The Nigerian Exchange Limited (NGX) continued its upward trajectory on Wednesday, with the equities market gaining N20 billion, pushing the total market capitalization to N93.8 trillion by the close of trading.
The All-Share Index, a key benchmark, rose by 31.24 points, or 0.02%, to settle at 147,742.20 points. This modest increase reflects ongoing investor confidence across multiple sectors, even as trading activity slowed compared to the previous session. Investors traded 388.93 million shares valued at N12.36 billion across 22,986 deals, marking a 21% drop in volume, a 29% decline in turnover, and a 10% reduction in the number of deals compared to Tuesday.
Of the 127 listed equities active in the session, 33 stocks recorded gains, while 28 closed lower. Skye Shelter Fund led the gainers, soaring 9.88% to N418.75 per share. Royal Exchange followed with a 7.37% increase to N2.33, while International Energy Insurance and Julius Berger advanced 6.05% and 5.51%, closing at N2.98 and N134 per share, respectively.
On the downside, Tripple Gee and Company was the hardest hit, dropping 9.91% to N4.91. Industrial and Medical Gases fell 9.87% to N32.40, UAC of Nigeria shed 6.46% to N68, and Ellah Lakes declined 4.66% to N13.30 per share.
Fidelity Bank dominated trading volume, with 46.9 million shares worth N942.31 million, followed by Chams with 24.8 million shares valued at N101.42 million. Zenith Bank moved 20.8 million shares for N1.42 billion, and Access Holdings traded 19.2 million shares worth N495.35 million. In terms of value, Zenith Bank led with N1.42 billion, followed by Nigerian Breweries (N1.27 billion), Fidelity Bank (N942.31 million), GTCO (N869.05 million), and Stanbic IBTC (N723.52 million).
Sectoral performance was broadly positive. The NGX Top 30 Index gained 0.07%, the Consumer Goods Index rose 0.09%, and both the NGX Pension Index and Industrial Index advanced by 0.09% and 0.08%, respectively. The Premium Index also climbed 0.04%, driven by renewed interest in banking and industrial stocks.
The market’s sustained rally has delivered a 1.39% gain over the past week, a 4.38% increase over four weeks, and an impressive 43.54% year-to-date growth, signaling robust investor optimism. Analysts attribute this strength to solid market fundamentals, bolstered by expectations of strong third-quarter earnings and strategic buying by institutional investors, despite some profit-taking in select stocks.
The NGX’s performance aligns with broader economic developments, including a recent drop in Nigeria’s inflation rate to 18.02% and ongoing currency fluctuations, with the naira closing at N1,473.29/$ on Wednesday. As investors navigate these dynamics, the exchange’s bullish trend underscores confidence in Nigeria’s economic prospects.
