Nigeria’s equity market extended its bullish run on Wednesday with the All Share Index (ASI) rising by 0.53 percent as renewed investor interest in banking and consumer goods stocks offset profit-taking in the insurance and oil and gas sectors.
At the close of trading, the ASI advanced from 104739.61 points to 105283.67 points while the market capitalisation increased by N342 billion from N65.817 trillion to N66.159 trillion.
The market’s positive momentum defied analysts’ expectations of subdued buy activity during the week.
The uptrend was driven by strong performances in select equities, particularly VFD Group, Africa Prudential, Learn Africa and ABC Transport.
VFD Group rose from N15.60 to N17.10, gaining N1.50 or 9.62 percent. Africa Prudential appreciated from N13.90 to N15.10, adding N1.20 or 8.63 percent.
Learn Africa advanced by 31 kobo or 9.54 percent to close at N3.56 while ABC Transport climbed from N1.42 to N1.56, up by 14 kobo or 9.86 percent.
Despite selling pressure recorded in insurance and oil stocks, the gains in key banking and consumer goods counters drove the overall market higher.
Fidelity Bank, GTCO, Universal Insurance, Access Holdings and Tantalizer were among the most actively traded stocks for the session.
Trading data from the Nigerian Exchange Limited (NGX) showed that a total of 744802985 shares valued at N18.284 billion were exchanged in 11226 deals underscoring strong market participation midweek.
With Wednesday’s performance, the market has recorded a cumulative gain of 1.03 percent so far this week, reinforcing renewed investor confidence amid improving sentiment in key sectors.
Analysts expect continued sector rotation and bargain hunting to sustain current momentum, though short-term profit-taking may intermittently moderate upward pressure on the broader index.
Market observers will be monitoring Thursday’s session closely to determine if the rally can be maintained ahead of the week’s close.
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