The recent bullish run witnessed on the Nigerian Exchange (NGX) Limited continued on Wednesday after closing higher by 0.70 per cent, stretching the year-to-date return to 41.6 per cent.
The gains posted by Customs Street was influenced by renewed interest in insurance equities following the signing into law the Nigerian Insurance Industry Reform Bill 2025, now known as the NIIRA 2025.
Data from the Nigerian bourse showed that the insurance sector surged by 9.87 per cent, the industrial goods space improved by 2.85 per cent, and the energy index gained 0.96 per cent.
However, the energy industry went down by 0.41 per cent, and the banking space continued its downward movement with a 0.36 per cent loss, while the commodity sector closed flat.
When business closed for the day on the stock exchange, the All-Share Index (ASI) garnered 1,017.49 points to finish at 145,813.86 points compared with the previous day’s 144,796.37 points and the market capitalisation chalked up N644 billion to close at N92.252 trillion versus Tuesday’s N91.608 trillion.
The top five price gainers for the day; SCOA Nigeria, Haldane McCall, NEM Insurance, Learn Africa, and Jaiz Bank, appreciated by 10.00 per cent each to settle at N5.50, N4.84, N29.70, N6.27, and N4.73, respectively.
However, the trio of NGX Group, UAC Nigeria, and UH REIT depreciated by 10.00 per cent each to quote at N63.00, N90.00, and N57.60 apiece, as LivingTrust Mortgage Bank lost 9.93 per cent to trade at N5.35, and Multiverse shed 9.68 per cent to finish at N9.80.
Business Post reports that 53 stocks were on the advancers’ chart and 26 stocks on the decliners’ log, indicating a positive market breadth index and strong investor sentiment.
During the session, the market participants bought and sold 2.7 billion equities for N32.6 billion in 35,137 deals versus the 1.0 billion equities valued at N22.8 billion traded in 38,932 deals a day earlier, implying a shortfall in the number of deals by 9.75 per cent, and a surge in the trading volume and value by 170.00 per cent, and 42.98 per cent, respectively.
Consolidated Hallmark traded 1.0 billion shares worth N2.7 billion to lead the activity chart, Linkage Assurance transacted 562.3 million stocks valued at N978.4 million, Sterling Holdings exchanged 183.8 million equities for N1.5 billion, AIICO Insurance sold 90.7 million shares valued at N263.0 million, and Zenith Bank traded 60.4 million stocks worth N4.6 million.