Nigerian Stock Market Extends Winning Streak, Gains N20bn Amid Sustained Investor Interest

The Nigerian Exchange Limited (NGX) continued its upward momentum on Wednesday, as the equities market added N20 billion in value, lifting total market capitalization to N93.8 trillion at the close of trading.

The benchmark All-Share Index (ASI) inched up by 31.24 points, or 0.02 percent, to settle at 147,742.20 points, reflecting steady investor confidence across key sectors despite a slowdown in trading activity.

Market turnover saw investors exchanging 388.93 million shares worth N12.36 billion in 22,986 deals. This marked a 21 percent decline in volume, a 29 percent drop in turnover, and a 10 percent fall in deal numbers compared with Tuesday’s session.

Out of 127 equities traded, 33 recorded gains while 28 declined. Skye Shelter Fund topped the gainers with a 9.88 percent rise to N418.75 per share, followed by Royal Exchange, up 7.37 percent to N2.33. International Energy Insurance and Julius Berger also rose 6.05 percent and 5.51 percent, closing at N2.98 and N134 per share, respectively.

On the losing side, Tripple Gee & Co led declines, shedding 9.91 percent to N4.91. Industrial and Medical Gases fell 9.87 percent to N32.40, UAC of Nigeria lost 6.46 percent to N68, while Ellah Lakes declined 4.66 percent to N13.30 per share.

Fidelity Bank recorded the highest trading volume with 46.9 million shares worth N942.31 million, followed by Chams at 24.8 million shares valued at N101.42 million. Zenith Bank traded 20.8 million shares worth N1.42 billion, and Access Holdings accounted for 19.2 million shares valued at 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).

Performance across major indices was broadly positive. The NGX Top 30 Index rose 0.07 percent, the Consumer Goods Index gained 0.09 percent, while the NGX Pension and Industrial indices advanced 0.09 percent and 0.08 percent, respectively. The Premium Index also increased by 0.04 percent, boosted by renewed interest in banking and industrial stocks.

Over the week, the market recorded a 1.39 percent gain, a four-week rise of 4.38 percent, and a year-to-date growth of 43.54 percent, highlighting sustained bullish sentiment among investors.

Analysts observed that despite some profit-taking in select counters, market fundamentals remain strong, driven by expected robust third-quarter earnings and increased institutional investor participation.