Transactions on the Nigerian Exchange closed February on a bullish note, with the market advancing 16.60% month-on-month. Year-to-date, the market has returned 23.91%, with the All-Share Index and market capitalisation settling at 192,826.77 points and N123.763 trillion, respectively.
A total of 85 equities recorded price gains during the month, while 34 stocks declined, reflecting broadly positive market breadth.
The February rally was driven largely by strong corporate earnings releases, dividend and bonus announcements, as well as improving macroeconomic sentiment that boosted investor confidence.
TOP 10 GAINERS IN FEBRUARY 2026
FORTIS GLOBAL INSURANCE PLC (+370%)
Fortis Global Insurance Plc (formerly known as Standard Alliance Insurance) emerged as the highest gainer in February 2026. The share price grew by 370% to N0.94 from N0.20, its closing price on the last trading day in January.
It is currently trading at its 52-week high of N0.94.
In the recently released FY 2025 Financial Statement of the firm, Fortis Global Insurance declared a loss after tax of N1.688 billion for the 12 months, against a profit after tax of N4.99 billion.
What is moving the share price of Fortis Global is purely speculation, as there are no sound fundamentals to back up the current price surge.
ZICHIS AGRO ALLIED INDUSTRIES (+314.32%)
The Nigerian Exchange suspended trading in the shares of Zichis Agro-Allied Industries Limited on February 23, 2026, citing the need to protect investors.
In February, the company’s share price surged by 314.32% to N17.36 from N4.19 as of January 30, 2026. From its listing price of N1.81 on January 20, 2026, the stock had appreciated by about 859% before the suspension was imposed.
According to the Exchange, the action is a precautionary measure taken in the interest of market integrity while investigations into the sharp price movement continue. Trading in the stock will remain halted pending the outcome of the review.
INFINITY TRUST MORTGAGE BANK (+111.11%)
The share price of Infinity Trust Mortgage Bank in February grew by 111.11% to N19 to close the month, from N9 at the beginning of February.
It is currently at its 52-week high of N19 from a year low of N7.
The Company reported impressive Q4 2025 earnings with significant growth in the topline and bottom-line figures. Revenue grew year on year by 50.50% to N6.613 billion from N4.394 billion reported the previous year. Profit after tax grew by 95.51% to N2.896 billion from N1.481 billion profit reported the previous year. The earnings per share of the company stand at N0.69.
At the current share price of N19, a high P/E ratio of 27.36x with a low earnings yield of 3.65% indicates that Infinity Trust is OVERPRICED.
UNION DICON SALT PLC (+89.71%)
The share price of Union Dicon Salt in February 2026 grew by 89.71% to N16.60 from N8.75 at the beginning of the month. It has touched a high of N22.95 from a low of N4.40 in the past 52 weeks.
It is trading 27.67% away from its 52-week high of N22.95. This implies that based on the 52-week high of N22.95, a position in Union Dicon has an uptrend potential of about 28%.
The Company declared a loss after tax of N17.1 million
The factor behind the current price surge in Union Dicon is purely speculative.
RT BRISCOE (+59.16%)
RT BRISCOE closed the month of February at the share price of N12.51, up by 59.16% from the share price of N7.86 at the beginning of that month.
In the past 52 weeks, the share price of the company has touched a high of N19.16 from a year low of N1.75.
It is trading 34.71% away from its 52-week high of 19.61. This implies that a position in RT BRISCOE has an uptrend potential of 35%.
The Company in the FY 2025 financial statement recorded impressive growth in revenue and profit after tax, year on year. Revenue of N40.415 billion was recorded for the 12 months, up by 41.14% from the N28.634 billion revenue reported the previous year. Profit after tax grew year on year by 256.82% to N2.89 billion from N809 million reported. The earnings per share of the Company stand at N2.45.
At the current share price of N12.51, a low P/E ratio of 5.10x and earnings yield of 19.20% confirms that the stock is attractive at the current price.
JULIUS BERGER (+58.24%)
The share price of Julius Berger in February 2026 grew by 58.24% to N288 from the opening price of N182. In the past 52 weeks, Julius Berger has touched a high of N290 from a year low of 110.
At N288, it is trading about 1% away from its 52-week high of N290. There is a possibility it might shed some weight in the coming weeks.
Julius Berger reported impressive FY 2025 earnings with growth in its topline and bottom-line figures year on year. Revenue grew year on year by 34.34% to N760.614 billion from N566.204 billion reported the previous year. Profit after tax grew by 107.73% to N31.106 billion from N14.974 billion profit reported the previous year. The earnings per share of Julius Berger stand at N19.28.
JAPAUL GOLD (+58.20%)
The share price of Japaul Gold in February 2026 grew by 58.20% to N3.86 from the opening price of N2.44.
In the past year, the share price of Japaul Gold has touched a high of N4.42 from a year low of N1.56.
It is trading 12.67% away from the 52-week high of N4.42. This implies that a position in Japaul Gold has an uptrend potential of 13%.
JAIZ BANK (+57.88%)
Shares of Jaiz Bank surged 57.88% in February, closing at N12.63 compared with an opening price of N8. Over the past 52 weeks, the stock has traded between a low of N3.80 and a high of N15.43.
At the current share price of N12.63, Jaiz Bank is trading 18.15% away from its 52-week high of N15.43. This implies that a position in Jaiz Bank has an uptrend potential of 18%.
The recently published FY 2025 results revealed growth in the bank’s topline and bottom-line figures year on year.
CUSTODIAN INVESTMENTS (+54.55%)
Shares of Custodian Investment Plc rallied 54.55% in February, closing at N68 compared with an opening price of N44. Over the past 52 weeks, the stock has traded between a low of N16.80 and a high of N73.30.
At the current price of N68, Custodian Investment is trading about 7.23% below its 52-week high, suggesting further upside potential of roughly 7% if bullish momentum persists.
The company’s recently released FY 2025 results also showed year-on-year growth in both revenue and profit, reinforcing investor confidence in its improving fundamentals.
RED STAR EXPRESS PLC (+53.61%)
Shares of Red Star Express Plc climbed 53.61% in February to close at N31.95, up from N20.80 at the start of the month, extending a strong recovery trend in the stock. Over the past 52 weeks, the share price has traded within a wide band of N4.80 to N34.95, reflecting renewed investor interest after a prolonged period of undervaluation.
At the current level of N31.95, the stock remains about 8.58% below its 52-week high, suggesting modest upside potential of roughly 9% if positive momentum is sustained.
The rally appears to be supported by improving investor sentiment toward logistics and distribution companies, expectations of stronger earnings on the back of rising e-commerce activity, and repositioning by investors into undervalued mid-cap names with turnaround prospects. Market participants are also responding to signs of operational efficiency improvements and stronger cost discipline within the company’s core courier and freight services.
While short-term profit-taking may emerge near resistance levels, continued earnings improvement, stronger delivery volumes, and stable macro conditions could sustain interest in the stock over the medium term.