Nigeria’s equities market continued its upward march on Wednesday, with sustained buying interest pushing key indicators higher and reinforcing investor optimism ahead of expected dividend announcements.

The benchmark All-Share Index (ASI) of the Nigerian Exchange Limited rose by 0.61 per cent to close at 219,586.20 points, extending gains recorded since the start of the week. The rally lifted the year-to-date return to an impressive 41.11 per cent, underscoring the market’s resilience despite broader economic uncertainties.

Market capitalisation increased by N860.9 billion to settle at N141.38 trillion, reflecting renewed investor confidence and continued accumulation of fundamentally strong stocks.

Market breadth remained positive at 1.15x, with 31 gainers outpacing 27 decliners. Leading the gainers’ chart were Chemical and Allied Products Plc, Transcorp Hotels Plc, UAC of Nigeria Plc, Vitafoam Nigeria Plc, and Trans-Nationwide Express Plc. On the flip side, losses were recorded in stocks such as Neimeth International Pharmaceuticals Plc, LivingTrust Mortgage Bank Plc, Abbey Mortgage Bank Plc, ABC Transport Plc, and Hammak Investments Plc.

Sectoral performance was broadly positive, led by the Banking index which gained 2.03 per cent. The Insurance sector rose by 1.07 per cent, while Consumer Goods advanced by 0.45 per cent. Marginal gains were also recorded in Oil & Gas and Industrial Goods having increased by 0.02 percent and 0.15 per cent, respectively; while the Commodity sector closed flat.

Despite the bullish price movement, trading activity weakened across key metrics. The number of deals declined by 16.10 per cent to 51,694 trades, while volume traded dropped by 18.85 per cent to 683.68 million shares. Turnover also fell by 19.38 per cent to N36.17 billion, suggesting a more cautious but targeted investment approach by market participants.

The market’s positive momentum is being driven by sustained investor positioning ahead of anticipated full-year dividend declarations, a period that traditionally triggers increased accumulation of fundamentally sound stocks.

Barring any major shocks, it is expected that the bullish sentiment would persist into Thursday’s session, supported by dividend-driven demand and improving investor confidence.

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