The Nigerian equities market extended its remarkable recovery on Wednesday as sustained buying interest in heavyweight stocks added N3.45 trillion to investors’ wealth, pushing the Nigerian Exchange’s year-to-date return to 55.8 per cent and reinforcing optimism over the market’s outlook.

The benchmark NGX All-Share Index climbed 2.27 per cent, gaining 5,376.70 points to close at 242,459.98 points, up from 237,083.28 points in the previous session. Market capitalisation rose correspondingly from N152.14 trillion to N155.59 trillion, marking the fourth consecutive day of gains on the domestic bourse.

The rally was driven by renewed demand for blue-chip stocks, with Airtel Africa Plc, Aradel Holdings Plc, Dangote Cement Plc and Lafarge Africa Plc posting strong gains that lifted the broader market.

The latest advance lifted the market’s month-to-date return to 5.7 per cent, while the year-to-date gain improved to 55.8 per cent, underscoring the resilience of the Nigerian stock market despite lingering macroeconomic challenges.

Investor appetite remained broad-based, with market breadth closing firmly in positive territory as 33 stocks appreciated against 21 losers, indicating that buying interest extended beyond the market’s largest capitalised companies.

Airtel Africa and Trans-Nationwide Express Plc emerged as the day’s biggest gainers, each appreciating by the maximum 10 per cent, while Aradel Holdings advanced 8.7 per cent and Dangote Cement rose 3.2 per cent. Lafarge Africa also strengthened by 2.1 per cent, reflecting sustained institutional demand for fundamentally strong counters.

Among the decliners, Haldane McCall Plc shed 10 per cent to lead the losers’ chart, followed by McNichols Plc, which fell 8.9 per cent.

Sectoral performance also reflected the upbeat sentiment. The Oil and Gas Index led the gainers with a 3.9 per cent increase, followed by the Industrial Goods Index, which rose 1.9 per cent. The Banking Index advanced 1.1 per cent, while the Consumer Goods Index added 0.3 per cent. Insurance was the only sector to close lower, slipping 0.2 per cent.

Market activity presented a mixed picture. While trading value moderated as investors focused on selective accumulation, overall participation remained healthy. A total of 428.34 million shares valued at N20.33 billion changed hands in 46,888 deals. Lasaco Assurance Plc topped the volume chart with 56.60 million shares, while Aradel Holdings dominated value trades with transactions worth N4.20 billion.

Analysts said the sustained rally reflects continued portfolio repositioning by institutional investors and renewed confidence in fundamentally strong companies as investors position ahead of expected half-year corporate earnings and dividend declarations.

They noted that demand for banking, industrial, oil and gas and telecommunications stocks continues to underpin the market’s resilience, even as trading activity remains selective.

With four consecutive bullish sessions now recorded, market operators expect positive momentum to persist in the near term, supported by strategic asset allocation, attractive corporate fundamentals and continued investor confidence in the Nigerian capital market.

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