The Nigerian Exchange Limited (NGX) experienced a significant boost on Wednesday, recording a N405 billion gain in market capitalization. This positive performance was primarily propelled by strong gains in individual stocks, most notably ABC Transport and Beta Glass, rather than the banking sector, which often drives market rallies.

Market Indices Climb on Broad Interest

The market's key performance indices, the All-Share Index (ASI) and market capitalization, both rose by 0.56 percent. Specifically, the market capitalization closed at N72.302 trillion, up from N71.897 trillion on Tuesday. Concurrently, the All-Share Index increased by 641.63 points to settle at 114,659.11, reflecting increased investor interest across a wider range of stocks.

Market breadth also ended positively, indicating a healthy sentiment, with 32 gainers outperforming 28 losers.

Top Performers and Noteworthy Declines

Leading the gainers' chart, ABC Transport and Beta Glass both surged by 10 percent, closing at N2.64 and N231.10 per share, respectively. Other notable advancers included Berger Paints, which gained 9.98 percent to finish at N24.80, and Fidson Healthcare, rising by 9.91 percent to close at N34.95 per share. Legend Internet Plc also saw a significant gain, advancing by 9.88 percent to end the session at N6.45 per share.

Conversely, some stocks experienced declines. Vitafoam fell by 6.64 percent, closing at N60.50, while DAAR Communications dropped by 6.06 percent to 62 kobo per share. Nestlé Nigeria saw a decline of 5.69 percent, ending the session at N1,500.00, and Mutual Benefits lost 5.61 percent, settling at N1.01 per share. Additionally, Cornerstone Insurance shed 5.37 percent to close at N3.70 per share.

Activity Chart Highlights Key Movers

An analysis of market data revealed robust trading activity, with a total of 471.15 million shares worth N14.19 billion exchanged across 20,538 transactions. First City Monument Bank (FCMB) topped the activity chart in terms of volume, with 40.29 million shares valued at N410.15 million. This was followed by United Bank for Africa (UBA), which recorded transactions worth N1.31 billion for 36.55 million shares. Access Corporation also saw significant activity, with 35.05 million shares valued at N788.95 million changing hands.

The day's trading underscored a diversified market interest, with specific sectors outside of traditional banking contributing significantly to the overall positive momentum.