The Nigerian stock market witnessed a significant rally on February 19, 2026, as the All-Share Index (ASI) crossed the 193,000 threshold for the first time in its history. The ASI wrapped up the trading session in positive territory, surging by 2,645.6 points to settle at 193,073.6. This represents a 1.39% increase from the previous day’s close of 190,427.96.

Market capitalization mirrored the price momentum, climbing to N123.9 trillion from N122.2 trillion recorded the previous day. However, despite the strong price rally, trading activity softened, with market volume declining sharply to 898 million shares traded across 61,953 deals, down from 3.6 billion shares exchanged in the previous session.

Guaranty Trust Holding Company Plc (GTCO) led the value chart at N6.1 billion in transactions. Other top performers by value included MTN Nigeria (N5.5 billion), Zenith Bank (N4.5 billion), Presco (N2.1 billion), and Aradel Holdings (N1.4 billion).

Among the SWOOTs—stocks with market capitalisation above N1 trillion—performance skewed bullish. On the downside, Fidelity Bank slipped 1.22%, and Wema Bank Plc edged down 0.37%. In the FUGAZ banking segment, sentiment remained firmly positive.

According to Nairametrics, if the bullish momentum in heavyweight stocks persists, the index could soon test the 194,000 and 195,000 levels.

Market Breadth and Trading Activity

While the Nairametrics report focused on the overall surge, Premium Times noted a slightly different market picture from the previous day, February 18, 2026. According to Premium Times, the All-Share Index also rose by 0.56 per cent or 1,065.02 points, to close at 190,427.96, against 189,362.94 recorded on Tuesday. As a result, the Year-To-Date(YTD)return stood at 22.37 per cent.

However, the market breadth closed negative with 42 losers and 34 gainers. Deap Capital Management led the losers’ chart by 10 per cent, ending the session at N6.30, Mecure trailed by 9.99 per cent, settling at N84.25, while Vitafoam dipped by 9.98 per cent, closing at N116.85 per share. Also, Union Dicon Salt went down by 9.80 per cent, finishing at N18.40, and Abbey Mortgage Bank shed by 9.62 per cent, closing at N10.80 per share.

On the other hand, Beta Glass, Skyway Aviation Handling Company and Mansard led the gainers’ chart by 10 per cent each, finishing at N498.50, N128.70 and N17.05 per share respectively. Similarly, Zichis Agro Allied Industries gained by 9.95 per cent, closing at N14.36 and Japaul Gold appreciated by 9.90 per cent, settling at N3.33 per share.

Analysis of the trading activity revealed a 206 per cent growth in volume, a three per cent increase in value and a 21 per cent drop in deals. A total of 3.7 billion shares valued at N61.9 billion were traded across 68,693 transactions, compared with the previous day’s 1.9 billion shares worth N60.2 billion exchanged in 86,607 deals.

FCMB recorded the highest volume and value with 2.94 billion shares traded at N35.88 billion, accounting for 80.17 per cent and 57.98 per cent, respectively, of the day’s total volume and value traded. The uptick was a result of renewed investor interest in stocks like Beta Glass, Mansard, Skyway Aviation Handling Company, Zichis Agro Allied Industries, Japaul Gold and 29 other equities.

Accordingly, the market capitalisation, which opened at N121.552 trillion, increased by N684 billion to close at N122.236 trillion, according to Premium Times.