The Nigerian equities market continued its upward trajectory on Wednesday, with strong investor confidence boosting the All-Share Index (ASI) by 0.70%, closing at 145,813.86 points. This surge raised the year-to-date return to 41.67% and increased the overall market capitalisation by ₦643 billion to reach ₦92.25 trillion.
The bullish sentiment was broadly felt across the market, as 53 stocks posted gains against 26 losers, indicating strong market breadth. Notable gainers included SCOA Nigeria Plc, Hallmark Insurance Plc, Learn Africa Plc, AXA Mansard Insurance Plc, and Mutual Benefits Assurance Plc—all posting 10% increases in share value.
On the flip side, several equities took a hit, with Nigerian Exchange Group Plc and Multiverse Mining and Exploration Plc among the top losers, each dropping by 10%. Others such as UAC of Nigeria Plc and LivingTrust Mortgage Bank Plc also recorded steep declines, reflecting a mix of investor sentiments across sectors.
Despite a slight 8.69% dip in the number of executed deals, overall trading activity showed impressive growth. Trading volume surged by 168.02% to 2.70 billion units, while the total value of trades rose significantly by 46.62% to ₦32.63 billion. Conhall Pharmaceuticals Plc led the volume chart, followed by Linkage Assurance and Sterling Financial Holdings.
Sector-wise performance was mixed. The NGX Insurance Index led with a 9.87% gain, while the Industrial Goods and Oil & Gas indices also posted positive movements. In contrast, Banking and Consumer Goods indices recorded minor declines. Analysts project that the bullish trend may continue, supported by ongoing half-year earnings releases from listed companies.
Source: The sun