The Nigerian stock market witnessed a major upswing on Wednesday, recording a remarkable N307 billion gain as investor enthusiasm sparked a buying frenzy across key sectors.
Market capitalisation climbed by 0.45%, rising to N68.412 trillion from the previous day’s N68.105 trillion, while the All-Share Index (ASI) jumped 488.73 points to close at 108,849.83 marking the fourth consecutive day of gains.
This rally was largely driven by strong interest in blue-chip stocks, particularly in the banking and consumer goods sectors. Top performers included GTCO, Fidelity Bank, Zenith Bank, Nigerian Breweries, and Tantalizer, all of which saw significant upward momentum.
Market breadth tilted heavily in favour of gainers, with 52 stocks appreciating compared to just 17 losers. FG142027S1 led the gainers’ chart with a 22.75% increase to close at N120.00. UPDCREIT and Meyer Plc each rose by 10%, ending at N6.60 and N8.80 respectively, while Beta Glass and The Initiates Plc also posted strong gains of nearly 10%.
However, a few stocks bucked the trend. Deap Capital Management dropped 10% to N1.08, while Veritas Kapital Assurance fell by 9.09% to N1.00. Linkage Assurance and Africa Prudential also recorded notable declines.
Trading activity remained robust, with a total of 587.47 million shares exchanged in 17,496 deals, valued at N18.66 billion significantly higher than the previous session’s 475.46 million shares worth N13.9 billion.
Guaranty Trust Holding Company dominated the trading volume, accounting for 98.64 million shares worth N6.57 billion. Tantalizer, Fidelity Bank, Zenith Bank, and Nigerian Breweries also recorded heavy trading, underscoring strong investor participation.
With market sentiment remaining highly positive, analysts suggest the ongoing rally could signal a longer-term uptrend as investor confidence deepens.