The Nigerian equities market delivered an outstanding performance in February 2026, advancing 16.60% to close at a record 192,826.8 points and firmly crossing the 190,000 milestone.
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The rally was fueled not just by price gains but also by strong trading in the month, with total volume surging past 21 billion shares, above January’s 15 billion.
Meanwhile, the market’s value climbed further, with capitalisation rising to N123.7 trillion as of the last trading day of the month, up from N106.1 trillion recorded at the close of January 2026.
With this performance, the market extended its winning streak to three consecutive positive months since November 2025, when it recorded a 6.88% decline.
This represents the strongest monthly advance since January 2024’s remarkable 35.28% surge, fueled by impressive performances across several listed stocks that lifted the index to its new high.
Here are the top 10 performers.
Red Star Express (53.61%)
Red Star Express ranked 10th in February, delivering a 53.61% return as its share price advanced from N20.80 to N31.95, with more than 24 million shares exchanged during the month.
- After opening the first week down 17.6%, renewed buying pressure in the second week reversed losses and pushed the stock into strong positive territory.
- The decisive breakout came in the third week when it crossed N30 for the first time, eventually settling above N31.
Investor sentiment was likely supported by unaudited results for the period ended 31 December 2025, showing pretax profit rising to N1.02 billion from N570.2 million, while revenue climbed 11.36% to N17.3 billion.
Year-to-date, the stock is up more than 267% as of 3 March 2026.
Custodian Investment (54.55%)
Custodian delivered a 54.55% gain in February to occupy 9th place, jumping from N44 to a historic high of N68, with over 128 million shares exchanged.
- A powerful first-week rally of 25% lifted the stock to N55 before temporary weakness in the second week slowed momentum.
- By the third week, it surged past N70 before closing the final week slightly lower at N68 following mild profit-taking.
Strong full-year numbers likely reinforced confidence, with unaudited pretax profit rising 25% to N75.96 billion and investment income reaching N113.9 billion.
The stock is up over 53% year-to-date as of midtrading on 3 March 2026.
JaizBank Plc (57.88%)
In 8th position, Jaiz Bank gained 57.88% in February, rising from N8 to N12.63 on strong trading activity, with over 482 million shares changing hands.
- The first week was relatively quiet, but momentum accelerated sharply in the third week as volume crossed 100 million shares.
- That surge drove the stock past N11 before it sustained gains into the final week to close at N12.63.
Strong financials likely drove investor sentiment, as unaudited FY2025 results showed pretax profit rising 28.43% to N31.3 billion, supported by N52 billion in investment income, largely from sukuk instruments.
From financing activities, the bank generated N45.9 billion, up 43.31%, led by murabaha at N33.4 billion and ijara transactions at N10.3 billion.
Year-to-date, Jaiz Bank stock is up more than 166% as of 3 March 2026.
Japaul Gold & Ventures (58.20%)
Japaul Gold took 7th place, appreciating 58.20% to close at N3.86, with over 1.3 billion shares traded during the month.
- Although it ended only two weeks in the green, a sharp 60% jump in the third week accounted for most of the gains.
- That rally saw the stock break N3.50 resistance and briefly touch N4.02 before easing slightly in the final week.
Buy momentum intensified after Japaul Gold announced pilot plant test runs in Niger State, targeting 18,000–20,000 grams monthly when full operations commence in May 2026.
On a year-to-date basis, the stock has gained over 68% as of mid-trading on 3 March 2026.
Julius Berger Nigeria Plc (58.24%)
Ranked 6th, Julius Berger advanced 58.24% in February, rising steadily from N182 to N288 in one of its strongest monthly runs since 2024.
- A sharp 26.8% gain in the first week pushed the stock above N200, setting the stage for consistent weekly gains.
- Unlike more volatile names, its rally was gradual, building momentum without sharp reversals.
Positive financials likely supported the surge, with 2025 turnover hitting N760.6 billion and pretax profit at N45.9 billion, both significantly higher year-on-year.
Year-to-date, company shares have surged over 88% as of 3 March 2026.
R T Briscoe Plc (59.16%)
R T Briscoe Plc was the 5th top gainer in February 2026, returning 59.16% to investors on the Nigerian Exchange.
The stock opened at N7.86 and rose to N12.51, with over 90 million shares changing hands, continuing its strong run after a 124.57% gain in January.
- The rally started in the first week, jumping over 60.7% to break N12 for the first time.
- It climbed further in the third week to N17.40, before a 20.8% drop in the third week brought it down to N13.80, a level it lost in the final week.
Strong financials likely fueled investor confidence: the automobile company posted N40.41 billion in sales for 2025, up from N28.63 billion in 2024, while pretax profit jumped to N3.08 billion from N1.02 billion the prior year
Year-to-date, the stock has surged over 245% as of mid-trading on 3 March 2026
Union Dicon Salt Plc (89.71%)
Union Dicon Salt returned 89.71% to investors in February 2026 on the Nigerian Exchange.
Company shares rose from N8.75 to N16.60, with over 23 million traded—the strongest run since December 2013’s 104% return.
- Most gains came in the first two weeks, including a surge past N20, before settling at N16.60 by month-end.
Unaudited revenue for 2025 was N13.6 million, with other income of N292.3 million and trimmed administrative expenses, lifting pretax profit to N15.6 million from a prior loss—a performance which might have influenced investor sentiment.
Year-to-date, the stock has gained over 140% as of 3 March 2026.
Infinity Trust Mortgage Bank (111.11%)
Infinity Trust Mortgage Bank returned 111.11% to investors in February 2026, becoming one of three Nigerian stocks to surpass 100% gains that month.
The stock rose from N9.00 to N19.00 on over 5.9 million units traded, marking its strongest performance since December 2023, when it surged 347.8%.
- Price action was flat in the first week but picked up 10% in the second week, before a 59% jump in the third week pushed the stock past N15 for the first time ever.
Momentum continued into the final week, closing at N19, following the company’s announcement of a 35 kobo dividend and a one-for-one bonus share issue, after strong earnings.
Year-to-date, the stock is up over 171.4% as of 3 March 2026.
Zichis Agro Allied Industries (314.32%)
Zichis Agro Allied Industries jumped into the 2nd position, returning 314.32% to investors in February 2026, following its January 20 listing on the Nigerian Exchange.
Company shares moved from N4.19 to N17.36 on over 52 million units traded before the stock was suspended on February 20 pending an NGX review.
- Trading occurred over three active weeks, with the third week recording the highest weekly gain of 60.74% before suspension.
The company entered the market with nine-month revenue of N464.1 million, up 122%, which grew to full-year revenue of N675.62 million, while pretax profit increased 420.77% to N364.21 million.
As of 3 March 2026, the stock was up over 850% year-to-date.
Fortis Global Insurance (370.00%)
Fortis Global Insurance returned 370.00% to investors in February 2026, ranking as the top-performing Nigerian stock for the month.
Trading activity was strong, with the stock moving from N0.20 to N0.94 on over 464 million shares exchanged, marking its highest performance to date.
- The company closed each of the four trading weeks in positive territory, approaching the N1.00 mark in the final week, which crossed in early March 2026.
Fortis reported gross written premiums rising to N461 million in 2025 from N413.6 million in 2024. However, it recorded a pretax loss of N1.68 billion.
Despite this, the stock has gained 465% year-to-date as of mid-day trading on 3 March 2026.
