The Nigerian Exchange (NGX) witnessed a massive surge on Wednesday, February 11, 2026, as the total market capitalization climbed by ₦970 billion in a single trading session. This bullish run was driven by a “liquidity tsunami” from the nation’s ₦27.45 trillion pension pool, after the National Pension Commission (PenCom) revised investment limits to allow Pension Fund Administrators (PFAs) greater exposure to the equities market.
The All-Share Index (ASI) responded by shattering the 170,000-point ceiling, closing at a historic 178,184.54 points as institutional investors aggressively rebalanced their portfolios to capture higher returns amid moderating inflation.
The rally was largely underpinned by a PenCom circular that increased the ceiling for “Variable Income Instruments.” Under the new rules, Fund I (Aggressive) can now allocate up to 35% of its portfolio to ordinary shares, while Fund II (Balanced) saw its cap raised to 33%.
This regulatory shift has effectively turned PFAs from “safe-haven seekers” focused on government bonds into active market movers. Analysts at CardinalStone Research noted that this move could potentially channel an additional ₦1.5 trillion into the equities market throughout 2026, providing a “shot of adrenaline” to the Lagos bourse.
lue-chip and fundamentally sound tickers led the day’s gainers, as institutional “sticky capital” moved into sectors showing robust recovery. Julius Berger Nigeria Plc emerged as a top performer following strong 2025 revenue reports, while consumer giant Nestle Nigeria Plc and Transcorp Hotels Plc also recorded significant advances.
The market breadth remained positive with 49 stocks gaining against 32 losers, signaling that the rally is broad-based rather than restricted to a few heavyweights.
Experts believe this “Great Realignment” of pension assets is a direct response to the Nigeria Tax Act 2025 and ongoing banking sector recapitalizations, both of which have improved corporate profitability and investor confidence.
As PFAs continue to optimize their positions in high-yield dividend stocks, the NGX is increasingly being viewed as one of the best-performing markets globally. With the Dangote Refinery listing also on the horizon for 2026, market participants anticipate that this newfound liquidity will sustain a prolonged bullish cycle for the Nigerian capital market.
 witnessed a massive surge on Wednesday, February 11, 2026, as the total market capitalization climbed by ₦970 billion in a single trading session. This bullish run was driven by a "liquidity tsunami" from the nation’s ₦27.45 trillion pension pool, after the National Pension Commission (PenCom) revised investment limits to allow Pension Fund Administrators (PFAs) greater exposure to the equities market.){kind=link}