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| Photo Credit — Equity Index |
The Nigerian equities market extended its rally on Wednesday, driving the All-Share Index to a fresh all-time high and lifting total market capitalisation above ₦163 trillion for the first time.
The benchmark All-Share Index advanced 0.23% to close at 251,191.02 points, up from 250,614.66 points the previous day. Market capitalisation rose by more than ₦374 billion to ₦163.06 trillion, compared with ₦162.68 trillion on Tuesday. The continued gains point to sustained investor confidence and ongoing portfolio adjustments toward larger, more liquid stocks.
Strong Weekly Momentum
The market has recorded consecutive advances since Thursday, 17 September, when the All-Share Index stood at 246,315.38 points and capitalisation was ₦159.89 trillion. Over the five trading sessions, the index averaged 249,616.48 points, bottoming at 246,315.38 before reaching Wednesday’s peak of 251,191.02.
This resilience has held even after the Central Bank of Nigeria kept its Monetary Policy Rate unchanged at 23.00%, suggesting that equity investors are currently focusing more on corporate fundamentals and liquidity than on short-term interest-rate signals.
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Sector Performance
Gains were broad-based across most major sectors:
• Banking: The NGX Banking Index climbed to 2,748.63 from 2,725.39, supported by demand in both tier-one and tier-two lenders.
• Insurance: The NGX Insurance Index rose to 1,093.23 from 1,081.54.
• Consumer Goods: The NGX Consumer Goods Index advanced to 4,092.56.
• Oil & Gas: The NGX Oil and Gas Index edged higher to 6,014.43.
The only notable lag came from the industrial goods sector. The NGX Industrial Goods Index slipped to 10,463.54 from 10,479.35, weighed down by mild profit-taking in major cement producers.
Banking and Financial Stocks Lead Activity
Investor interest remained particularly strong in the banking and financial services space:
• Zenith Bank Plc gained 2.27% to close at ₦135.00 after trading over 32.85 million shares in 3,102 deals.
• Access Holdings Plc rose 1.16% to ₦30.50.
• First HoldCo Plc advanced 1.35% to ₦165.00.
• Guaranty Trust Holding Company Plc closed steady at ₦137.50.
• Fidelity Bank Plc dominated volume in the sector, exchanging more than 170.71 million shares.
Biggest price advances
• Eterna Plc: +10.00% to ₦38.50
• Thomas Wyatt Nigeria Plc: +9.88% to ₦2.78
• Critical Minerals Financing Corporation Plc: +9.76% to ₦2.70
• Haldane McCall Plc: +9.70% to ₦3.28
• Omatek Ventures Plc: +9.63% to ₦1.48
Other notable gainers included John Holt Plc, Sovereign Trust Insurance Plc, Nigerian Aviation Handling Company Plc and Honeywell Flour Mill Plc.
Biggest price declines
• Caverton Offshore Support Group Plc: –9.09% to ₦4.00
• University Press Plc: –9.00% to ₦4.55
• Coronation Insurance Plc: –6.30% to ₦2.23
• Veritas Kapital Assurance Plc: –5.45% to ₦1.04
• United Capital Plc: –5.00% to ₦17.10
Profit-taking also appeared in C&I Leasing Plc, Africa Prudential Plc and NPF Microfinance Bank Plc.
Trading Activity
Investors traded a total of 1.59 billion shares valued across 49,736 deals. The Main Board accounted for the large majority of activity, with 31,617 trades and more than 1.46 billion shares changing hands.
Near-Term Outlook
Market participants continue to point to solid corporate earnings and selective institutional buying as the main supports for the current uptrend. While short-term pullbacks remain possible after consecutive gains, the overall tone in the market remains constructive.
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