The Nigerian stock market delivered a strong performance on Wednesday as investors recorded a massive N3.45 trillion gain, extending the bullish momentum that has characterized trading on the Nigerian Exchange (NGX) in recent weeks. Renewed buying interest in blue-chip stocks fueled the rally, pushing the market capitalization higher by 2.27 percent to close at N155.59 trillion, up from N152.14 trillion in the previous trading session.
The impressive market surge was reflected in the NGX All-Share Index (ASI), which climbed by 5,376.70 basis points to settle at 242,459.98 points. The latest gain further strengthened the market’s year-to-date return to 55.81 percent, underscoring growing investor confidence despite ongoing economic uncertainties. Market analysts say the rally highlights the increasing appetite for fundamentally strong stocks as investors continue to reposition their portfolios for better returns.
Buying pressure was widespread across key sectors, with the Oil and Gas Index emerging as the star performer after rising by 3.85 percent. The Commodity, Industrial, Banking, and Consumer Goods indices also posted notable gains, signaling broad-based participation in the market’s upward movement. The Insurance Index was the only sector that ended the session in negative territory, recording a marginal decline. Overall sentiment remained upbeat as 31 stocks advanced compared to 21 decliners, indicating that bullish investors maintained control of the market.
Among the top-performing stocks, TRANSEXPR and AIRTELAFRI led the gainers’ table with a 10 percent appreciation each. FIDELITYBK, THOMASWY, and ZICHIS also delivered strong returns, rewarding investors who maintained positions in these counters. On the flip side, HMCALL suffered the steepest loss of the day, while MCNICHOLS, TRANSCORP, CWG, and VFDGROUP also closed lower as some investors took profits after recent gains.
Market activity remained vibrant, with more than 518 million shares exchanged during the session. Although transaction volume increased, the total value of trades declined to N22.75 billion, suggesting a shift in trading patterns. LASACO, FIDELITYBK, LINKASSURE, ZENITHBANK, and STERLINGNG dominated activity by volume, while ARADEL topped the value chart. Looking ahead, analysts at Cowry Asset Management expect the market’s recovery trend to continue, driven by ongoing portfolio rebalancing and strategic investor positioning, a development that could keep the NGX on a positive trajectory in the coming sessions.
source: The sun