The Nigerian Exchange (NGX) witnessed a robust performance on Wednesday, marking a major rebound with the market capitalisation surging by N1.18tn. This bullish momentum, the highest single-day gain for the week, was powered by strong buying interest in insurance and oil & gas stocks. The All-Share Index rose by 2,246.00 points, or 1.95%, closing at 117,156.16 basis points, with the total market capitalisation climbing from N72.5tn to N73.7tn.
Leading the gains were heavyweight stocks such as NEM Insurance, which jumped 10% to N16.50 per share, and Seplat Energy, up 9.78% to close at N5,450.00. Other top performers included Thomas Wyatt Nigeria and Linkage Assurance, gaining 9.73% and 9.56%, respectively. Sector-wise, the Oil & Gas Index posted the strongest performance with a 7.49% rise, while the Premium, Banking, and Insurance indices also recorded notable gains.
Despite the gains, the trading session was not without its losers. Eterna Plc led the chart of decliners with a 10% drop, followed by Secure Electronic Technology, Legend Internet, and FTN Cocoa Processors. In total, 130 listed equities were traded, with 37 closing higher and 31 declining, reflecting overall positive sentiment in the market.
Zenith Bank led trading activity by volume with 150 million shares exchanged, trailed by Access Holdings and United Bank for Africa. Although the total volume traded declined by 19% from the previous day, market turnover improved slightly to N26.01bn. However, the number of deals dropped by 15% to 19,727 transactions.
Overall, the market remains strong with a one-week gain of 2.75%, a four-week gain of 6.79%, and a year-to-date return of 13.83%. Analysts at Afrinvest expect the market to sustain its positive momentum into Thursday, citing improved investor confidence and continued bargain hunting across key sectors.
Source: Punch