Investors in the Nigerian stock market saw a significant boost as shares of BUA Foods, Eterna Plc, and other companies surged, adding about N505 billion to the market’s total value. This comes as inflation in the country showed signs of slowing down, prompting a positive reaction from the stock market.
The Nigerian Exchange (NGX) recorded an increase in key performance indicators on Wednesday, with the All-Share Index (ASI) rising by 0.87%. Meanwhile, the market capitalization, which represents the total value of all listed stocks, increased by 0.75%. This gain was partly driven by the cancellation of over 166 million shares of Dangote Cement Plc, which reduced the total number of outstanding shares in the market.
At the close of trading, the All-Share Index had increased by 938.53 points, reaching 108,609.51, while the overall market value climbed to N67.68 trillion.
Despite a decline in trading activity—where the number of shares traded fell by 15.90% and the total transaction value dropped by 23.35%—investors showed strong interest in blue-chip stocks, particularly BUA Foods.
According to investment firm Atlass Portfolios Limited, about 343.72 million shares worth N8.63 billion were exchanged across 12,970 transactions on Wednesday.
Among the most traded stocks by volume, ACCESSCORP led the market, accounting for 18.97% of all shares traded. Other high-volume stocks included FIDELITYBK (14.77%), ZENITHBANK (6.44%), STERLINGNG (3.84%), and WAPIC (3.81%).
For stock price gains, BUAFOODS saw the biggest jump, rising by 9.91%. It was followed by RT Briscoe (+6.91%), ETERNA (+6.25%), SUNU Assurance (+6.13%), and several others.
However, not all stocks performed well. UPL recorded the biggest loss, dropping by 9.80%, while MCNICHOLS (-8.57%), REGALINS (-7.04%), and others also declined.
Despite an overall positive close, there were more losing stocks (28) than gaining ones (25), which resulted in a slightly negative market breadth.
Looking at sector performance, three out of five major sectors saw gains. The consumer goods sector led with a 4.16% rise, followed by insurance (+0.29%) and oil & gas (+0.03%). The banking sector fell by 0.61%, while the industrial sector remained unchanged.
