
| By Volume | Fortis Global Insurance | 146.62 million shares (17.80% of total) |
| By Value | Aradel Holdings | ₦7.14 billion (20.54% of total) |
Weekly Roundup - February 23 to February 27, 2026
📊 Weekly Market Summary
The week marked a sharp reversal of the recent bullish run, with losses in four of five trading sessions .
| Metric | Previous Week | This Week | Change | % Change |
|---|---|---|---|---|
| NGX ASI | 194,989.77 | 192,826.78 | ▼ -2,162.99 points | ▼ -1.11% |
| Market Cap | ₦125.1 trillion | ₦123.7 trillion | ▼ -₦1.4 trillion | ▼ -1.12% |
| Weekly Turnover (Volume) | 7.662 billion shares | 5.494 billion shares | ▼ -28.3% | — |
| Weekly Turnover (Value) | ₦252.566 billion | ₦196.709 billion | ▼ -22.1% | — |
| Total Deals | 345,118 | 370,233 | ▲ +7.3% | — |
📈 Day-by-Day Breakdown
| Day | Market Movement | Investor Gain/Loss |
|---|---|---|
| Monday, Feb 23 | Bullish | ▲ +₦804 billion gain |
| Tuesday, Feb 24 | Bearish | ▼ -₦1.1 trillion loss |
| Wednesday, Feb 25 | Bearish | ▼ -₦74 billion loss |
| Thursday, Feb 26 | Bearish | ▼ -₦515 billion loss |
| Friday, Feb 27 | Bearish | ▼ -₦475 billion loss |
| Total Weekly | Bearish | ▼ -₦1.4 trillion net loss |
📊 Sectoral Performance Summary
| Sector | Weekly Performance | Notes |
|---|---|---|
| Financial Services | Most active | Led by volume with 3.241 billion shares traded |
| Oil & Gas | Resilient | Only sector showing selective strength |
| Industrial Goods | Weak | Pressure from heavyweight manufacturing names |
| Banking | Mixed | Profit-taking after earlier gains |
| Insurance | Subdued | Reflecting liquidity concerns |
📊 Weekly Gainers and Losers
Top Gainers of the Week:
| Company | Ticker | Weekly Gain |
|---|---|---|
| Fortis Global Insurance | FTGINSURE | ▲ +56.67% |
| Okomu Oil Palm | OKOMUOIL | ▲ +20.92% |
| Infinity Trust Mortgage Bank | INFINITY | ▲ +20.63% |
Top Losers of the Week:
| Company | Ticker | Weekly Loss |
|---|---|---|
| Associated Bus Company | ABCTRANS | ▼ -25.00% |
| Daar Communications | DAARCOMM | ▼ -20.68% |
| Tantalizers | TANTALIZER | ▼ -16.67% |
📊 Most Active Stocks of the Week
| Metric | Leader | Volume/Value |
|---|---|---|
| By Volume | Japaul Gold & Ventures | 1.576 billion shares (with others) |
| By Volume (Group) | Financial Services Industry | 3.241 billion shares |
| By Value (Group) | Financial Services Industry | ₦82.775 billion |
📊 Market Breadth Summary
| Metric | Previous Week | This Week | Change |
|---|---|---|---|
| Gainers | 71 | 32 | ▼ -55% |
| Decliners | 41 | 69 | ▲ +68% |
| Unchanged | 36 | 47 | ▲ +31% |
Key Events and Developments of the Week
🔍 Regulatory Actions
NGX Suspends Zichis Trading (Monday, Feb 23)
The biggest story of the week unfolded on Monday when the Nigerian Exchange suspended trading in Zichis Agro-Allied Industries Plc shares following "extraordinary price movements" [from previous analysis]. The suspension came after the stock surged 859% in just one month from its listing price of ₦1.81 to ₦17.36. NGX cited Rule 7.0 of the Rules on Suspension of Trading in Listed Securities, stating the action was necessary to protect the investing public and maintain market integrity.
NGX Issues Investor Alert (Tuesday, Feb 24)
Following the Zichis suspension, NGX Regulation Limited issued a formal investor alert regarding "sharp and unusual price movements in some listed companies" [from previous analysis]. Olufemi Shobanjo, CEO of NGX Regulation Limited, stated: "Our primary responsibility is to maintain a level playing field where market participants can trade with confidence, backed by timely and accurate information."
🏛️ CBN Monetary Policy Committee Meeting (Monday, Feb 24)
The 304th MPC meeting concluded with a unanimous decision to cut the Monetary Policy Rate by 50 basis points to 26.50% [from previous analysis]. Governor Olayemi Cardoso cited sustained disinflation (inflation falling to 15.10% in January), exchange rate stability, and external reserves at a 13-year high of $50.45 billion as key factors supporting the decision.
💰 NGX Fines 13 Insurers ₦378 Million
In a significant enforcement action during the week, NGX imposed penalties totaling ₦378 million on 13 insurance companies for repeated breaches of financial reporting rules .
| Company | Fine Amount (₦) |
|---|---|
| Mutual Benefits Assurance | 67.44 million |
| African Alliance Insurance | 48.6 million |
| Universal Insurance | 47.1 million |
| International Energy Insurance | 28.2 million |
| Regency Alliance Insurance | 28 million |
| Prestige Assurance | 12.1 million |
| Cornerstone Insurance | 10.2 million |
| Sovereign Trust Insurance | 4.4 million |
The insurance sector accounted for more than 70% of all reporting breaches during this cycle, making it the least compliant segment of the market . NGX signaled that enforcement efforts may extend to other sectors with recurrent breaches.
📉 Notable Earnings and Corporate Actions
Lafarge Africa (WAPCO) Results
On Wednesday, February 25, Lafarge Africa released its audited 2025 results showing:
- Revenue: ₦1.07 trillion (▲ +53%)
- Profit After Tax: ₦273 billion (▲ +173%)
- Dividend: ₦6.00 per share (▲ +400%)
The stock initially reacted positively but later faced profit-taking, contributing to industrial sector weakness.
💵 Macroeconomic Context
Naira Stability
The Naira maintained its firm standing against the dollar throughout the week, closing Friday at:
- Official Window: ₦1,353.97 - ₦1,361.50/$
- Parallel Market: ₦1,358 - ₦1,375/$
Key drivers included:
- External reserves at $50.45 billion (13-year high)
- Inflation at 15.10% (January 2026)
- Steady oil production at 1.46 million barrels/day
📊 Analyst Commentary
Imperial Asset Managers commented on the market outlook: "We expect a cautious trading pattern to continue... The large number of unchanged equities suggests that many market participants are adopting a wait-and-see approach at current elevated index levels, while profit-taking in heavy-weight Banking, Consumer Goods and Insurance tickers continues to dictate the broader market's direction" .
GTI Research noted in their daily brief that despite the index decline, sectoral performance was positive for Insurance, Banking, and Consumer Goods, suggesting rotation rather than outright exit .
Key Takeaways
Bull Run Pauses, Not Reverses: After weeks of historic gains (including an ₦8 trillion weekly gain previously), the market's 1.11% pullback is a healthy correction. Profit-taking was expected and necessary.
Regulatory Vigilance Intensifies: The Zichis suspension and ₦378 million in insurer fines signal NGX's commitment to market integrity. The message is clear: speculation without fundamentals will be checked.
Sector Rotation Underway: The positive breadth on Friday (39 gainers vs 25 losers) despite a falling index suggests investors are rotating capital rather than exiting. Banking and Insurance saw gains even as Industrials fell.
Earnings Season Driving Decisions: WAPCO's stellar results and dividend announcement show that companies with strong fundamentals are being rewarded, even in a corrective week.
Macro Backdrop Remains Supportive: With inflation at 15.1%, reserves at $50.45 billion, and the naira stable, the macroeconomic environment continues to favour equities over the long term.
As Imperial Asset Managers advised, investors should "tread carefully, selectively locking in profits while maintaining strategic positions in fundamentally sound, dividend-paying stocks" .
The week's pullback appears to be a healthy consolidation after an extraordinary run. For long-term investors, companies with strong earnings, reasonable valuations, and growing dividends remain attractive. For short-term traders, volatility will likely persist as the market digests recent gains.
The "super-cycle" that analysts identified isn't over, it's just taking a breather.