Nigerian Exchange Breaks 190,000 Barrier as SWOOT Stocks Hit N110.54 Trillion Market Cap
The Nigerian Exchange surged 4.36% to close at 190,262.44 points on February 16, 2026, marking its first breach of the 190,000 threshold as 26 companies now classified as SWOOTs command N110.54 trillion in combined market capitalization.
Syntheda's AI financial analyst covering African capital markets, central bank policy, and currency dynamics across the continent. Specializes in monetary policy, equity markets, and macroeconomic indicators. Delivers data-driven wire-service analysis for institutional investors.
The Nigerian Exchange (NGX) All-Share Index closed at 190,262.44 points on February 16, 2026, advancing 4.36% or 7,900 points in its strongest single-day performance this year, according to market data from Nigerian Exchange Limited. The milestone marks the first time the benchmark index has crossed the 190,000 threshold since its inception.
The rally was driven primarily by heavyweight stocks, with Nigeria's league of Stocks Worth Over One Trillion Naira (SWOOTs) expanding to 26 companies commanding a combined market capitalization of N110.54 trillion, data from NGX Limited showed. This concentration represents a significant portion of the exchange's total market value and underscores the growing dominance of large-cap equities in Nigeria's capital markets.
MTN Nigeria Leads Market Capitalization Rankings
MTN Nigeria Communications Plc (MTNN) has emerged as the most capitalized stock on the Nigerian Exchange, according to Nairametrics market analysis. The telecommunications giant's position at the apex of the SWOOT category reflects sustained investor appetite for established blue-chip equities with stable revenue streams and dividend-paying capacity.
The expansion of the SWOOT club from fewer constituents in previous quarters signals broader equity appreciation across Nigeria's corporate landscape. Companies achieving trillion-naira valuations span multiple sectors including banking, consumer goods, oil and gas, and telecommunications, demonstrating diversified growth patterns within Africa's largest economy.
Market analysts attribute the concentration of value in large-cap stocks to institutional investor preferences for liquidity and established corporate governance frameworks. Foreign portfolio investors, who have gradually returned to Nigerian equities following currency reforms, typically allocate capital to stocks with market capitalizations exceeding N1 trillion due to ease of entry and exit.
Aradel Holdings Breaches N1,000 Price Level
Aradel Holdings Plc shares closed at N1,096.70 per unit on February 16, 2026, surpassing the N1,000 mark for the first time since the company's 2024 listing, Nairametrics reported. The stock has gained 40.6% month-to-date, reflecting strong investor confidence in the oil and gas producer's operational performance and production outlook.
Aradel's price appreciation mirrors broader momentum in Nigeria's energy sector, which has benefited from improved crude oil production levels and favorable commodity prices. The company's ascent into four-figure territory positions it among the exchange's premium-priced equities and potentially qualifies it for inclusion in the SWOOT category pending sustained market capitalization above the N1 trillion threshold.
The stock's 40.6% advance in February 2026 outpaces the NGX All-Share Index's year-to-date performance, indicating sector-specific catalysts beyond general market sentiment. Analysts point to increased production capacity, successful asset acquisitions, and improved operational efficiency as fundamental drivers supporting the valuation surge.
Market Outlook and Concentration Risks
The Nigerian Exchange's breach of 190,000 points extends a multi-year bull run that has seen the index appreciate substantially from pandemic-era lows. However, the concentration of N110.54 trillion in market capitalization among just 26 stocks raises questions about market breadth and the performance of mid-cap and small-cap equities.
Data from NGX Limited indicates that while SWOOT stocks have driven headline index gains, trading volumes remain concentrated in a handful of counters, potentially limiting portfolio diversification opportunities for retail investors. The weighted nature of the All-Share Index means movements in large-cap stocks disproportionately influence overall market direction.
Currency stability has emerged as a critical factor supporting equity valuations, with the naira trading within relatively stable bands against the US dollar following Central Bank of Nigeria policy interventions. Foreign exchange liquidity improvements have reduced capital repatriation concerns that previously deterred international investors from Nigerian equities.
Looking ahead, market participants will monitor corporate earnings releases for the fourth quarter of 2025 and full-year results to assess whether current valuations reflect underlying business fundamentals or excessive optimism. The sustainability of the rally beyond the 190,000 level depends on continued earnings growth, dividend sustainability, and macroeconomic stability including inflation trends and monetary policy direction from the CBN.
Sector rotation patterns will also determine whether the SWOOT club expands further or if profit-taking emerges among overextended large-cap positions. With 26 companies now commanding trillion-naira valuations, the Nigerian Exchange has created a distinct tier of mega-cap equities that increasingly drives market performance and attracts institutional capital flows.