The Nigerian equities market continued its bullish run midweek, with a significant gain of ₦212 billion in market capitalisation on Wednesday. The All Share Index (ASI) climbed by 0.28%, adding 335.74 points to settle at 121,989.67, while total market capitalisation rose to ₦76.970 trillion. The positive momentum was underpinned by strong investor sentiment and sustained interest in key equities.
Key drivers of the market uptick were medium- and large-cap stocks, including Lafarge Africa, Northern Nigeria Flour Mills (NNFM), Nigerian Exchange Group, Industrial & Medical Gases Nigeria, and Berger Paints Nigeria. Analysts at Afrinvest Limited projected that this upward trend is likely to continue, buoyed by optimism among investors and broad-based market strength.
Market breadth remained strongly positive, as 59 stocks gained against 21 losers, reflecting widespread investor interest. Top gainers included Omatek Ventures, RT Briscoe, Red Star Express, C&I Leasing, Chams Holding, Ellah Lakes, and Nigerian Enamelware, each posting a 10% price increase. Other notable climbers were Thomas Wyatt Nigeria, AXA Mansard, and Sunu Assurance, all closing with near double-digit percentage gains.
Conversely, Legend Internet led the laggards, shedding 8.05% to close at ₦8.00, followed by Guinea Insurance, Eterna, eTranzact International, and Regency Alliance, all of which recorded declines between 4% and 7%. The dip in select stocks, however, did little to dampen the general upbeat sentiment that dominated trading.
Total trade volume declined slightly by 11.84%, totaling 888.703 million units valued at ₦15.610 billion, spread across 24,303 deals. Japaul Gold & Ventures led in trade volume with 137.339 million shares, followed by Access Holdings, AIICO Insurance, Universal Insurance, and Ellah Lakes, demonstrating active participation across both financial and non-financial sectors.
Source: Leadership