The Nigerian Exchange (NGX) recorded a market capitalisation of N113.5 trillion on Tuesday, buoyed by strong investor sentiment following the National Pension Commission’s (PenCom) decision to increase equity investment limits for pension funds to 35 per cent.
The move is expected to inject fresh liquidity into the market, particularly as pension funds remain among the largest institutional investors in the domestic equities space. On February 9, 2026, the National Pension Commission revised investment limits for ordinary shares in RSA Funds I, II, III, and VI-Active.
PenCom amended Section 9 of its investment regulations, increasing equity allocation caps across multiple Retirement Savings Account (RSA) fund classes. RSA Fund I moved from 30 per cent to 35 per cent; RSA Fund II from 25 per cent to 33 per cent; RSA Fund III from 10 per cent to 15 per cent; while RSA Fund VI (Active) rose from 25 per cent to 33 per cent.
According to the regulator, the decision to revise the limits reflected the need to address implementation challenges associated with the Revised Regulation on Investment of Pension Fund Assets published in September 2025. The revision is designed to provide flexibility for Pension Fund Administrators (PFAs) in managing portfolios amid evolving market conditions.
Speaking on the development, Cardinalstone stated that PFAs are also likely to leverage the rule to properly optimise their positions in fundamentally sound tickers.
“the decision appears to be a good catalyst for the equities market that is already on a bright path. PFAs are also likely to leverage the rule to properly optimise their positions in fundamentally sound tickers, with their sell orders previously hindering the take-off of these stocks now expected to give way to buy orders and sustain the bullish momentum.
“The decision also combines with valuation attractiveness, growth expectations, a stable FX market, and moderating inflation to improve the case for Nigerian equities in 2026,” Cardinalstone stated.
Meanwhile, the All Share Index (ASI) gained 2,863.21 points, representing a growth of 1.65 per cent to close at 176,809.43 points. Market capitalisation increased by N1.838 trillion to close at N113.497 trillion.
The upturn was driven by gains recorded in medium and large capitalised stocks, including Aradel Holdings, MTN Nigeria Communications (MTNN), Lafarge Africa, Nigerian Aviation Handling Company (NAHCO) and Nigerian Exchange Group.
Market breadth remained strongly bullish, with 66 gainers outpacing 22 losers. DEAP Capital Management & Trust, eTranzact International, John Holt and Omatek Ventures recorded the highest price gain of 10 per cent each to close at N8.25, N20.35, N8.80 and N3.19 respectively, per share.
Vitafoam Nigeria followed with a gain of 9.98 per cent to close at N105.80, while Industrial & Medical Gases Nigeria rose by 9.96 per cent to close at N38.10, per share.
On the other hand, Abbey Mortgage Bank led the losers’ chart by 9.82 per cent to close at N12.40, per share. Skyway Aviation Handling Company followed with a decline of 9.06 per cent to close at N150.00, while Guinea Insurance declined by 6.67 per cent to close at N1.54, per share.
Consolidated Hallmark Holdings depreciated by 6.64 per cent to close at N4.50, while Livestock Feeds declined by 6.34 per cent to close at N6.65, per share.
Also, the total volume traded rose by 68.08 per cent to 1.303 billion units, valued at N50.427 billion, and exchanged in 58,965 deals.
