The Nigerian Exchange (NGX) continued its impressive upward trajectory, with the equities market recording a 50.1% year-to-date gain that pushed total market capitalisation to ₦98 trillion on Thursday. This surge comes as third-quarter corporate earnings releases continue to drive investor optimism across key sectors.
Market analysts attributed the rally to renewed investor appetite for growth and value stocks, as expectations rise for strong financial performance from listed companies. The current momentum has prompted speculation that the market could cross the ₦100 trillion threshold before the end of October, reflecting increased risk appetite amid declining yields in the fixed-income segment.
Sustained bargain-hunting activity helped lift key NGX performance indicators by 49 basis points, while the year-to-date return climbed to 50.10%. Despite a slightly negative market breadth, investor sentiment remained upbeat, particularly towards blue-chip and medium-cap stocks such as PZ Cussons, WAPCO, Aradel Holdings, and MTN Nigeria.
According to data from the Nigerian Exchange, the benchmark index advanced by 753.65 basis points to close at a new record high of 154,489.90 points — representing a 0.49% rise from the previous session. Market capitalisation grew by ₦478.37 billion, bringing the total to ₦98.06 trillion.
Trading activity also picked up notably, as the total volume and value of transactions rose by 61.70% and 16.68%, respectively. Brokers recorded 926.92 million shares traded, valued at ₦26.95 billion, across 30,703 deals.
Japaul Gold led the volume chart, contributing 47.24% of total trades, followed by Fidelity Bank (8.37%), WAPCO (5.02%), AccessCorp (3.53%), and NASCON (1.94%). In terms of value, WAPCO dominated with 25.95% of total trade value on the floor of the exchange.
Top gainers for the day included TIP and PZ, both appreciating by 10%. They were closely followed by ASO Savings (+9.09%), CAP (+8.82%), WAPCO (+8.63%), Mecure (+8.10%), and Champion Breweries (+7.05%), among others.
Meanwhile, thirty-six equities posted losses. John Holt led the decliners with a 9.72% drop, followed by Stanbic IBTC (-9.15%), Oando (-6.44%), Livestock Feeds (-5.06%), Dangote Sugar (-4.58%), and Tantalizers (-2.17%).
At the close of trading, the market breadth was slightly negative, recording 34 gainers against 36 losers. Sectoral performance was mixed — the Industrial Goods (+3.09%), Oil & Gas (+1.13%), and Commodity (+0.83%) sectors advanced, while Banking (-1.06%), Insurance (-1.27%), and Consumer Goods (-0.94%) sectors posted declines.
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