The Nigerian Exchange recorded a market capitalisation increase of N1.18tn on Wednesday, driven by investor optimism and corporate earnings, especially from Oando Plc.
At the close of trading, the All-Share Index climbed by 1,466.87 points, representing a 1.22 per cent gain to close at 121,257.69. This marks a one-week gain of 3.83 per cent and year-to-date growth of 17.81 per cent, underscoring sustained investor confidence in the Nigerian capital market.
The total market capitalisation surged to N76.5tn, reflecting increased demand for equities across various sectors. Market participants traded a total of 861.67m shares in 22,896 deals, amounting to a turnover value of N26.18bn. These figures represent an improvement of 14 per cent in volume, 12 per cent in turnover, and three per cent in the number of deals compared with the previous trading day.
Oando Plc led the market rally with a 10 per cent appreciation in its share price, closing at N68.75 per share. This followed the company’s announcement of a profit after-tax increase of 90.5 per cent to N113bn for the first quarter ended March 31, 2025. Oando’s stellar performance significantly boosted investor sentiment and contributed largely to the market’s strong showing.
Other notable gainers included Dangote Sugar Refinery, which also gained 10 per cent, and Champion Breweries and C&I Leasing, both advancing by 9.98 per cent. On the downside, University Press led the losers with a 6.25 per cent decline, closing at N6.00 per share, followed by RT Briscoe (-6.12 per cent), Multiverse Mining & Exploration (-4.89 per cent), and Meyer (-4.69 per cent).
The banking sector showed robust activity, with Fidelity Bank recording the highest volume of traded shares at 83m, followed by Caverton Offshore Support Group (64.2m), Zenith Bank (60.6m), and Japaul Gold and Ventures (56.3m). This contributed to the NGX Banking Index’s strong performance, which rose by 2.38 per cent, posting an 8.86 per cent gain over the week and nearly 21 per cent year-to-date.
Other sector indices performed well, including the Consumer Goods Index (+2.25 per cent), Industrial Index (+2.24 per cent), Insurance Index (+1.97 per cent), and Pension Index (+1.3 per cent). The consumer goods sector led with an impressive 52.96 per cent year-to-date gain, reflecting growing investor appetite for consumer stocks.
The PUNCH reported that the Nigerian Exchange Limited extended its bullish momentum on Tuesday, gaining N764bn in market capitalisation as investors sustained buying interest across key sectors, particularly in blue-chip and consumer stocks.
