Momentum in the Nigerian equities market remained firmly on the upside on Wednesday, with strong buying interest in heavyweight stocks driving a substantial increase in overall market value.
The sustained rally added approximately N2.28tn to investors’ wealth, pushing total market capitalisation beyond the N134tn mark. This bullish performance reflects a combination of renewed investor confidence and increased institutional participation, supported in part by favourable global index developments.
By the close of trading, the All-Share Index advanced by 3,486.03 points, representing a 1.69 per cent gain to settle at 209,317.41 points. Correspondingly, market capitalisation rose to N134.772tn, underscoring the strength of the ongoing upward trend.
Market analysts have attributed the continued optimism to positive sentiment surrounding Nigeria’s re-entry into key global benchmarks. In particular, the anticipated impact of the FTSE Russell series relisting has been cited as a key catalyst encouraging both local and foreign investors to increase exposure to Nigerian equities.
Gains were broadly supported by medium- and large-cap stocks, with notable contributions from Airtel Africa, Aradel Holdings, Stanbic IBTC Holdings, Chemical and Allied Products (CAP), and MTN Nigeria Communications. These stocks helped anchor the market’s performance, ensuring a solid close despite pockets of profit-taking.
Market breadth remained favourable, as 38 stocks recorded gains compared to 36 decliners, signalling a relatively balanced but upward-leaning trading session.
At the top of the gainers’ table, Aradel Holdings and Airtel Africa recorded the maximum allowable daily increase of 10 per cent, closing at N1,406.90 and N2,746.70, respectively. Ecobank Transnational Incorporated followed closely, rising by 9.98 per cent to close at N55.65 per share.
Market participants noted that the current trend reflects a strategic shift among investors seeking to take advantage of attractive dividend yields and improved international visibility. This repositioning has contributed significantly to the resilience and depth of the ongoing rally.
Trading activity also picked up considerably during the session. Total volume traded climbed by 24.08 per cent to 706.39 million units, with a total value of N41.88bn executed across 46,231 deals.
Banking stocks dominated the activity chart, with Zenith Bank leading in terms of volume traded at 73.29 million shares valued at N8.78bn. Other actively traded equities included Tantalizer, United Bank for Africa, and Access Holdings, highlighting continued investor preference for highly liquid counters.
Despite the overall positive outing, a few stocks recorded notable losses. Austin Laz & Company led the laggards, declining by 9.77 per cent to close at N3.60. John Holt also dropped by 9.72 per cent, while CWG fell by 7.22 per cent.
Even so, the strength of demand for blue-chip and fundamentally sound stocks ensured that the broader market maintained its bullish posture, closing the session firmly in positive territory.