The Nigerian stock market continued its positive momentum on Wednesday, recording a gain of ₦212 billion, marking the third consecutive bullish session of the week.
Market capitalisation rose by 0.28 per cent, closing at ₦76.970 trillion compared to ₦76.758 trillion on Tuesday.
Similarly, the All-Share Index (ASI) increased by 335.74 points to settle at 121,989.67, up from the previous 121,653.93.
The sustained uptrend was driven by renewed investor interest in several stocks including Omatek, Red Star Express, RT Briscoe, Cileasing and 56 others.
The session ended with a strong market breadth, as 60 stocks recorded gains while 21 closed in the red. Leading the gainers’ chart was FG20203151, which appreciated by 12.10 per cent to close at ₦108.20.
Omatek followed, rising by 10 per cent to ₦1.21, while RT Briscoe and Red Star Express both advanced by 10 per cent each to ₦3.85 and ₦11.11 respectively. Cileasing also gained 10 per cent, finishing the session at ₦7.26.
Stock market sustains bullish trend with N677bn gain
On the losing side, Legend Internet declined by 8.05 per cent to close at ₦8.00. Guinea Insurance fell by 7.14 per cent to ₦1.04, while Eterna dropped by 4.65 per cent to ₦41.00. ETranzact lost 4.44 per cent, closing at ₦8.60, and Regalins slipped by 4.35 per cent to 88 kobo.
Despite the decline in trading volume from the previous session, market activity remained robust. A total of 888.70 million shares valued at ₦15.61 billion were exchanged in 24,303 deals, compared to Tuesday’s 1 billion shares worth ₦19.48 billion traded in 24,770 deals.
Ja Paul Gold led trading activity with 137.34 million shares worth ₦410.88 million. It was followed by Access Corporation, which recorded 83.04 million shares valued at ₦1.85 billion.
Other active stocks included AIICO Insurance with 50 million shares worth ₦95.3 million, Universal Insurance which traded 41.95 million shares valued at ₦30.52 million, and Ellah Lakes with 31.94 million shares worth ₦330.97 million.
Market analysts remain cautiously optimistic, suggesting that the current bullish sentiment could persist if macroeconomic indicators remain favourable and investor confidence continues to strengthen.