Equity investors on the Nigerian Exchange recorded an estimated N410 billion gain on Wednesday as strong performances from select large-cap stocks extended the market’s early-year rally, despite a session characterised by weak breadth and elevated selling pressure.
The NGX All-Share Index closed higher by 0.40%, settling at 160,591.76 points, as gains in a handful of heavyweight counters outweighed losses across a broad swathe of the market.
According to market data, total equity capitalisation increased by approximately N409.66 billion to N102.68 trillion. However, sentiment remained largely negative, with declining stocks marginally outnumbering advancing ones.
Stocks such as SEPLAT, OKOMUOIL, and WAPCO drove the market’s upward movement. SEPLAT and OKOMUOIL both rallied by the maximum daily limit of 10.00%, while WAPCO gained 3.91%. These advances more than compensated for losses in stocks like ETI, which fell 8.50%, and ARADEL, which shed 1.50%.
Market breadth closed negative at 0.95x, reflecting a session that produced 37 losers against 35 gainers. SEPLAT, OKOMUOIL, and UNIONDICON led the gainers’ table with double-digit advances, while CADBURY topped the laggards’ list after dropping 10.00%.
Sectoral performance was mixed, underscoring the uneven nature of the rally. The Oil and Gas index emerged as the strongest performer, surging 3.88%, followed by the Commodities index, which climbed 2.75%. Insurance stocks advanced 1.08%, while the Industrial Goods and Consumer Goods indices gained 0.50% and 0.48%, respectively.
In contrast, banking stocks came under pressure, with the Banking index declining by 0.98% during the session.
Trading activity presented divergent signals. Total traded volume jumped sharply by 90.84% to 1.42 billion shares, while transaction value edged up 4.64% to N20.3 billion. However, the number of executed deals declined by 9.03% to 48,789 transactions, suggesting concentrated activity in a limited number of stocks.
Market analysts noted that while headline indices continue to trend higher, the negative breadth points to cautious positioning among investors and selective risk-taking in stocks perceived to offer stronger upside potential.
