The Nigerian equities market experienced a significant surge on Wednesday, with the All-Share Index reaching an all-time peak of 251,191.02 basis points, up from 250,614.66 points in the previous session. This represents a 0.23% increase, driven by sustained investor interest and key portfolio realignments across blue-chip counters and high-yield instruments. The market's upward trajectory reflects a strong bullish momentum, with the total market capitalization expanding by over N374bn to close at N163.06tn.
The market's positive trend has been uninterrupted since Thursday, September 17, when the All-Share Index stood at 246,315.38 points with a capitalization of N159.89tn. Over the five-day trading period, the market index averaged 249,616.48 points, recording its lowest level at 246,315.38 points before peaking at Wednesday's high of 251,191.02 points. This sustained growth is notable, given the macro-environmental factors, including the Central Bank of Nigeria's decision to retain its benchmark Monetary Policy Rate at 23.00%.
Sectoral performance across the local bourse showed broad-based gains, led by banking, insurance, and consumer goods stocks, which offset modest pullbacks in heavy industrial counters. The NGX Banking Index climbed to 2,748.63 points from 2,725.39 points, driven by investor demand in tier-one and tier-two lenders. Similarly, the NGX Insurance Index gained ground to close at 1,093.23 points, up from 1,081.54 points on Tuesday.
The NGX Consumer Goods Index advanced to 4,092.56 points, while the NGX Oil and Gas Index nudged higher to 6,014.43 points. However, the NGX Industrial Goods Index slipped to 10,463.54 points from 10,479.35 points, impacted by slight price depreciation in major cement producers. This mixed performance highlights the varied investor sentiment across different sectors.
In the banking and financial services sector, investor demand remained robust across both Premium and Main Board listings. Zenith Bank Plc experienced an upward shift, closing 2.27% higher at N135.00 after trading over 32.85 million shares across 3,102 deals. Access Holdings Plc and First HoldCo Plc also recorded positive performance, appreciating by 1.16% to N30.50 and 1.35% to N165.00, respectively.
Eterna Plc emerged as the top gainer, rising by 10.00% to close at N38.50 per share. Thomas Wyatt Nigeria Plc followed closely with a 9.88% gain to settle at N2.78, while Critical Minerals Financing Corporation Plc appreciated by 9.76% to N2.70. Other high-performing equities included John Holt Plc, Sovereign Trust Insurance Plc, Nigerian Aviation Handling Company Plc, and Honeywell Flour Mill Plc.
Conversely, Caverton Offshore Support Group Plc topped the losers list after dropping 9.09% to close at N4.00 per share. University Press Plc recorded a 9.00% decline to settle at N4.55, while Coronation Insurance Plc lost 6.30% to close at N2.23. Overall, investors exchanged a total of 1.59 billion shares valued across 49,736 deals, with market analysts expecting the overall positive sentiment in the equities market to persist in near-term sessions.
Key points
- The Nigerian equities market reached a record high, with the All-Share Index advancing to 251,191.02 basis points and market capitalization expanding to N163.06tn.
- The market's growth was driven by sustained investor interest and key portfolio realignments across blue-chip counters and high-yield instruments.
- Sectoral performance showed broad-based gains, led by banking, insurance, and consumer goods stocks.
