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Welcome to the Signal
Nigeria's Market Is
Running. Are You?
Your weekly edge on the Nigerian Exchange — data-driven, no fluff, no noise. Every Saturday, we break down what moved, what it means, and where the smart money is looking next.
📅 Saturday, 21 February 2026 · ⏱ 5-min read · 📊 Powered by NGX Pulse
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Editor's Note
Edition One. Let's Talk.
Welcome to the very first edition of NGX Pulse Alpha — the newsletter I've been meaning to build for a while, and the one you've been waiting for without knowing it.
If you're subscribed to NGX Pulse, you already know the platform. You've used the terminal, browsed the stock pages, maybe tracked a position or two. But data on a screen is only half the story. The interpretation — the context, the narrative, the "so what?" — that's what this newsletter is for.
Every Saturday, NGX Pulse Alpha will land in your inbox with a clean breakdown of the week's market performance, the stocks making noise, and the trends worth watching. No sponsored fluff. No recycled headlines. Just sharp, independent analysis built on the same data infrastructure you already trust.
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A simple promise: I won't waste your time. If it's not worth including, it won't be here. If it's in this newsletter, it's because I believe it gives you a genuine edge. Let's get into it.
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Market Overview
The NGX Is on Fire — Literally
The Nigerian equities market has had an extraordinary start to 2026. The All-Share Index has broken past the 180,000-point barrier for the first time in history, surging over 17% year-to-date and building on 2025's world-beating 51.19% annual return — the market's strongest performance in 18 years.
This isn't just a bull run on paper. Market capitalisation has expanded to over ₦125 trillion, trading volumes are swelling, and both retail and institutional participation is strengthening. The sentiment has decisively shifted.
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All-Share Index
~195K
▲ +25% YTD
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Market Cap
₦125.2T
▲ All-time high
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Weekly Gain
+6.95%
▲ Record week
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The week ending February 20 was particularly notable. The ASI climbed 6.95% in a single week — closing at 194,989 points — with billions of shares exchanged. Every trading session closed in positive territory. Every major sector gained.
| Sector |
Wk Change |
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Oil & Gas
Seplat, Aradel driving the rally
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▲ +11.40% |
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Industrial Goods
Lafarge, Dangote Cement leading
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▲ +7.09% |
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Banking
Tier-1 and Tier-2 broad gains
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▲ +5.84% |
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Consumer Goods
Nestlé, others gaining ground
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▲ +2.95% |
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Insurance
Modest but positive participation
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▲ +0.65% |
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The macro picture: improving inflation data, a relatively stable naira, and strong foreign portfolio inflows are underpinning the rally. But this week's biggest story? A policy change that could unlock ₦1 trillion in fresh pension capital.
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The Catalyst
PENCOM Just Opened the Floodgates
The biggest story of the week isn't a stock — it's a policy. The National Pension Commission (PENCOM) raised equity investment limits for pension funds, potentially unlocking up to ₦1 trillion in fresh capital into Nigerian equities.
| Fund Type |
Old Limit |
New Limit |
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Fund I (Retiree)
Traditional pension holders
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30% |
35% |
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Fund II (Active)
Working professionals
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25% |
33% |
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Fund III (RSA)
Private sector
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10% |
15% |
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Fund VI (Active Window)
New contributory scheme
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25% |
33% |
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Why it matters: Nigeria's pension assets exceed ₦20 trillion. With these new limits, fund managers have room to deploy significantly more into equities. This isn't speculative — it's long-term, sticky capital that will continue buying for years.
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Stock Spotlight
MTN Overtakes BuaFoods
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MTNN
MTN Nigeria Communications
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Market Cap
₦16.37T
#1 on NGX · Historic First
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In a historic shift, MTN Nigeria Communications (MTNN) became the NGX's most valuable stock, hitting ₦16.37 trillion in market capitalisation. This is the first time the telecom giant has overtaken BUAFOODS in total valuation.
The rally was fueled by strong Q4 earnings, subscriber growth, and renewed investor confidence in the telecom sector. MTN's ascent signals a shifting of the guard at the top of Nigeria's market cap table.
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The Trend
The Rise of the SWOOTs
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Trillion-Naira Stocks
26
Companies above ₦1T cap
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Market Control
85%
Of total market value
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As of February 16, 2026, 26 companies now have market capitalisations above ₦1 trillion. These "SWOOTs" (Stocks Worth Over A Trillion) control over 85% of total market value.
The implication: the NGX is increasingly becoming a market of giants. Index movements are driven by a handful of large-cap stocks, making stock selection more important than ever.
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What to watch: As pension funds rebalance portfolios, expect continued buying in high-quality large caps. Focus on fundamentally strong stocks with solid earnings — the rally is backed by real capital, not just speculation.
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Top Movers
Stocks That Moved the Needle
The week's biggest gains came from large caps and one striking mid-cap standout. Here's where the action was.
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MTNN Telco
MTN Nigeria Communications
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₦780.00
▲ +14.32% (week)
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SEPLAT Oil & Gas
Seplat Energy Plc
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₦9,099.90
▲ +13.98% (week)
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LAFARGE Industrial
Lafarge Africa Plc
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—
▲ +12.87% (week)
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ZENITHBANK Banking
Zenith Bank Plc
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₦86.50
▲ +10.00% (week)
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DAAR Media
DAAR Communications Plc
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₦2.95
▲ +55.26% (week)
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ARADEL Oil & Gas
Aradel Holdings Plc
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₦1,094.00
▲ +47% YTD
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Notable: DAAR Communications' 55% weekly surge is a speculative play — fundamentals are still in recovery. High-beta names carry outsized risk. Seplat and Aradel, backed by strong operational fundamentals and analyst upgrades, present a more durable case.
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Every Week
What NGX Pulse Alpha Delivers
Starting next Saturday, here's exactly what lands in your inbox every week:
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Weekly Market Scorecard
ASI performance, market cap movement, volume trends, and a clear-eyed read on sentiment.
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Top Movers & Key Stocks
The week's biggest gainers, notable decliners, and the stocks worth tracking — with context on why they moved.
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Sector Spotlight
A rotating deep dive into one sector — Banking, Oil & Gas, Consumer Goods, Industrials, and more.
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Earnings & Disclosures Tracker
The corporate results that matter this week, and what they signal for your portfolio.
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The Week Ahead
Key events, scheduled releases, and macro indicators to watch before the next session opens.
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Your Full Market Dashboard Awaits
Live prices, stock screeners, corporate disclosures, broker comparisons — all in one place.
Open NGX Pulse Terminal →
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