Nigerian Exchange Breaches 190,000 Points as SWOOT Stocks Hit N110.54 Trillion Market Cap
The Nigerian Exchange recorded its strongest single-day performance in 2026, surging 4.36% to close above 190,000 points for the first time, while 26 companies now hold trillion-naira valuations with combined market capitalization of N110.54 trillion.
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The Nigerian Exchange (NGX) All-Share Index surged past 190,000 points for the first time on 16 February 2026, closing at 190,262.44 after gaining 7,900 points in a single session. The 4.36% rally represented the strongest daily performance recorded on the exchange so far this year, according to market data from Nigerian Exchange Limited.
The milestone coincided with Nigeria's league of Stocks Worth Over One Trillion Naira (SWOOTs) expanding to 26 companies, with their combined market capitalization reaching approximately N110.54 trillion as of 16 February 2026. The concentration of value among these heavyweight stocks underscores the structural transformation occurring within Nigeria's equity market, where large-capitalization companies increasingly drive overall index performance.
MTN Nigeria (MTNN) emerged as the most capitalized stock on the exchange, reclaiming the top position amid the broader market rally. The telecommunications giant's ascent reflects renewed investor confidence in Nigeria's digital infrastructure sector, which has benefited from sustained subscriber growth and data consumption trends. Nairametrics reported that the SWOOT category now accounts for the majority of total market capitalization on the NGX, highlighting the market's top-heavy structure.
Energy sector stocks contributed significantly to the rally, with Aradel Holdings Plc breaching the N1,000 price level for the first time since its 2024 listing. The stock closed at N1,096.70 per unit on 16 February 2026, representing a 40.6% gain month-to-date, according to exchange data. Aradel's performance reflects increased investor appetite for domestic oil and gas producers as Nigeria seeks to boost crude production to 2 million barrels per day.
The banking sector also posted substantial gains during the session, with tier-one lenders benefiting from expectations of sustained interest rate differentials and foreign exchange revaluation gains. Nigeria's Central Bank has maintained its monetary policy rate at 27.50% since October 2024, creating favorable conditions for banks' net interest margins while the naira has shown relative stability against the US dollar in recent weeks.
Market analysts attribute the rally to multiple factors, including improved corporate earnings visibility, naira stability, and positioning ahead of first-quarter 2026 results. The expansion of the SWOOT category from 20 companies at the start of 2025 to 26 currently demonstrates wealth creation within Nigeria's quoted companies, though it also raises questions about market breadth and the performance of small and medium-capitalization stocks.
Total turnover on 16 February 2026 reached elevated levels as institutional and retail investors participated in the broad-based rally. The surge in trading activity suggests growing domestic liquidity, potentially driven by portfolio rebalancing and pension fund allocations to equities amid inflation concerns that continue to erode fixed-income real returns.
The NGX's performance places it among Africa's best-performing exchanges year-to-date, outpacing regional peers including the Johannesburg Stock Exchange and the Nairobi Securities Exchange. The index has gained approximately 12% since the start of 2026, building on the momentum from 2025 when it delivered double-digit returns to investors despite persistent macroeconomic headwinds.
However, sustainability of the rally remains contingent on several factors, including the Central Bank of Nigeria's monetary policy trajectory, crude oil price movements, and the federal government's ability to maintain fiscal discipline. Foreign portfolio investors, who significantly reduced their Nigerian equity exposure between 2020 and 2023, have shown tentative signs of returning, though their participation remains below pre-pandemic levels.
The concentration of market capitalization among SWOOT stocks presents both opportunities and risks for investors. While these large-cap companies offer liquidity and relative stability, their dominance means index performance increasingly depends on a narrow group of stocks. Market watchers note that broader participation across sectors and market capitalizations would signal more sustainable equity growth.
Looking ahead, analysts expect volatility to persist as investors digest corporate earnings reports due in March and April 2026. The performance of banking stocks will likely hinge on asset quality metrics and the impact of regulatory changes, while consumer goods companies face margin pressures from elevated input costs despite recent naira stability. Energy sector stocks may continue attracting flows if crude production targets materialize and global oil prices remain supportive.