The Nigerian Exchange Limited (NGX) continued its positive run on Wednesday, with investors seeing a substantial gain of N1.45 trillion, boosting the market capitalization to N97.6 trillion by the close of trading.
The surge was fueled by strong investor interest in major stocks such as Dangote Cement, NASCON Allied Industries, and Transcorp Hotels, alongside impressive performances from Skyway Aviation Handling Company and UPDC Real Estate Investment Trust.
Trading activity saw 589.43 million shares worth N23.97 billion exchanged in 28,456 transactions, marking a 7% increase in volume, a 17% rise in turnover, and a 4% uptick in the number of deals compared to the previous session. A total of 130 equities were traded, with 32 stocks advancing and 30 declining.
Leading the gainers, Aso Savings & Loans surged by 10%, closing at N0.55 per share, driven by demand for affordable financial stocks. Skyway Aviation Handling Company followed closely, rising 9.99% to N99.05 per share, supported by optimism in the aviation sector. UPDC Real Estate Investment Trust gained 8.16% to end at N7.95 per share, reflecting growing interest in real estate investments.
NASCON Allied Industries climbed 6.8% to N110.00 per share, underpinned by confidence in its strong fundamentals. Dangote Cement, a market heavyweight, advanced 6.5% to N639.00 per share, bolstered by its export growth strategy and consistent dividends. Transcorp Hotels also rose 6.26% to N174.90 per share, driven by expectations of a tourism rebound.
On the downside, The Initiates Plc led the losers, dropping 5.73% to N13.00 per share due to profit-taking. Legend Internet fell 5.69% to N5.80, while Royal Exchange Plc and Champion Breweries declined 4.76% and 4.49%, closing at N2.20 and N14.90, respectively. AXA Mansard Insurance and Regency Alliance Insurance also saw declines of 4.19% and 3.76%, closing at N16.00 and N1.28 per share, respectively.
Fidelity Bank topped trading volumes with 94.7 million shares, followed by Guaranty Trust Holding Company (79.5 million shares), Access Holdings (59.4 million shares), and Zenith Bank (24 million shares).
Market analysts credited the bullish session to sustained buying in high-value stocks and optimism surrounding strong corporate earnings expected in the fourth quarter.
