The Nigerian stock market maintained a positive trajectory, as the All-Share Index (ASI) gained 0.51%, closing at 105,324.89 points. This growth was primarily driven by strong performances in key banking stocks, including First Bank of Nigeria Holdings, Guaranty Trust Holding Company, and Access Holdings, which saw substantial increases in their share prices. These gains were also reflected in the market capitalization, which rose by 0.51%, reaching ₦65.22 trillion, adding ₦332.2 billion in value.
Bargain-hunting activities in the banking sector were the main contributors to this bullish performance, with notable increases in share prices for First Bank, Guaranty Trust, and Access Holdings—9.6%, 3.2%, and 6.3%, respectively. The overall market sentiment was positive, as the Month-to-Date and Year-to-Date returns stood at +0.8% and +2.3%, respectively. Market breadth remained favorable, with 37 stocks advancing while 21 stocks declined.
On the sector performance board, the banking sector emerged as the top performer, gaining 3.17%, followed by the Oil & Gas sector at 0.31%, and the Industrial Goods sector, which saw a modest gain of 0.09%. However, the Insurance and Consumer Goods sectors experienced slight declines of 0.67% and 0.44%, respectively. The Commodity Index remained stable, showing no change during the session.
Guinea Insurance and Eternal were the top gainers of the day, both appreciating by 10.0% in their share values. On the other hand, May & Baker and Academy Press recorded the highest losses, with their share prices falling by 9.9% and 9.3%, respectively. Despite these losses, the overall market trend remained optimistic, thanks to the strong performance of major stocks, especially in the banking sector.
Trading activity was notably robust on Wednesday, with the number of deals, volume, and value all showing significant increases. The total volume of transactions surged by 124.13%, while the total value rose by 44.86%. Access Holdings was the most traded stock, accounting for 473.22 million units and ₦12.57 billion in value, reflecting strong investor interest in the stock. This active trading suggests continued bullish sentiment in the market.
Source: TRIBUNE