The Nigerian Exchange (NGX) hit a record high on Wednesday, with investors gaining a total of N779 billion. This surge pushed the market capitalization past N67 trillion, demonstrating strong investor confidence in the equities market.
Key market indices increased by 1.17%, according to NGX statistics, driven by significant advances in equities including Dangote Cement, Transcorp Hotels, and Eterna. The All-Share Index (ASI) closed at 107,822.53 points after rising 1,247.55 basis points.
Despite the strong market rally, overall trading activity slightly declined. The total volume of shares traded fell by 3.44%, while the total value of stocks exchanged dropped by 13%. In its market report, Atlass Portfolios Limited stated that approximately 462.14 million shares, worth N10.23 billion, were traded across 15,629 transactions.
In terms of trading volume, Sterling Bank led the market, accounting for 10.80% of the total shares traded. Other active stocks included Ellah Lakes (7.51%), Zenith Bank (5.56%), Access Holdings (4.27%), and AIICO Insurance (4.03%).
Zenith Bank emerged as the most actively traded stock in terms of value, representing 12.82% of the total transactions recorded on the exchange.
Among the top gainers of the day, Ikeja Hotel and VFD Group recorded the highest price appreciation, each gaining 10%. Other stocks that posted significant gains included Honeywell Flour Mills (+9.99%), Transcorp Hotels (+9.99%), Eterna (+9.93%), Ellah Lakes (+9.92%), and International Energy Insurance (+9.85%).
On the losing side, CWG suffered the steepest decline, with its stock price dropping by 8.95%. Other notable decliners included Regency Alliance Insurance (-7.89%), Lasaco Assurance (-7.25%), FTN Cocoa (-4.76%), Neimeth Pharmaceuticals (-3.43%), and Veritas Kapital Assurance (-0.82%).
The overall market sentiment remained positive, with 50 stocks posting gains, while only 16 stocks recorded losses.
In sectoral performance, four out of the five major market sectors posted gains. The industrial sector led the rally with a 2.11% increase, followed by the consumer goods sector (+1.44%), the banking sector (+0.49%), and the oil & gas sector (+0.20%). The insurance sector was the only laggard, dipping slightly by 0.04%.
The NGX’s overall market capitalisation grew by N778.55 billion, or 1.17%, to close at N67.27 trillion as a result of the robust trading day.
