Investors on the Nigerian Exchange recorded a massive ₦2.28 trillion gain in a single trading session as renewed demand for blue-chip stocks pushed market capitalisation above ₦134 trillion.
At the close of trading on Wednesday, the Nigerian Exchange Limited (NGX) market capitalisation rose to ₦134.772 trillion, while the All-Share Index advanced by 3,486.03 points, or 1.69 per cent, to settle at 209,317.41 points.
The strong rally was driven by buying interest in major stocks including Airtel Africa, Aradel Holdings, Stanbic IBTC Holdings, Chemical and Allied Products (CAP), and MTN Nigeria.
Analysts at Cowry Assets Management Limited said the market could extend its bullish run in Thursday’s session, supported by upbeat investor sentiment and momentum from the FTSE Russell relisting announcement.
Market breadth closed positive, with 38 gainers outperforming 36 losers. Aradel Holdings and Airtel Africa topped the gainers’ table with a 10 per cent rise each, closing at ₦1,406.90 and ₦2,746.70 respectively. Ecobank Transnational Incorporated followed with a 9.98 per cent increase to ₦55.65.
Other notable gainers included Trans-Nationwide Express, which rose 9.89 per cent to ₦5.00, and Fortis Global Insurance, up 9.82 per cent to ₦1.23.
On the losers’ chart, Austin Laz & Company fell by 9.77 per cent to ₦3.60, while John Holt shed 9.72 per cent to close at ₦13.00. CWG declined 7.22 per cent to ₦21.20, Conoil dropped 6.8 per cent to ₦190.50, and Omatek Ventures slipped 5.48 per cent to ₦2.07.
Trading activity also strengthened, with total volume rising by 24.08 per cent to 706.392 million shares worth ₦41.876 billion across 46,231 deals.
Zenith Bank emerged as the most traded stock by volume, exchanging 73.288 million shares valued at ₦8.778 billion.
It was followed by Tantalizer with 56.535 million shares worth ₦220.35 million, while United Bank for Africa traded 49.845 million shares valued at ₦2.287 billion.
Access Holdings recorded 38.144 million shares worth ₦1.005 billion, while Secure Electronic Technology sold 32.649 million shares valued at ₦31.715 million.
