The Nigerian stock market extended its strong September run on Wednesday, September 23, with the NGX All-Share Index climbing to a record 251,191.02 points. The index gained 0.23 per cent from Tuesday’s 250,614.66 points, while total market capitalisation rose by about N374.14 billion to N163.06 trillion. The latest performance marks another milestone for the Nigerian Exchange as sustained buying interest continues to push equities higher.

The rally was not limited to one corner of the market. Banking, insurance, consumer goods and oil and gas stocks all recorded gains, helping to offset a modest decline in industrial goods. The NGX Banking Index rose to 2,748.63 points, while the Insurance Index climbed to 1,093.23 points. Consumer Goods also advanced, as investors continued to show interest in selected equities across the exchange.

Banking stocks were among the notable drivers of Wednesday’s session. Zenith Bank gained 2.27 per cent to close at N135, while Access Holdings rose 1.16 per cent to N30.50 and First HoldCo advanced 1.35 per cent to N165. Fidelity Bank also recorded heavy trading activity, with more than 170 million shares changing hands. The broader market recorded about 1.59 billion shares traded across nearly 49,800 deals, highlighting the level of activity behind the latest market move.

At the top of the gainers’ chart, Eterna jumped 10 per cent to N38.50 per share, followed by Thomas Wyatt Nigeria, which gained 9.88 per cent to N2.78. Critical Minerals Financing Corporation, Haldane McCall and Omatek Ventures also posted gains of more than 9 per cent. On the other side, Caverton Offshore Support Group fell 9.09 per cent to N4.00, while University Press declined 9 per cent to N4.55.

The latest record adds to what has been a strong period for Nigerian equities, with the NGX All-Share Index rising from 246,315.38 points on September 17 to 251,191.02 points on September 23. Market data also showed the index’s year-to-date return at about 61.4 per cent as of Wednesday. While the positive momentum has remained broad, analysts and market participants will be watching whether buying interest can sustain the rally as investors reassess valuations and corporate prospects in the sessions ahead.

source: punch