The Nigerian stock market surged on Wednesday, adding ₦309 billion in market value in a single trading session as renewed investor confidence lifted key equities. The market’s positive close signals a fresh wave of buying interest despite mixed sector performance.
According to data from the Nigerian Exchange (NGX), the All-Share Index (ASI) rose by 489.45 points, or 0.35 per cent, to settle at 142,036.23 points, while the overall market capitalisation climbed to ₦89.865 trillion. Analysts say the gains reflect a stronger appetite for blue-chip stocks and optimism over Nigeria’s macroeconomic outlook.
The rally was driven by price increases in several medium- and large-cap companies, including Aradel Holdings, Guinness Nigeria, Dangote Cement, FBN Holdings, and Chellarams. Notably, Chellarams posted the day’s highest price gain at 9.77 per cent to close at ₦14.60 per share, while Austin Laz & Company rose by 9.67 per cent to ₦2.95 per share. The Initiates Plc (TIP) advanced 8.08 per cent to ₦12.97 per share, and Sovereign Trust Insurance and Aradel Holdings also recorded significant gains.
However, market sentiment was mixed, as evidenced by a negative breadth of 26 gainers against 32 losers. Guinea Insurance led the laggards with a 9.70 per cent decline to ₦1.49 per share, followed by Cornerstone Insurance, which fell 8.68 per cent to ₦6.52 per share. Other notable decliners included Legend Internet, Deap Capital Management & Trust, and Thomas Wyatt Nigeria.
Trading activity was notably strong, with total volume jumping 142 per cent to 1.005 billion units worth ₦24.655 billion exchanged in 23,281 deals. Abbey Mortgage Bank led the activity chart with 401.07 million shares valued at ₦2.73 billion, followed by Fidelity Bank and United Bank for Africa (UBA). Large trades were also recorded in FBN Holdings and Access Holdings, signalling sustained investor participation across the banking sector.
source: leadership