The Nigerian Exchange (NGX) extended its bullish run on Wednesday, building on gains recorded in the previous session as continued demand for equities and exchange-traded products lifted market capitalisation further.
The All-Share Index (ASI) advanced by 0.56 percent to close at 166,771.95 points, up from 165,837.32 points on January 13, confirming sustained positive momentum for a third consecutive trading session.
Market Capitalisation Continues to Expand
Equity market capitalisation increased to ₦106.78 trillion, compared with ₦106.18 trillion on January 13, representing an additional ₦598 billion added to market value in one day.
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Equity Market Cap: ₦106.78 trillion vs ₦106.18 trillion
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Bond Market Cap: ₦51.55 trillion vs ₦51.55 trillion
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ETF Market Cap: ₦62.63 billion vs ₦60.69 billion
The ETF segment recorded the strongest relative expansion, reinforcing the growing role of passive and diversified instruments in recent market advances.
Value Traded Moderates After Tuesday’s Surge
Trading activity remained active, though slightly softer compared with the previous session.
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Volume Traded: 761.94 million shares vs 1.13 billion shares
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Value Traded: ₦29.85 billion vs ₦33.55 billion
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Deals Executed: 55,751 vs 49,216
While volumes declined, the number of deals increased, indicating broader market participation across mid-cap and low-priced stocks.
Academy, NCR Lead Gainers as Momentum Broadens
Gains on January 14 were driven largely by renewed interest in mid-cap and consumer-linked stocks.
Academy Press topped the gainers’ chart with a 10 percent increase, while NCR, Tripple Gee, Tantalizers, and McNichols also posted strong price appreciation of nearly 10 percent each.
This performance marked a shift from January 13, when MTNN and other large-cap stocks dominated index movement, highlighting ongoing sector rotation within the market.
Profit-Taking Hits Consumer and Insurance Stocks
Despite the positive close, selling pressure resurfaced in select stocks.
May & Baker led the decliners with a 9.79 percent drop, followed by Wapic Insurance, Livestock Feeds, PZ Cussons, and Eterna. The losses reflect profit-taking after recent advances rather than broad market weakness.
Notably, PZ Cussons, which gained the maximum price limit on January 13, reversed part of its gains, underscoring the market’s increasingly selective tone.
Access Holdings Leads Trading Activity
Access Holdings emerged as the most actively traded stock by value, recording transactions worth ₦1.24 billion, maintaining its strong showing from the previous session.
LASACO Assurance, Veritas Kapital, Tantalizers, and Deap Capital also featured prominently on the volume chart, confirming sustained liquidity in financial services and consumer-related stocks.
Bonds Flat, ETFs Extend Rally
The fixed-income market remained largely flat, with only the FGS202656 bond recording a notable price increase.
ETF performance strengthened further, extending Tuesday’s gains.
SIAMLETF40 led advances, while GREENWETF, VETINDETF, VETGOODS, and VETGRIF30 all closed higher. The consistent rise pushed ETF market capitalisation above ₦62.6 billion, its highest level in recent sessions.
Market Outlook
The January 14 session confirms a three-day rally on the Nigerian Exchange, with equity market capitalisation now up by over ₦2.25 trillion since January 12.
While leadership rotated from large-cap stocks on January 13 to mid-cap and consumer names on January 14, sustained ETF inflows and steady value turnover point to underlying market strength.
Investor sentiment remains constructive, though intermittent profit-taking suggests a more disciplined and selective trading environment as the week progresses.
