Tier-One Banks Drag NGX Lower as All-Share Index Holds 194,000-Point Line
Banking Stocks Drag Market Lower, NGX All-Share Index Ends in Red
The Nigerian equities market experienced a modest downturn on 25 February 2026, as tier-one banking stocks exerted downward pressure on the broader market, pushing the Nigerian Exchange Limited’s (NGX) All-Share Index (ASI) into negative territory. The benchmark index closed at 194,370.2 points, down 0.06 per cent from the prior session, but maintained support above the 194,000 threshold.
Despite the slide, trading activity strengthened, with total volume rising to approximately 1.3 billion shares, up from around 1.1 billion previously. Market capitalisation eased marginally to ₦124.7 trillion from about ₦124.8 trillion, reflecting selective buying alongside broader sector weakness.
Banking Sector Bearishness Offsets Select Gains
The trading session’s decline was chiefly driven by weakness among tier-one banks. The banking index retreated 2.07 per cent, as major lenders including First Holdco, United Bank for Africa, Guaranty Trust Holding Company, Access Holdings, and Zenith Bank all recorded price declines, signalling profit-taking and rotational trading within financial stocks.
This bearish inclination in banking counters came amid a broader market backdrop where investor sentiment remained cautious, particularly toward highly capitalised financial stocks that had previously supported market gains. Although some mid-cap and consumer stocks offered pockets of demand, they were insufficient to fully offset the banking sector’s drag. Negative performance in big banks aligns with observed sell-offs in heavyweight tickers, consistent with market commentary highlighting pressure on Nigerian blue chips.
Winners, Losers and Sector Dynamics
While tier-one banks waned, several stocks exhibited strong positive moves. Jaiz Bank and Okomu Oil Palm Company led the gainers’ chart with gains near 10 per cent, reflecting targeted buying in specific counter segments. Other notable advancers included Trans Nationwide Express, Fortis Global Insurance, and Champion Breweries.
Conversely, ABC Transport, RT Briscoe, Skyway Aviation Handling Company, Haldane McCall, and Union Dicon Salt featured among the top losers, each posting double-digit declines or near-double-digit losses, underscoring profit-taking across multiple sectors.
Market Breadth and Trading Patterns
Approximately 70,222 deals were executed during the session. Leading the volume chart was Fortis Global Insurance with nearly 194 million shares traded, followed by Zenith Bank, Japaul Gold, Ellah Lakes, and Access Holdings in terms of unit activity. By value, Zenith Bank dominated with trades worth around ₦11 billion, followed by Guaranty Trust Holding Company, Aradel Holdings, MTN Nigeria, and United Bank for Africa.
While the day’s modest decline did not undermine the market’s broader technical resilience as evidenced by the ASI maintaining a critical support level it highlights the sensitivity of the NGX to sector leadership dynamics. Continued profit-taking in heavyweight banking counters could foreshadow further consolidation unless offset by renewed sector demand.
Outlook and Considerations
Market analysts emphasise that short-term pullbacks in financial stocks often occur amid shifts in investor positioning, especially after sustained periods of gains. If selling pressure persists, it could lead to a shallow correction or a more defined retracement, depending on macroeconomic catalysts and investor sentiment in forthcoming sessions.
In conclusion, while the Nigerian equity market held key technical support above the 194,000-point line, weakness in tier-one banking stocks communicated a cautious market mood. Traders and investors will closely watch sector rotations and macro indicators for signals on the next directional move in the NGX.
