Nigeria’s equities market recorded another bullish session on Wednesday as investors accumulated N880 billion in gains, driven by sustained buying pressure across major stocks on the Nigerian Exchange (NGX).
The benchmark All-Share Index (ASI) advanced by 0.78 percent to close at 178,184.35 basis points, extending the market’s positive trajectory. The uptick reflects renewed investor appetite and continued bargain hunting in fundamentally strong counters.
As a result of the rally, total market capitalization expanded by N880.3 billion, also representing a 0.78 percent increase, to settle at approximately N114.4 trillion at the close of trading.
Market Breadth and Top Movers
Trading sentiment remained broadly positive, with market breadth closing at 1.58x. A total of 49 equities appreciated in price, while 31 declined.
Leading the gainers’ table were NESTLE, FTGINSURE, CONHALLPLC, and MEYER, each recording the maximum allowable daily increase of 10.00 percent. These counters dominated investor interest amid strong intraday demand.
On the flip side, HONYFLOUR led the laggards after shedding 9.70 percent of its share price. NEIMETH followed with a 9.15 percent decline, while TIP depreciated by 5.81 percent. Other notable losers included RTBRISCOE and STERLINGNG.
Trading Activity and Volume Analysis
Despite the upward price movement, overall trading activity showed mixed performance.
Market turnover data indicated that total volume traded declined to 939.15 million units, while transaction value dropped to N34.03 billion. However, the number of executed deals rose to 61,279, compared to the previous trading session.
Detailed trading figures showed that 1.30 billion shares valued at N50.43 billion exchanged hands in 58,965 deals during the broader session.
TANTALIZER emerged as the most actively traded stock by volume, with 85.32 million units changing hands. Meanwhile, ARADEL topped the value chart, recording transactions worth N2.98 billion.
Sectoral Performance
Performance across sectoral indices closed on a mixed note.
The Banking Index led sectoral gains, climbing 1.58 percent as investors increased exposure to financial stocks. The Insurance Index followed with a 1.53 percent rise, while the Consumer Goods Index gained 1.28 percent. The Oil & Gas Index posted a marginal uptick of 0.02 percent.
In contrast, the Industrial Index recorded a slight dip of 0.02 percent, while the Commodity Index finished flat.
Market Outlook
The continued appreciation in the NGX suggests sustained investor confidence, particularly in blue-chip and fundamentally sound counters. Analysts note that as long as liquidity conditions remain supportive and corporate earnings expectations stay positive, the market could maintain its upward bias in the near term.
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