The bull run on the Nigerian Exchange Limited (NGX) reached historic proportions on Thursday, February 19 with the All-Share Index (ASI) crossing the 193,000-point milestone.
Despite occasional bouts of profit-taking as investors lock in gains, the market breadth remains largely positive, signaling a structural shift rather than a temporary bubble as the NGX prepares for major anticipated listings later this year.
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Relentless rally on the Lagos Bourse has pushed the total market capitalisation to a staggering N123.934 trillion, fueled by a â€liquidity tsunami’ following the National Pension Commission’s (PenCom) decision to raise equity investment limits for pension funds. The market rose by 1.39 percent on Thursday while the NGX-ASI rose to 193,073.50 points.
Key drivers of the current momentum…
Increased participation from Pension Fund Administrators (PFAs) has injected massive fresh capital into high-cap equities.
Also, strong performance reports and dividend expectations from “SWOOT” (Stocks Worth Over One Trillion) companies like Dangote Cement, MTN Nigeria, and Aradel Holdings have anchored investor confidence.
Nigerian equities currently rank among the best-performing globally in 2026, delivering circa 24.07 percent year-to-date (YtD) returns.
In 61,953 deals, investors exchanged 898,481,215 shares valued at N38.476 billion.
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Okomu Oil Palm Plc rallied most, from N1,327 to N1,459.70, adding N132.70 or 10 percent while the share price of newly listed Zichis Agro Allied Industries Plc moved from N14.36 to N15.79, adding N1.43 or 9.96 percent. Investors took profit in stocks like Meyer which decreased most from N22.95 to N20.70, losing N2.25 or 9.80 percent.
