The Nigerian Exchange Limited (NGX) closed in the green on Wednesday as market capitalisation surged by N365 billion following the release of financial statements for the year ended December 31, 2024.
The NGX All-share index (ASI) rose by 590.55 points or 0.57% to close at 104,549.74 points while overall market capitalisation increased to N64.521 trillion.
The increase was fuelled by the rise in the prices of large—and medium-cap stocks, such as Aradel Holdings, Stanbic IBTC Holdings, Nigerian Breweries, Nigerian Aviation Handling Company (NAHCO), and Vitafoam Nigeria.
However, uncertainty remained across the market despite the positive close as only 26 stocks posted gains against 38 that closed in the red.
Analysts expect corporate earnings and market announcements to shape trading sentiment in the near term.
According to Vetiva Dealings and Brokerage, Corporate earnings and announcements will remain the primary market drivers in the near term as earnings season progresses.
Afrinvest Research also said, “We expect the market to maintain the positive momentum tomorrow, underpinned by investors’ re-assessment of the valuation of major tickers as more FY:2024 earnings are rolled out.”
Aradel Holdings recorded the highest price gain of 10% to close at N594. This was followed by Chellaram with a 9.98% gain to N5.40 a unit.
Stanbic IBTC Holdings advanced 9.92% to N71.45 while University Press and DAAR Communications gained 9.64% and 9.09%, respectively.
On the flip side, McNichols and Caverton Offshore Support Group led the losers’ chart, shedding 10% each to close at N1.44 and N2.07, respectively. Thomas Wyatt Nigeria declined by 9.80% to N1.84 while Veritas Kapital Assurance and Consolidated Hallmark Holdings fell 9.79% and 9%, respectively.
The total volume of shares traded dipped 22.2% with 421.618 million units valued at N14.998 billion exchanged in 16,256 deals.
Universal Insurance led the activity chart with 33.619 million shares worth N21.723 million. This was followed by Fidelity Bank with 31.905 million shares valued at N621.756 million.
With earnings season in full swing, analysts anticipate continued market activity with investors adjusting positions based on financial results and broader economic trends.