The Nigerian Exchange Limited (NGX) experienced a significant surge on Wednesday, with total market capitalisation rising by N598bn to close at N106.78tn. Investor optimism returned to the equities market, marking a 0.56 per cent increase over the previous session and signaling renewed confidence despite a slight slowdown in overall trading activity.
A total of 752.4 million shares were exchanged across 55,739 deals, generating a turnover of N29.62bn. While this represented a 33 per cent decline in trading volume and a 12 per cent drop in turnover compared to Tuesday, the number of deals increased by 13 per cent, showing sustained interest in select equities even as general market activity slowed.
Market gains were broad-based, with 131 equities participating. Academy Press led the winners with a 10 per cent surge to N8.25 per share, followed by NCR Nigeria (+9.98%), Tripple Gee (+9.95%), and Tantalizers (+9.93%). Meanwhile, May and Baker Nigeria fell 9.79 per cent to N28.55 per share, while Coronation Insurance, Livestock Feeds, and PZ Cussons also recorded declines, highlighting sector-specific pressures.
High trading volumes were recorded in Access Holdings with 53.41 million shares valued at N1.24bn, Lasaco Assurance with 39 million shares, and Veritas Kapital Assurance at 32.79 million shares. On the value side, Aradel led with N8.99bn, followed by Seplat (N4.02bn) and MTN Nigeria (N1.64bn), reflecting strong investor focus on high-performing blue-chip stocks.
Analysts attributed Wednesday’s rally to bargain-hunting and confidence in equities with strong fundamentals, particularly in the consumer and technology sectors. While market capitalisation gained substantially, the drop in volume and turnover suggests cautious participation, with investors selectively targeting stocks offering stable returns. Consumer-focused companies such as Academy Press, Tripple Gee, and Tantalizers were the main beneficiaries of the bullish session.
source: punch