Nigerian Stock Market Gains N100bn as Bulls Extend Rally for Fourth Straight Session
The Nigerian equities market maintained its upward momentum on Wednesday, extending its bullish run to a fourth straight trading session as renewed buying interest in key blue-chip stocks pushed investors’ wealth higher by about N100 billion. Despite mixed sentiment across sectors, the overall market closed positive, reflecting continued confidence in select large-cap stocks.
The All-Share Index edged up by 154.59 points, representing a 0.06% increase, to settle at 244,852.21 points. In the same vein, market capitalisation rose by N100 billion to close at N157.043 trillion. The gains were largely supported by price appreciation in heavyweight stocks such as MTN Nigeria Communications Plc, Vitafoam Nigeria Plc, and other mid-to-large cap equities that helped sustain the positive close.
Market activity was driven by selective buying in key stocks across industrial, consumer goods, and financial services sectors. Notable contributors included NAHCO, UAC of Nigeria Plc, and Oando Plc, as investors continued to position ahead of anticipated market triggers. However, the market breadth closed negative, with 36 losers against 30 gainers, signaling ongoing profit-taking in some counters.
Top gainers included Livestock Feeds Plc, DEAP Capital Management & Trust Plc, and Abbey Mortgage Bank Plc, while Neimeth International Pharmaceuticals Plc and International Energy Insurance Plc led the losers’ chart. Meanwhile, trading volume dipped slightly by 3.47%, even as activity remained strong across banking stocks such as FCMB Group Plc, Access Holdings Plc, and Sterling Financial Holdings Company Plc, which dominated transaction charts.
Looking ahead, analysts at Cowry Assets Management Limited expect the bullish sentiment to persist in the next trading session, driven by continued portfolio repositioning and selective accumulation. However, they caution that the negative market breadth suggests investors remain highly strategic, focusing on value-driven opportunities rather than broad-based buying across the board.