Zenith Bank, MTN lead market activity as All-Share Index dips 0.41%

The Nigerian All-Share Index closed lower on 26 February 2026, shedding 802.4 points to settle at 193,567.8, slipping below the 194,000 mark.

This represents a 0.41% decline from the previous day’s close of 194,370.2, as bearish action lingered in large-cap banking stocks.

The bearish mood was also reflected in trading activity, as volume dipped to 868 million shares from 1.38 billion shares exchanged in the prior session.

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Market capitalisation followed suit, falling to N124.2 trillion across 69,310 deals, down from N124.7 trillion a day earlier, as Zenith Bank and MTN led the value turnover.

**What the data is saying **

Market momentum remained negative, with the All-Share Index’s year-to-date return easing to 24.39% from 24.91% recorded in the previous session.

On the gainers’ chart, buying interest remained selective, as FTN Cocoa and RT Briscoe led the advance, rising 10.00% and 9.95%, respectively.

Conversely, profit-taking weighed on Jaiz Bank and Ikeja Hotel, which shed 9.98% and 9.90%, respectively.

In terms of trading activity, Jaiz Bank led by volume with 78.9 million shares exchanged, followed by Japaul Gold (73.2 million), Access Holdings (66.9 million), Chams (56.8 million), and Zenith Bank (45.4 million).

By value, Zenith Bank topped the chart with N4.05 billion, followed by MTN Nigeria (N3.07 billion), Lafarge (N2.89 billion), GTCO (N2.13 billion), and Aradel (N1.98 billion).

**Top 5 gainers **

• FTN Cocoa — up 10.00% to N6.05
• RT Briscoe — up 9.95% to N11.38
• Deap Capital — up 9.92% to N6.98
• Japaul Gold — up 9.91% to N3.77
• Ellah Lakes — up 9.72% to N11.85
• Omatek — up 9.72% to N2.37

**Top 5 losers **

• Jaiz Bank — down 9.98% to N12.63
• Ikeja Hotels — down 9.90% to N37.75
• John Holt — down 9.90% to N8.65
• Enamelware — down 9.88% to N36.50
• Cadbury — down 9.69% to N61.95
• Guinea Insurance — down 8.63% to N1.27

**SWOOTs and FUGAZ performance **

Among SWOOTs—stocks with market capitalisation above N1 trillion—performance largely tilted to the downside:

• Lafarge slipped 8.21%, Wema Bank fell 1.1%, Fidelity Bank dropped 0.98%, while Nigerian Breweries eased 0.06%.

In the FUGAZ banking segment, sentiment was broadly negative:

• UBA slipped 3.27%, Zenith Bank fell 2.20%, Access Holdings shed 1.5%, while GTCO declined 0.76%.

First Hold Co was the only stock in the green, gaining 4.85%.

**What you should know **

The day’s decline was largely driven by losses in large-cap stocks, particularly Lafarge, which fell 8.21%, alongside declines in major banking stocks.

• The drop in trading volume reflects the stagnant price action observed in some large-cap stocks.
• If the downward trend continues, the All-Share Index could see a shallow or deeper retracement, although it remains in overbought territory.