Nigerian stock market investors experienced a major gain as shares of BUA Foods, Eterna Plc, and other companies soared, adding approximately N505 billion to the market’s total value. This surge followed signs of easing inflation, sparking a positive market response.
Key performance metrics on the Nigerian Exchange (NGX) increased on Wednesday, with the All-Share Index (ASI) climbing by 0.87%. In the meantime, there was a 0.75% gain in the market capitalisation, which is the sum of the values of all listed stocks. The cancellation of more than 166 million Dangote Cement Plc shares, which decreased the total number of outstanding shares in the market, contributed to this rise.
At the close of trading, the All-Share Index had increased by 938.53 points, reaching 108,609.51, while the overall market value climbed to N67.68 trillion.
Despite a decline in trading activity—where the number of shares traded fell by 15.90% and the total transaction value dropped by 23.35%—investors showed strong interest in blue-chip stocks, particularly BUA Foods.
According to investment firm Atlass Portfolios Limited, about 343.72 million shares worth N8.63 billion were exchanged across 12,970 transactions on Wednesday.
Among the most traded stocks by volume, ACCESSCORP led the market, accounting for 18.97% of all shares traded. Other high-volume stocks included FIDELITYBK (14.77%), ZENITHBANK (6.44%), STERLINGNG (3.84%), and WAPIC (3.81%).
For stock price gains, BUAFOODS saw the biggest jump, rising by 9.91%. It was followed by RT Briscoe (+6.91%), ETERNA (+6.25%), SUNU Assurance (+6.13%), and several others.
However, not all stocks performed well. UPL recorded the biggest loss, dropping by 9.80%, while MCNICHOLS (-8.57%), REGALINS (-7.04%), and others also declined.
Despite an overall positive close, there were more losing stocks (28) than gaining ones (25), which resulted in a slightly negative market breadth.
In terms of sector performance, three of the five main sectors had growth. With a 4.16% increase, the consumer goods industry led, followed by the insurance (+0.29%) and oil & gas (+0.03%) sectors. The industrial sector stayed the same, but the financial industry experienced a 0.61% decline.
