The Nigerian stock market sustained its upward momentum on Wednesday, recording a significant N342 billion rise in market capitalisation.
Notably, this surge stemmed from increased buying activity in high-performing stocks, signaling optimism among investors.
Furthermore, the bullish trend highlights renewed confidence in the equities market.
Market capitalisation climbed by 0.52 per cent, closing at N66.159 trillion compared to N65.817 trillion the previous day. Similarly, the All-Share Index (ASI) rose by 544.06 points, representing a 0.52 per cent increase, to settle at 105,283.67. This upward movement reflects strong investor sentiment, particularly towards medium and large-cap stocks.
Key drivers of the rally included Fidelity Bank, Guaranty Trust Holding Company (GTCO), and Universal Insurance Plc. Additionally, market breadth remained positive, with 34 advancing stocks outweighing 17 decliners. Consequently, the bullish trend underscores growing investor appetite for high-value equities.
Among the top gainers, ABC Transport surged by 9.86 per cent to close at N1.56. Likewise, VFD Group rose by 9.62 per cent to N17.10, while Learn Africa gained 9.54 per cent to reach N3.56. Similarly, Regalins and Africa Prudential advanced by 9.43 per cent and 8.63 per cent, closing at 58k and N15.10 respectively.
On the other hand, Tripple G led the losers’ chart with a 10 per cent drop to N1.98. Meanwhile, MRS declined by 9.95 per cent to N157.50, followed by ABBEY Mortgage Bank, which fell by 9.94 per cent to N8.79. Additionally, John Holt and Austin Laz & Company Plc dropped by 9.68 per cent and 9.57 per cent, closing at N7.00 and N1.89 respectively.
The sustained bullish run demonstrates heightened investor confidence in the Nigerian stock market. Moreover, the positive performance of key stocks suggests continued optimism in future trading sessions. As a result, analysts anticipate further gains if the current trend persists.
