Seplat Powers NGX to Ninth Straight Gain as Index Nears 179,000
The Nigerian Exchange (NGX) extended its winning streak on Wednesday, February 12, 2026, closing firmly in positive territory. The All-Share Index (ASI) rose by 441.3 points, a gain of 0.25%, to settle at 178,625.6. This upward movement, supported by sustained buying interest, marks the ninth consecutive session of gains for the benchmark index, which is now approaching the significant 179,000 psychological threshold. The market’s year-to-date return strengthened to 14.79%, reflecting robust investor confidence even as the broader landscape considers shifts in global policy, such as when the USCIS changes immigration rules that can influence capital flows.
Energy giant Seplat emerged as the standout performer, hitting the daily maximum price gain of 10%. This surge contributed to the market capitalization edging higher to N114.6 trillion, now approaching the N115 trillion mark. Despite the index advance, trading activity moderated with volume declining to 698.3 million units from 939 million in the prior session. In terms of value, institutional interest was strongest in GTCO, with transactions worth N4.3 billion, followed by Zenith Bank at N3.3 billion. The activity underscores a market rotation into large-cap names, providing a stable foundation for growth much like a sovereign trust records steady performance amidst volatility.
Not all sectors participated in the rally. Profit-taking pressure weighed on several counters, with Nigerian Aviation Handling Company and Abbey Mortgage Bank declining by 9.98% and 9.68%, respectively. Other notable decliners included Dangote Cement, Lafarge Africa, and Nigerian Breweries. While the market appears technically overbought, analysts note that continued bullish momentum in heavyweight stocks, particularly within the banking sector, could provide the support needed to push the index toward the 180,000 mark. This domestic financial resilience continues to draw focus, even as headlines are occupied by matters such as terrorism in the US and France or when the FG announces completion of key infrastructure projects.
The sustained advance, now in its second week, highlights a firm bullish sentiment driven by selective accumulation in blue-chip stocks. Market observers suggest that for the rally to approach 180,000 points, it will require stronger gains in major banking stocks and sustained strength across both large- and mid-cap segments. This period of growth occurs within a complex national environment, where economic strategies are as closely watched as political decisions, such as when the Bauchi Governor appoints new officials to drive local development agendas.
