The Nigerian Exchange Group (NGX) marked a significant milestone on Wednesday as the All-Share Index (ASI) surged to unprecedented heights, crossing the remarkable threshold of 101,000 points. This surge, amounting to a 3 percent daily appreciation, emphasized the huge performance and optimistic outlook prevailing in the country’s equities market.
Accompanying this notable rise was a surge in market capitalization, which reached a staggering N55.58 trillion, reflecting the substantial increase in the overall valuation of listed companies. Equities gained an impressive N1.62 trillion, representing a notable 3 per cent increase from the previous day’s valuation of N53.97 trillion.
However, it is to be noted that trading volume experienced a notable decline of 34.65 per cent to 488.49 million units, down from the previous day’s robust trading activity of 747.51 million units. Similarly, trading value saw a significant drop of 50.6 per cent to N8.04 billion, compared to Tuesday’s trading value of N16.28 billion. This decline in trading volume and value suggests a slight pullback in investor participation following the recent surge in market activity.
In terms of individual stock performance, several companies witnessed significant gains, with top gainers including WAPIC (+10.00 per cent), BUACEMENT (+9.98 per cent), and JAPAULGOLD (+9.91 per cent), among others. These impressive gains reflect the positive market sentiment towards these companies and their respective sectors, indicating strong investor appetite for equities.
Conversely, several companies recorded losses, with top losers comprising NEM (-10.00 per cent), CADBURY (-9.96 per cent), and TIP (-9.92 per cent), alongside other companies. These losses may be attributed to various factors such as profit-taking, sector-specific challenges, or broader market trends impacting investor sentiment.
Notably, TRANSCORP emerged as the top trading stock by volume, with 95.11 million units traded, followed by UNIVINSURE, UNITYBNK, JAIZBANK, and JAPAULGOLD. Meanwhile, in terms of trading value, TRANSCORP led with N1.56 billion, followed by BUACEMENT, UBA, DANGCEM, and ZENITHBANK, highlighting the significant trading activity surrounding these stocks.
The market rally was predominantly driven by stocks worth over N1 trillion, with notable gains recorded by BUACEMENT, BUAFOODS, DANGCEM, GTCO, and ZENITHBANK. These companies’ strong performance contributed significantly to the overall market appreciation, attracting investor interest and driving positive momentum in the market.
However, amidst the market rally, some companies experienced price losses, with UBA and ACCESSCORP recording declines of -0.33 per cent and -1.22 per cent, respectively. These losses may reflect profit-taking activities or specific challenges faced by these companies in the current market environment.
Among the SWOOT category members, including AIRTELAFRI, MTNN, TRANSCOHOT, GEREGU, and SEPLAT, there were no significant price changes, indicating stability within this segment of the market. Meanwhile, FBNH continued its negative trend, with the bank’s shares declining by another 0.78 per cent on Wednesday, reflecting ongoing challenges within the banking sector.
