The Nigerian equity market continued its upward trajectory for the third consecutive day as the Nigerian Exchange (NGX) All-Share Index (ASI) and market capitalisation closed in the green.
The Nigerian Exchange (NGX) All-Share Index (ASI) and market capitalisation increased by 0.44% on Wednesday. This upward movement translated into a significant gain of approximately N246 billion.
The NGX ASI closed at 98,818.04 points, up from the previous day’s 98,383.04 points.
Similarly, the market capitalisation rose to N55.90 trillion from N55.65 trillion, indicating a robust performance across various sectors.
Key contributors to the market rally included Abbey Mortgage Bank, which appreciated by 9.76% to close at N2.70 per share.
The National Salt Company of Nigeria (NASCON) followed closely with a 9.66% rise to N40.85 per share. First City Monument Bank (FCMB) also saw a significant gain of 9.63%, closing at N7.40 per share.
The positive sentiment was not limited to a few stocks; 28 other gainers also contributed to the market’s overall performance.
This widespread optimism among investors helped improve the year-to-date return from 31.6% to 32.2%, reflecting a more bullish outlook for the market.
The Consumer and Industrial Goods sectors were among the top performers. The Consumer Goods Index rose by 0.9%, driven by gains in Dangote Sugar and NASCON Allied Industries Plc.
The Industrial Goods Index saw a modest increase of 0.1%, supported by positive movements in West Africa Gas Pipeline Company.
Despite the overall positive trend, some stocks experienced losses. International Energy Insurance led the laggards, dropping by 9.68% to close at N1.40 per share.
Jaiz Bank shed 6.52% to close at N2.15, and Tantaliser fell by 6.00% to N0.47 per share.
The market saw a slight dip in trading volume and value, which decreased by 7.3% and 27.6%, respectively.
A total of 518.9 million units valued at N4.8 billion were traded on Wednesday, indicating a cautious yet optimistic trading environment.
Market analysts attribute the sustained rally to renewed investor confidence and strategic buy demands in key stocks such as Dangote Sugar, First Bank of Nigeria Holdings, and Zenith Bank.
“The consistent upward movement in the market reflects positive investor sentiment and a stable economic outlook,” said market analyst Chinedu Okafor.
As the market continues to show signs of strength, investors remain hopeful that the positive momentum will sustain. With the year-to-date return improving, market watchers are optimistic about future gains, especially if current economic conditions and investor sentiments remain favorable.
