Nigerian Stock Market Soars by N1.185 Trillion in Single-Day Surge

|By Adejumo Adekunle-

-Oando, Dangote Sugar Lead Charge as Market Capitalisation Hits N76.7 Trillion
–Nigerian Stock Market Posts N1.185 Trillion in One-Day Bullish Rally

The Nigerian Exchange Limited (NGX) witnessed a historic leap on Wednesday as Oando Plc, Dangote Sugar, and a host of other equities pushed the market to a N1.185 trillion single-day gain.

This surge represents a 1.57% increase in the NGX market capitalisation, which rose to N76.761 trillion, up from N75.576 trillion recorded the previous trading day.

The All-Share Index (ASI) also climbed sharply by 1,466.87 points, marking a 1.22% increase to close at 121,257.69, compared to Tuesday’s close of 119,790.82.

Driving this bullish trend were key players such as:

• Dangote Sugar, which appreciated by 10%, closing at N48.40 per share.

• Oando Plc, also up by 10%, ending at N68.75 per share.

• C&I Leasing, surged by 9.98% to N5.18 per share.

• Champion Breweries, also gained 9.98%, closing at N10.91 per share.

• Computer Warehouse Group, added 9.95%, ending at N11.60 per share.

However, the market wasn’t without losers. University Press dropped by 6.25% to N6.00, RT Briscoe declined by 6.12% to N2.30, Multiverse Mining fell 4.89% to N8.75, and Meyer shed 4.69%, closing at N9.15 per share.

Market activity remained robust with 861.67 million shares valued at N26.18 billion traded in 22,896 deals, slightly down from the 868.68 million shares worth N23.71 billion traded across 22,207 transactions on Tuesday.

Fidelity Bank topped the activity chart, exchanging 82.98 million shares worth N1.66 billion. It was followed by:

• Caverton Offshore Support Group with 64.18 million shares worth N319.69 million,

• Zenith Bank with 60.62 million shares valued at N3.45 billion,

• Ja Paul Gold with 56.26 million shares worth N115.35 million,

• Access Corporation with 48.59 million shares valued at N1.12 billion.

Analysts have attributed the sharp rally to renewed investor confidence and positive earnings expectations in the market.