The Nigerian equities market maintained its aggressive bullish momentum on Wednesday as rising prices of blue-chip stocks added about N2.28tn to the total market capitalisation.
The rally pushed the overall market value on the Nigerian Exchange Limited above the N134tn threshold, supported by increased institutional participation and positive investor sentiment following recent international index announcements.
At the close of trading, the All-Share Index gained 3,486.03 points, representing a growth of 1.69 per cent to finish at 209,317.41 points. Market capitalisation also climbed to N134.772tn.
Analysts at Cowry Assets Management Limited said the market could sustain its positive momentum in the near term.
“The market is expected to sustain its bullish momentum, underpinned by positive investor sentiment and the continued tailwind from the FTSE Russell series relisting announcement,” the firm said in its daily market outlook.
The day’s performance was largely driven by gains in medium- and large-capitalised stocks. Major contributors included Airtel Africa, Aradel Holdings, Stanbic IBTC Holdings, Chemical and Allied Products, and MTN Nigeria Communications.
Market breadth remained positive, with 38 gainers outpacing 36 decliners by the end of the trading session.
Leading the gainers’ chart were Aradel Holdings and Airtel Africa, both of which hit the maximum daily price limit after rising by 10 per cent to close at N1,406.90 and N2,746.70 respectively.
They were followed by Ecobank Transnational Incorporated, which gained 9.98 per cent to close at N55.65 per share.
A market operator described the rally as a reflection of renewed investor confidence in the Nigerian stock market.
“This is a very commendable performance that reinforces the strength of our primary market drivers. We are seeing a strategic repositioning by investors who are looking to capitalise on both the dividend yield prospects and the renewed international visibility of the Nigerian bourse,” the operator said.
Trading activity also increased significantly during the session. The total volume of shares traded rose by 24.08 per cent to 706.392 million units, valued at N41.876bn and executed in 46,231 deals.
Financial sector heavyweights dominated the activity chart, with Zenith Bank emerging as the most traded stock after recording 73.288 million shares worth N8.778bn.
Other actively traded stocks included Tantalizers Plc, United Bank for Africa, and Access Holdings, as investors rotated funds into highly liquid equities.
On the losing side, Austin Laz & Company led the laggards after declining by 9.77 per cent to close at N3.60.
Other decliners included John Holt, which dropped 9.72 per cent, and CWG Plc, which shed 7.22 per cent.
Despite these losses, strong demand for heavyweight stocks ensured the market closed the day firmly in positive territory.
