Tier-one banks drag market lower, All-Share Index holds 194,000-line

The Nigerian All-Share Index closed in the red on 25 February, slipping 0.06% to settle at 194,370.2, as losses in tier-one banks dragged the broader market lower.

This 114.4-point drop from 194,484.6 marks the second consecutive decline since the index climbed above the 196,000 level on 23 February 2026.

Despite the negative price movement, trading activity strengthened, with total volume rising to 1.3 billion shares from 1.1 billion shares recorded in the previous session.

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In value terms, market capitalisation edged down to N124.7 trillion across 70,222 deals, compared with N124.8 trillion in the prior trading day.

What the data is saying

Market momentum turned slightly bearish, with the All-Share Index’s year-to-date return easing to 24.91%, compared to 24.98% in the previous session.

On the gainers’ chart, buying interest remained selective, as Jaiz Bank and Okomu Oil Palm Company led the advance, rising 9.95% and 9.93%, respectively.

On the flip side, profit-taking weighed on RT Briscoe and ABC Transport, both shedding 10% to top the losers’ table.

In terms of trading activity, Fortis Global Insurance led by volume with 193.6 million shares exchanged, followed by Zenith Bank (120.6 million), Japaul Gold (114.7 million), Ellah Lakes (98.3 million), and Access Holdings (63 million).

By value, Zenith Bank led with N11 billion, followed by Guaranty Trust Holding Company (N3.7 billion), Aradel Holdings (N3.04 billion), MTN Nigeria (N2.9 billion), and United Bank for Africa (N2.5 billion).

**Top 5 gainers **

• Jaiz Bank — up 9.95% to N14.03
• Okomu Oil Palm Company — up 9.93% to N1,765.00
• Trans Nationwide Express — up 9.77% to N2.36
• Fortis Global Insurance — up 9.72% to N0.79
• Champion Breweries — up 5.39% to N17.60

**Top 5 losers **

• ABC Transport — down 10.00% to N6.75
• RT Briscoe — down 10.00% to N10.35
• Skyway Aviation Handling Company — down 9.98% to N139.35
• Haldane McCall — down 9.93% to N3.99
• Union Dicon Salt — down 9.78% to N16.60

**SWOOTs and FUGAZ performance **

Among SWOOTs—stocks with market capitalisation above N1 trillion—performance was mixed but largely tilted to the downside.

• BUA Foods advanced 3.47%, while Wema Bank edged higher by 1.49%.
• On the downside, Nigerian Breweries slipped 1.84%, International Breweries declined 1.02%, while Lafarge Africa closed 1.43% lower.

In the FUGAZ banking segment, sentiment was broadly negative.

• First HoldCo fell 8.36%, United Bank for Africa declined 2.39%, Guaranty Trust Holding Company shed 1.67%, Access Holdings dropped 1.48%, and Zenith Bank lost 2.15%.

**What you should know **

The day’s decline was largely driven by losses in tier-one banks, as the banking index fell 2.07%.

• A significant portion of the pressure was offset by a more than 3% gain in heavyweightBUA Foods; however, the broader market still closed in the red.

If the pullback persists, it could result in either a shallow correction or a deeper retracement, depending on how sustained the selling pressure becomes.

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