Nigerian equities market gains ₦1.185 trillion as investors rally behind medium and large-cap stocks, lifting key indices and market sentiment
The Nigerian equities market rally continued with renewed strength on Wednesday as investor optimism pushed the market capitalisation up by a remarkable ₦1.185 trillion.
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The value climbed to ₦76.761 trillion, up from ₦75.576 trillion recorded a day earlier, reflecting increased confidence in key economic sectors and corporate outlooks.
The All-Share Index also surged by 1,466.87 points, representing a 1.22 percent rise to close at 121,257.69 compared to 119,790.82 the previous day.
Analysts attributed the sustained bullish performance to positive investor sentiment surrounding economic reforms and expectations of strong second-quarter earnings from major corporates.
Market activity was dominated by medium and large-cap stocks. Dangote Sugar and Oando Plc led the charge, each appreciating by 10 percent to close at ₦48.40 and ₦68.75 respectively.
C\&I Leasing and Champion Breweries followed with gains of 9.98 percent, while Computer Warehouse Group advanced by 9.95 percent to close at ₦11.60.
A total of 63 equities recorded gains, significantly outnumbering the 17 that declined. This indicates a robust bullish breadth across the trading floor.
Stocks such as Fidelity Bank, Caverton Offshore, Zenith Bank, Ja Paul Gold and Access Corporation were at the forefront of trading volumes, with Fidelity Bank alone accounting for 82.98 million shares worth ₦1.66 billion.
However, the day also saw some declines. University Press dropped 6.25 percent to close at ₦6, RT Briscoe fell by 6.12 percent to ₦2.30, and Multiverse Mining lost 4.89 percent to settle at ₦8.75.
Meyer also declined, alongside Computer Warehouse Group, which curiously appeared among both gainers and losers, dropping 4.15 percent to ₦3 in a conflicting report.
Trading remained vibrant with 861.67 million shares valued at ₦26.18 billion exchanged in 22,896 deals. Though slightly lower than Tuesday’s volume of 868.68 million shares, the market’s turnover rose by over ₦2 billion, highlighting intensified investor activity.
“Market behaviour reflects optimism towards ongoing reforms and potential earnings surprises. The demand for well-positioned companies remains strong,” said a Lagos-based analyst familiar with market trends.
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With the positive breadth and significant turnover, the Nigerian equities market appears firmly on a bullish path, bolstered by favourable policy sentiment and increased appetite for key sector stocks.
