Nigeria’s stock market sustained its upward momentum on Wednesday as investors added N99.15 billion to their portfolios, pushing the total market capitalisation to N157.04 trillion despite a broadly negative market breadth that reflected lingering profit-taking activities.

The Nigerian Exchange (NGX) All-Share Index (ASI) advanced marginally by 0.06 per cent to close at 244,852.21 points, extending the market’s year-to-date return to 57.35 per cent and underscoring continued investor confidence in selected equities.

The modest gain came amid mixed trading sentiments, with losses outweighing gains in the broader market. Data from the exchange showed that 36 stocks recorded price declines against 30 gainers, resulting in a negative market breadth ratio of 0.8 times.

Among the day’s biggest laggards were NEIMETH International Pharmaceuticals, International Energy Insurance, John Holt, UH Real Estate Investment Trust and The Initiates Plc, while Livestock Feeds, Deap Capital Management & Trust, Abbey Mortgage Bank, Vitafoam Nigeria and FTN Cocoa Processors led the gainers’ chart.

Sectoral performance reflected investors’ preference for consumer and energy-related stocks. The Consumer Goods Index recorded the strongest gain, rising by 0.42 per cent, followed by the Oil and Gas Index which appreciated by 0.14 per cent, while the Insurance Index edged up by 0.03 per cent.

However, the Banking Index came under pressure, shedding 0.79 per cent, while the Industrial Goods Index declined by 0.09 per cent. The Commodity Index closed unchanged.

Market analysts noted that the resilience of the benchmark index despite widespread declines highlights the influence of gains in highly capitalised stocks, which continue to support overall market performance.

Trading activity, however, weakened significantly as investors adopted a cautious stance. Total volume traded declined by 3.47 per cent to 1.23 billion shares, while turnover dropped sharply by 32.89 per cent to N38.84 billion. The number of deals executed also fell by 4.85 per cent to 54,193 transactions.

The decline in trading metrics suggests that while investors remain optimistic about the market’s medium-term prospects, many are selectively repositioning portfolios following the strong rally witnessed in recent months.

With the market maintaining its upward trajectory and year-to-date gains above 57 per cent, attention is increasingly shifting to corporate earnings prospects and dividend expectations, factors expected to drive investment decisions in the coming weeks.

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