The Nigerian equities market maintained its bullish trajectory on Wednesday, as investors saw their portfolios expand by N880 billion amid sustained bargain hunting across key sectors.
The All-Share Index (ASI) of the Nigerian Exchange (NGX) appreciated by 0.78%, closing at a record 178,184.35 points, up from its previous position.
This upward movement pushed the total market capitalization to approximately N114.4 trillion, reflecting a significant boost in investor sentiment and market valuation.
Market breadth, a key indicator of investor confidence, remained positive at 1.58x, as 49 stocks advanced against 31 decliners.
The day’s performance was spearheaded by blue-chip and insurance players, with Nestle, FTN Cocoa, Consolidated Hallmark, and Meyer leading the gainers’ chart with maximum appreciations of 10.00%.
Conversely, Honeywell Flour Mills, Neimeth, and The Initiates Plc faced the most pressure, leading the losers’ table with declines of up to 9.70%.
Despite the rise in index value, activity levels presented a mixed picture.
The total volume of shares traded dipped to 939.15 million units, while the total trade value settled at N34.03 billion. However, the intensity of market participation was evident in the number of deals, which rose to 61,279.
Tantalizers emerged as the volume leader for the session with 85.32 million units, while Aradel Holdings dominated the value chart, recording trades worth N2.98 billion.
Sectoral performance largely mirrored the broader market’s optimism, particularly within the financial and consumer sectors.
The Banking index led the rally with a 1.58% gain, closely followed by the Insurance and Consumer Goods sectors which rose by 1.53% and 1.28% respectively.
The Oil & Gas sector recorded a marginal uptick, while the Industrial sector saw a slight contraction of 0.02%. The Commodity sector remained flat, rounding off a session that highlights a resilient appetite for Nigerian equities despite fluctuating liquidity levels.