The Nigerian Exchange (NGX) witnessed a significant bullish reversal on Wednesday, with market capitalization expanding by ₦1.37 trillion as investors capitalized on recently devalued stocks.
The 1.28% surge, which pushed the All-Share Index (ASI) to 168,030.18 points, was primarily fueled by bargain-hunting activities across key sectors as market participants reacted to fresh corporate earnings announcements.
Market sentiment remained overwhelmingly positive, with 53 gainers significantly outpacing 26 losers.
Leading the upward charge were stocks such as DAARCOMM, RTBRISCOE, and BERGER, each recording a maximum daily gain of 10.00%. Conversely, REDSTAREX and DEAPCAP faced the most selling pressure, dropping by nearly 10%.
Despite the price gains, trading metrics showed a slight cooling in activity, with transaction value falling by 16.61% to ₦20.57 billion and share volume decreasing by 5.66%.
Sectoral performance reflected a broad-based rally, with the Banking sector leading the charge with a 2.33% increase.
The Oil & Gas and Industrial sectors also posted gains of 1.52% and 1.20% respectively. In terms of individual activity, CHAMS emerged as the volume leader with 57.44 million units traded, while SEPLAT dominated the value charts, accounting for ₦2.56 billion in trade.
Amidst this recovery, analysts at Anchoria Securities have highlighted Fidelity Bank as a key pick, projecting a potential 38% upside for the lender.