...Stock market gains N6.79trn
…Index crosses 180,000 points
Investors recorded the strongest weekly close in two years, as the Nigerian Stock Exchange turbo-charged to N6.79trillion on the trading week of February 13, marking a historic era for the domestic bourse.
The All-Share Index (ASI) crossed the 180,000-point milestone, leading to a 6.16 percent gain in one week. The rally, described by traders as a relentless bull run, was ignited by the National Pension Commission’s (PenCom) recent decision to raise equity investment limits for pension funds, effectively unlocking billions in fresh liquidity for domestic stocks.
The Nigerian bourse closed the week at 182,313.08 points, up from an opening of 171,727.49. Market capitalisation vaulted to N117.027 trillion, cementing a historic era for the exchange.
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The gains were broad-based but led by the market’s heavyweights like MTN Nigeria, Dangote Cement, Seplat and GTCO. MTN Nigeria and energy major Seplat recorded double-digit gains, underscoring the appetite for high-cap defensive stocks.
This marks the strongest week-on-week performance for the NGX in two years. In absolute terms, the market has not seen a weekly gain of this magnitude since January 2024, when investors pocketed N6.27 trillion following the FX unification policy and Dangote Cement’s historic run to a N10 trillion valuation. Back then, the index was just crossing the 90,000-point mark, highlighting the exponential growth of the Nigerian equity market over the last 24 months. The market’s new high pushed the returns year-to-date (YtD) to 17.16 percent. This month alone, the market has risen by 10.24 percent.
The new liquidity, preferred stocks…
Comercio Partners analysts, in their recent view on PenCom increasing the maximum allocation to ordinary shares for key Retirement Savings Account (RSA) funds, noted that it “represents the most material expansion of permitted equity exposure in recent years and signals a shift in regulatory stance toward risk assets”.
According to them, “With total pension assets at N27.45 trillion as of December 2025, even modest adjustments in allocation limits could channel substantial capital into equities.”
“A clear rotation dynamic is already emerging within the equity space. Pension funds adhere to strict investment criteria, prioritising large free floats, consistent dividend histories, robust corporate governance, and adequate liquidity.
“As a result, new inflows are concentrating in those companies that align with these profiles. Banking and broader financial services names are immediate beneficiaries, given their high liquidity, substantial free floats, and dividend appeal,” Comercio Partners analysts said.
According to them, leading consumer-goods and industrial counters, historically dominant in pension portfolios due to earnings stability and predictable cash flows, are also positioned to absorb significant allocations.
“Beyond these, select infrastructure plays, emerging technology, and macro-stable and scalable companies that meet governance standards are increasingly attracting attention,” Comercio Partners analysts further noted.
Lagos-based Vetiva research analysts, in their February 2 note to investors, said, “the market is currently witnessing a sharp flight to quality within the energy and pension-weighted stocks”.
“While the ASI is at record levels, the negative breadth in the Industrial and Banking sectors suggests that institutional investors are harvesting profits from recent rallies to fund positions in high-alpha names like Seplat,” they added.
The five-day rally, fuelled by a powerful mix of institutional liquidity and impressive corporate performance, favoured stocks like Seplat Energy Plc. Seplat Energy has seen parabolic gains, recently hitting a record N8400 per share ahead of anticipated full-year earnings.
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More stocks hit 52-week high…
Seplat Energy (+44.60% YtD)
Seplat Energy Plc closed the week at N8,400 per share, after gaining N293 or 3.61 percent to reach its 52-week high. The stock has risen this year by 44.60percent, far outperforming the NGX-ASI, which is up this year by 17.16 percent
GTCO (+23.48% YtD)
This is in addition to the pension funds effect on other market heavyweights like GTCO Plc. GTCO Plc – which at N112 per share reached its 52-week high– continued to attract investors seeking stability and dividend yield. GTCO rose by N5 or 4.67 on Friday to reach its 52-week high. The market on Friday (+1.95 per cent) recorded the largest daily rally this week. GTCO has risen by 23.48 per cent this year.
Okomu Oil Palm (+21.19%YTD)
Other stocks that reached new highs on the market’s new liquidity include Okomu Oil Palm, which increased to a 52-week high of N1,327 after adding N120.5 or 9.99 percent on Friday. This stock is up this year by 21.19 percent.
Fidson Healthcare (+55.69%YtD)
Also, Fidson Healthcare now trades at its 52-week high of N78, after adding N5 or 6.85 percent on Friday due to the market’s improved liquidity. Fidson has risen by 55.69 per cent this year.
Read also: Investors reap biggest ever weekly gain on pension funds boost
MTNN (+38.73% YtD)
MTN Nigeria Communications Plc (MTNN) also reached a 52-week high of N708.9, after rising by N55.9 or 8.56 percent on Friday. MTNN has risen this year by 38.73 percent
Presco (+31.03% YtD)
Presco rallied to N1,900, reaching its 52-week high after gaining N120 or 6.74 percent on Friday. Presco has risen by 31.03 per cent this year.
NASCON (+23.67% YtD)
Nascon Allied Industries Plc (NASCON) has reached a new high of N132.95. The company gained N6.95 or 5.52 percent on Friday to reach its 52-week high. NASCON has risen by 23.67 percent year-to-date.
Nestle Nigeria (+35.96% YtD)
Nestle Nigeria Plc stock also reached its 52-week high of N2,662. The stock reached this new high after gaining N242 or 10 percent on Friday. Nestle has risen by 35.96 per cent this year.
These stocks have yielded over 40% return YtD…
Stocks that have powered the market’s growth this year with over 40 percent return are: Jaiz (+82.42percent), Berger Paints (+56.25percent), CAP (+57.97 percent), Meyer (+61.39 percent), Union Dicon (+202.90 percent), Lafarge Africa (+40.15 percent), MCNichols (+135.47 percent), and PZ Cussons (55.13 percent).
Other stocks that have advanced remarkably this year with over 40 percent return are: Aradel (+48.81percent), Zichis (+442.71 percent), NGX Group (+60 percent), SCOA (+437.32 percent), Fortis Global Insurance (+95 percent), Veritas Kapital (+40.94percent), Deap Capital (+346.32percent), Living Trust (+89.57 percent), NPF Microfinance Bank (+50.94percent), and Julius Berger (+63.31percent).
Read also: Stocks see early rally as PenCom ignites liquidity tsunami at NGX
The long list of market major advancers this year also includes May & Baker (+122.63percent), Mecure (+59.51percent), Neimeth (+127.59percent), Etranzact (+102.20 percent), NCR (+173.73percent), Secure Electronic Technology Plc (+98.68 percent), Omatek (+164.60percent), Tripple Gee (+50.45 percent), Daar Communications (+217.20 percent), Multiverse (+109.74percent), and ABC Transport (+82.93 percent).
Caverton has also risen this year by 44.44 percent, Learn Africa (+48.09 percent), NAHCO (+43.52percent), RedStar Express (+181.03 percent), RT Briscoe (+397.71percent), Skyway Aviation Handling Company Plc (+52.63 percent), Tantalizers (+122 percent), and The Initiates (+51.13percent).
