The Nigerian equities market extended its bullish run on Wednesday as sustained investor confidence pushed prices higher across key sectors, reinforcing the ongoing rally on the Nigerian Exchange.

Trading closed with the Nigerian Exchange All-Share Index rising by 0.56 per cent to 166,771.95 points, strengthening the year-to-date return to 7.17 per cent. Consequently, total equities market capitalisation increased by N598.41 billion to N106.78 trillion, translating to a notable expansion in investor wealth.

The positive performance was driven by renewed demand for select large- and mid-capitalisation stocks, including Seplat Energy, Aradel Holdings, Mutual Benefits Assurance, Champion Breweries, Transnational Corporation of Nigeria, Zenith Bank, Vitafoam Nigeria, FBN Holdings, Dangote Sugar Refinery, and the Nigerian Exchange Group, alongside gains recorded by several other stocks across sectors.

Market breadth moderated during the session, reflecting selective trading sentiment. A total of 47 stocks closed higher, 28 declined, while 56 ended the day unchanged, resulting in a gainers-to-losers ratio of 2.45 times.

Sectoral performance closed largely positive, with four of the five major indices ending the session higher. The Oil and Gas Index emerged as the best performer, gaining 6.26 per cent on the back of strong buying interest in Seplat Energy, Aradel Holdings, and Japaul Gold. The Insurance Index followed with a gain of 0.78 per cent, supported by price appreciation in Mutual Benefits Assurance and AIICO Insurance.

The Banking Index edged up by 0.05 per cent, driven by gains in Zenith Bank, Jaiz Bank, and FBN Holdings, while the Industrial Goods Index recorded a marginal increase of 0.01 per cent, buoyed by advances in Caverton Offshore Support Group and Computer Warehouse Group. In contrast, the Consumer Goods Index declined by 0.20 per cent, weighed down by losses in PZ Cussons Nigeria, NASCON Allied Industries, Honeywell Flour Mills, and International Breweries.

Trading activity weakened compared with the previous session, as total volume traded declined by 32.64 per cent to 761.94 million shares, while transaction value fell by 11.03 per cent to N29.85 billion.

Looking ahead, analysts at Futureview Research expect investors to remain cautious in the near term, with trading likely to favour fundamentally strong stocks offering attractive valuations amid evolving liquidity and macroeconomic conditions.

 

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