Nigeria’s equities market closed higher on Wednesday as investors jumped on energy, consumer goods and technology stocks.
The All-Share Index (ASI) of the Nigerian Exchange Limited (NGX) advanced by 1.22 percent to cross the 120,000-point threshold and close at 121,257.69 points, compared to 119,790.82 points recorded in the previous session.
The market capitalisation rose by ₦1.18 trillion to settle at ₦76.761 trillion, up from ₦75.576 trillion.
The latest performance lifted the year-to-date (YtD) return to 17.81 percent while the month-to-date (MtD) and week-to-date (WtD) returns stood at 8.52 percent and 2.64 percent, respectively.
The market rally was driven by significant gains in key stocks with Oando Plc and Dangote Sugar Refinery recording the maximum daily increase of 10 percent. Oando rose by ₦6.25 from ₦62.50 to ₦68.75 per share while Dangote Sugar advanced from ₦44.00 to ₦48.40, up ₦4.40.
Other top gainers included Champion Breweries, which increased by 9.98 percent from ₦9.92 to ₦10.91 and C&I Leasing, which rose from ₦4.71 to ₦5.18. Computer Warehouse Group (CWG) added ₦1.05 or 9.95 percent to close at ₦11.60.
Investor activity remained strong with a total of 861,670,987 shares traded in 22,896 deals valued at ₦26.176 billion. Among the most actively traded stocks were Fidelity Bank, Caverton Offshore Support Group, Japaul Gold, Zenith Bank and Access Holdings.
The bullish sentiment was broad-based, reflecting renewed confidence in the equities market amid relatively stable macroeconomic indicators and sustained demand for undervalued blue-chip stocks.
Market analysts attribute the ongoing positive trend to portfolio rebalancing by institutional investors and increased local participation following improved earnings expectations in the banking, oil and manufacturing sectors.
“With benchmark stocks hitting upper limits and robust turnover figures, the momentum in the Nigerian market remains firm,” said one equity trader at a Lagos-based brokerage. “Investors are positioning ahead of corporate disclosures expected in the coming weeks.”
Sectoral indices mirrored the overall market performance with notable gains across oil and gas, industrial goods and banking counters.
The Oil and Gas Index rose sharply on the back of Oando’s rally while banking stocks like Zenith Bank and Access Holdings maintained positive momentum.
The consistent uptrend positions the NGX for a potential breakout, especially if macroeconomic stability and earnings resilience continue into the third quarter.
