The Nigerian equities market posted a strong performance on Wednesday, with investors raking in approximately ₦186 billion in value following a market-wide surge driven by renewed optimism and heightened interest in growth stocks.
Extending its bullish streak for the second straight session, the Nigerian Exchange (NGX) saw widespread buying momentum across major sectors. The All-Share Index (ASI) climbed by 0.27%, lifting the benchmark index by 295.78 points to 109,059.33. This rally also propelled the overall market capitalization closer to the ₦69 trillion milestone.
Trading activities soared dramatically, with total trade volume and value skyrocketing by 295.98% and 624.04%, respectively, indicating increased investor participation. Data from Atlass Portfolios Investors Limited revealed that the session recorded about 531.29 million shares worth ₦19.81 billion transacted in 14,870 deals.
GTCO emerged as the day’s most active stock in terms of volume, accounting for 10.04% of total trades. ACCESSCORP followed closely with 9.78%, then FIDELITYBK (7.64%), NB (6.74%), and ZENITHBANK (5.15%). In terms of value, MTNN dominated with 28.23% of the total monetary turnover.
Top gainers of the day included MCNICHOLS and NNFM, each rising by 10.00%. Other strong performers were CHAMPION (+9.91%), CAVERTON (+9.78%), FTNCOCOA (+9.65%), MAYBAKER (+9.62%), and JOHNHOLT (+9.57%), alongside 27 additional gainers.
Despite the upbeat session, 24 stocks recorded losses. MULTIVERSE led the laggards, shedding 9.63%. Other notable decliners included VERITASKAP (-4.76%), TRANSCORP (-4.65%), VFDGROUP (-2.45%), CADBURY (-1.88%), and GTCO (-0.65%).
With 34 gainers and 24 losers, the market breadth closed in positive territory. All sectoral indices posted gains, led by the consumer goods index which rose 1.25%. The oil & gas sector followed with a 0.75% increase, banking gained 0.58%, insurance advanced 0.19%, and the industrial goods sector edged up by 0.01%.
The NGX’s overall market capitalization expanded by ₦185.88 billion, ending the day at ₦68.54 trillion, reinforcing investor confidence in the ongoing upward trend across Nigerian equities.
