Investors Exchange ₦32.63 Billion in Midweek Rally as ASI Climbs Above 145,000

The Nigerian equities market maintained its bullish momentum on Wednesday as the Nigerian Exchange Limited (NGX) All-Share Index (ASI) advanced by 0.70 percent to close at 145,813.86 points, surpassing the 145,000 psychological threshold for the first time in the month.

Driven by renewed buy-side interest in insurance and banking stocks, the market added ₦643 billion in value to bring the total market capitalisation to ₦92.251 trillion from the previous day’s ₦91.608 trillion.

Trading data from the NGX shows that investors exchanged 2.698 billion shares in 35,137 transactions, valued at ₦32.63 billion — a reflection of strong institutional and retail activity across select counters.

Year-to-date (YTD), the equities market has now returned 41.67 percent, consolidating its position as one of Africa’s best-performing bourses.

On a weekly basis, the market has risen by 3.22 percent with a month-to-date gain of 4.25 percent as of August 6.

The rally was largely fueled by strong performances in insurance stocks, with NEM Insurance Plc leading the gainers after its share price rose by 10 percent from ₦27 to ₦29.70.

Other top-performing insurance equities included AXA Mansard, which appreciated by ₦1.10 to ₦12.10, and Mutual Benefits Assurance, which gained ₦0.22 to close at ₦2.42.

Banking and consumer-focused stocks also contributed to the rally. Jaiz Bank advanced 10 percent to close at ₦4.73, while SCOA Nigeria Plc added ₦0.50 to end the session at ₦5.50. Learn Africa and Haldane McCall both recorded 10 percent gains, closing at ₦6.27 and ₦4.84, respectively.

Among the most actively traded stocks were Consolidated Hallmark, Linkage Assurance, Sterling Financial Holdings, AIICO Insurance, and Zenith Bank, contributing significantly to overall market turnover.

Market analysts noted that investors are positioning in fundamentally sound equities ahead of half-year earnings reports and potential corporate actions.

The positive sentiment is also supported by improved liquidity conditions and expectations of continued monetary stability.

Despite macroeconomic uncertainties, investor appetite for equities, particularly in the insurance and financial services sectors, remains strong.

The sustained rally suggests growing confidence in market fundamentals, even as investors closely monitor economic policy signals and corporate disclosures.

With trading volumes and values consistently trending higher, market participants anticipate continued momentum barring any external shocks.

The NGX’s performance this week affirms the equities market’s resilience and its attractiveness as a destination for domestic and foreign capital.