The Nigerian equities market extended its upward momentum midweek, with investors recording an estimated ₦245 billion gain as renewed demand for banking and insurance stocks lifted overall market performance.
Trading on the Nigerian Exchange (NGX) closed in positive territory on Wednesday, with the market’s key indicators advancing by 0.26 percent. The rally was supported by increased accumulation of select mid-cap and large-cap stocks across multiple sectors, particularly within financial services, where investor confidence appeared to strengthen.
Market analysts observed heightened activity in banking and insurance counters, with stocks such as First HoldCo, Access Holdings, Okomu Oil, Vitafoam, and CAP emerging as some of the notable beneficiaries of the renewed buying pressure during the session.
At the close of trading, the NGX All-Share Index rose by 383.71 points to settle at 149,842.82, reflecting the day’s 0.26 percent appreciation. In tandem, total market capitalisation climbed by ₦244.62 billion to close at ₦95.53 trillion, underscoring the improved investor sentiment.
Trading activity also surged sharply, according to market data from the Exchange. Total transaction volume expanded by 477.38 percent, while the value of trades executed jumped by 890.52 percent, pointing to strong institutional and retail participation. In aggregate, approximately 5.93 billion shares valued at ₦216.19 billion were exchanged across 25,205 deals during the session.
First HoldCo emerged as the most actively traded stock by volume, accounting for 16.65 percent of total shares exchanged. It was followed by Sterling Financial Holdings Company with 13.44 percent, FCMB Group at 11.43 percent, Access Holdings at 6.39 percent, and Zenith Bank at 4.96 percent.
The holding company also dominated the value chart, contributing 22.20 percent of the total value of all transactions recorded on the Exchange, making it the most valuable stock traded during the session.
On the gainers’ table, First HoldCo, Lasaco Assurance, Prestige Assurance, and Veritas Kapital all recorded the maximum daily gain of 10 percent. They were followed by Mecure Industries, which rose by 9.92 percent, and Linkage Assurance, which added 9.70 percent, alongside 31 other advancing stocks.
Access Holdings closed the session with a 4 percent increase, while Ecobank Transnational Incorporated ended the day flat. In contrast, 23 equities closed in negative territory.
LivingTrust Mortgage Bank led the decliners after shedding 10 percent, while International Energy Insurance fell by 9.92 percent. Other laggards included McNichols (-6.90%), Omatek Ventures (-6.84%), Chams Holding Company (-6.41%), and Legend Internet (-5.27%).
Overall market breadth closed positive, with 37 gainers outnumbering 23 losers, reinforcing the day’s bullish tone.
Sectoral indices largely reflected the positive sentiment, as four major sectors ended higher. The Insurance Index emerged as the top performer, rising by 2.02 percent on the back of price appreciations in Cornerstone Insurance and AIICO Insurance.
The Banking Index followed closely, gaining 1.48 percent, supported by strong rallies in First HoldCo and Access Holdings. The Commodity Index advanced by 0.48 percent, driven by Okomu Oil, while the Consumer Goods Index edged up by 0.03 percent following gains in Champion Breweries.
However, the Industrial Goods Index declined by 0.63 percent, weighed down by losses in Lafarge Africa, while the Oil and Gas Index dipped marginally by 0.05 percent due to sell pressure in Oando.
