The Nigerian equities market sustained its aggressive bullish trajectory on Wednesday as a surge in the prices of blue-chip stocks added N2.28tn to the total market capitalisation.
The rally, which pushed the market’s total value across the N134tn threshold, was largely driven by institutional interest and positive investor sentiment following recent international index announcements.
At the close of trading, the All-Share Index gained 3,486.03 points, representing a growth of 1.69 per cent to finish at 209,317.41 points, while market capitalisation closed at N134.772tn.
“The market is expected to sustain its bullish momentum, underpinned by positive investor sentiment and the continued tailwind from the FTSE Russell series relisting announcement,” noted analysts at Cowry Assets Management Limited in their market outlook for the day.
The day’s performance was significantly bolstered by gains in medium- and large-capitalised stocks. Major contributors to the upturn included Airtel Africa, Aradel Holdings, Stanbic IBTC Holdings, CAP, and MTN Nigeria Communications. Market breadth remained positive, with 38 advancers comfortably outpacing 36 decliners at the end of the session.
Leading the gainers’ chart, Aradel Holdings and Airtel Africa both hit the maximum daily price cap, rising by 10 per cent to close at N1,406.90 and N2,746.70, respectively. They were closely followed by Ecobank Transnational Incorporated, which gained 9.98 per cent to close at N55.65 per share.
“This is a very commendable performance that reinforces the strength of our primary market drivers. We are seeing a strategic repositioning by investors who are looking to capitalise on both the dividend yield prospects and the renewed international visibility of the Nigerian bourse,” a market operator remarked.
The volume of activity also saw a significant uptick, with total units traded rising 24.08 per cent to 706.392 million units. These trades, valued at N41.876bn, were executed in 46,231 deals.
Financial heavyweights dominated the activity chart, as Zenith Bank emerged as the most traded stock, with 73.288 million shares valued at N8.778bn. Other high-activity stocks included Tantalizer, United Bank for Africa, and Access Holdings, as investors continued to rotate capital into liquid assets.
On the flip side, Austin Laz & Company led the losers, dropping 9.77 per cent to close at N3.60. Other laggards included John Holt, which shed 9.72 per cent, and CWG, which depreciated 7.22 per cent. Despite these losses, the overwhelming demand for heavyweight tickers ensured the market ended the day in deep green territory.
