The Nigerian equities market extended its bullish run on Wednesday as sustained buying interest in banking and insurance stock counters lifted the benchmark index higher.

The Nigerian Exchange (NGX) All-Share Index (ASI) advanced by 0.78 per cent to close at 178,184.35 points, reinforcing the market’s upward momentum and keeping investors firmly in positive territory.

In tandem with the index performance, market capitalisation appreciated by N880.34 billion to settle at N114.38 trillion, reflecting value accretion across major counters.

The steady climb underscores continued investor confidence amid selective accumulation of fundamentally strong stocks.

Market breadth closed positive with 48 gainers outperforming 31 losers, indicating broad-based participation in the rally. Leading the gainers’ chart were Consolidated Hallmark Holdings Plc, FTN Cocoa Processors Plc, Nestlé Nigeria Plc, Meyer Plc, and Chemical and Allied Products Plc, all of which recorded notable price appreciation on the back of renewed demand.

On the flip side, Honeywell Flour Mills Plc, Neimeth International Pharmaceuticals Plc, Tripple Gee & Company Plc, R T Briscoe Plc, and Sterling Financial Holdings Company Plc topped the losers’ table, reflecting pockets of profit-taking and sell pressure in select names.

Sectoral performance was largely upbeat. The NGX Banking Index led the charge with a 1.58 per cent gain, supported by sustained interest in tier-one and mid-tier lenders such as Zenith Bank Plc, Guaranty Trust Holding Company Plc, Access Holdings Plc, and United Bank for Africa Plc.

The NGX Insurance Index followed closely, climbing 1.53 per cent as investors rotated into undervalued counters within the segment. Consumer Goods stocks also recorded a solid 1.28 per cent increase, buoyed by strong demand for heavyweight names including Nestlé Nigeria Plc and other bellwethers in the space.

Meanwhile, the NGX Oil & Gas Index edged up marginally by 0.02 per cent, suggesting cautious positioning in energy-related stocks. In contrast, the NGX Industrial Goods Index slipped slightly by 0.02 per cent, while the NGX Commodity Index closed flat, reflecting mixed sentiment in those segments.

Trading activity presented a mixed picture. Total volume traded declined by 27.92 per cent to 939.15 million units, while transaction value fell by 32.51 per cent to N34.03 billion, indicating lower turnover compared to the previous session.

However, deal count rose by 3.92 per cent to 61,279 transactions, suggesting increased retail participation even as institutional activity moderated.

Overall, the sustained rally highlights resilient investor sentiment and continued portfolio repositioning in favour of fundamentally sound stocks.

Market analysts expect momentum to persist in the near term, supported by earnings optimism and dividend expectations, although intermittent profit-taking may temper the pace of gains.

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