|By Babatunji Wusu
The Nigerian Exchange (NGX) extended its bullish run on Wednesday, adding N881 billion to investors’ portfolios as renewed demand for equities pushed key market indicators higher.
Market capitalization climbed by 0.78 percent to close at N114.377 trillion, up from N113.496 trillion recorded in the previous session. In tandem, the All-Share Index advanced by 1,375.11 points, or 0.78 percent, to settle at 178,184.54, compared with 176,809.43 on Tuesday.
The sustained rally lifted the year-to-date return to 14.50 percent, while market breadth closed positive, with 49 gainers outpacing 32 losers. Analysts attributed the upward movement to fresh buying interest in large- and mid-cap stocks, notably Meyer, Nestlé Nigeria, Fortis Global Insurance, Consolidated Hallmark Holdings, and Zichis Agro Allied Industries.
Nestlé Nigeria, Meyer, Consolidated Hallmark Holdings, and Fortis Global Insurance led the gainers’ chart, each appreciating by the maximum 10 percent. Nestlé Nigeria closed at N2,420 per share, Meyer at N20.90, Consolidated Hallmark Holdings at N4.95, and Fortis Global Insurance at 33 kobo.
On the flip side, Honeywell Flour topped the losers’ table after shedding 9.70 percent to close at N22.80 per share. Other stocks that recorded losses included Neimeth International Pharmaceutical, The Initiates, RT Briscoe, and Sterling Nigeria.
Trading activity slowed compared with the previous session, as investors exchanged 939.2 million shares valued at N34.03 billion in 61,279 deals. This contrasted with 1.3 billion shares worth N50.4 billion traded in 58,965 transactions on Tuesday, reflecting an 11 percent drop in volume and a 30 percent decline in value, despite a four percent rise in the number of deals.
Tantalizer emerged as the most actively traded stock by volume, with 85.32 million shares exchanged, accounting for 9.08 percent of total volume. Aradel dominated in value terms, recording trades worth N2.98 billion, or 8.77 percent of the day’s total turnover.
The latest gain builds on the strong momentum recorded earlier in the week, after investors pocketed N1.8 trillion on Tuesday and N1.4 trillion on Monday, underscoring a sustained bullish trend on the NGX.
