The Nigerian equities market maintained its upward momentum on Wednesday, with the All-Share Index (ASI) of the Nigerian Exchange Limited (NGX) inching up by 0.08% to close at 132,557.43 points. This slight gain translated into an increase of N66.8 billion in market capitalisation, bringing the total to N83.86 trillion.
According to analysts, the moderate rise underscores growing investor confidence and persistent bullish sentiment that has driven the year-to-date (YTD) return to 28.79%. The gains reflect improved liquidity and a sustained appetite for value-driven stocks, especially as the earnings season continues to drive investor decisions.
Despite the upward movement, the market breadth revealed a mildly cautious sentiment, with 29 gainers outweighed by 37 losers. This dynamic indicates a mix of bargain hunting and strategic profit-taking among investors reacting to recently published half-year corporate results and those still expected.
Trading activities were somewhat subdued, with a 10.67% drop in total volume and a 35.61% decline in trade value. Figures from Atlass Portfolio Limited indicated that 681.24 million shares worth N17.02 billion changed hands in 26,931 transactions.
ACCESSCORP led trading activity by volume, accounting for 14.48% of total shares traded. It was followed by ELLAHLAKES (8.98%), JAPAULGOLD (7.22%), ROYALEX (6.43%), and UNIVINSURE (4.71%). In value terms, ACCESSCORP also topped the chart, contributing 16.13% of total turnover.
Top-performing stocks on the day included Academy Press (+10.00%), The Initiates Plc (TIP, +9.98%), Ikeja Hotel (+9.95%), Enamelware (+9.84%), and NAHCO (+9.65%). On the flip side, significant decliners were Austin Laz, Tripple G, Omatek Ventures, Daar Communications, and Multiverse.
Sector-wise, the market saw widespread positive activity. The banking sector advanced by 0.44%, insurance by 0.13%, consumer goods by 0.30%, oil and gas by 0.21%, and commodities by 0.07%. The only major drag came from the industrial goods sector, which shed 0.62% amidst profit-taking in some bellwether stocks.
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