Nigeria’s stock market extended its recent surge on Wednesday, fueled by gains across 39 listed companies that propelled the exchange higher by N863 billion. The Nigerian Exchange Limited (NGX) continued its bullish run, with the market capitalisation climbing 0.99% to close the day at N88.054 trillion, up from N87.191 trillion the previous session.
This upward momentum was mirrored in the All-Share Index (ASI), which rose by 1,365.80 points, also representing a 0.99% increase, settling at 139,278.67 points. The positive market breadth, signaling broader investor confidence, saw 39 stocks posting gains compared to 32 that declined. The rally was significantly driven by prominent price increases in the shares of Multiverse Mining and Royal Exchange, each soaring by 10% to settle at N9.90 and N1.54 per share, respectively. Other notable contributors to the uptrend included Berger Paints, Dangote Sugar, and NPF Microfinance Bank, alongside shares from 35 additional firms.
On the flip side, some stocks faced selling pressure. Abbey Mortgage Bank dropped by 10% to N6.48, while FTN Cocoa Processors declined by 10% to N6.30 per share.
Trading activity remained robust. At the close of Wednesday, a total of 922.03 million shares, valued at N35.39 billion, changed hands in 36,423 deals. This contrasted with Tuesday’s session where 940.80 million shares worth N30.63 billion were transacted across 28,358 trades. Fidelity Bank was the most actively traded stock, with 90.39 million shares valued at N1.89 billion changing hands, followed by Access Corporation.
The NGX’s sustained uptick since the previous week has largely been attributed to the widespread payment of interim dividends by companies listed on the Nigerian bourse, bolstering investor sentiment.
