Nigeria’s stock market extended its upward momentum on Wednesday, with investors adding about N99.15 billion (US$72.9 million) in value, pushing total market capitalisation to approximately N157.04 trillion (US$115.5 billion) despite mixed trading sentiment across listed equities.
The Nigerian Exchange (NGX) All-Share Index (ASI) edged up 0.06 percent to close at 244,852.21 points, extending year-to-date gains to 57.35 percent and reflecting sustained investor interest in selected large-cap stocks.
Market breadth remained negative, however, with 36 stocks declining compared with 30 gainers, indicating that overall gains were driven by a limited number of highly capitalised equities rather than broad-based buying.
The day’s performance showed a split among sectors. The Consumer Goods Index led gains with a 0.42% rise, followed by Oil and Gas at 0.14 percent, while Insurance posted a marginal 0.03% increase.
In contrast, the Banking Index fell 0.79 percent, making it the worst-performing sector of the session. Industrial Goods declined 0.09 percent, while the Commodity Index closed flat.
Among the biggest laggards were NEIMETH International Pharmaceuticals, International Energy Insurance, John Holt, UH Real Estate Investment Trust and The Initiates Plc. On the gainers’ chart, Livestock Feeds, Deap Capital Management & Trust, Abbey Mortgage Bank, Vitafoam Nigeria and FTN Cocoa Processors led advances.
Trading activity weakened as investors turned more cautious following recent gains. Total volume traded fell 3.47 percent to 1.23 billion shares, while turnover dropped 32.89 percent to about N38.84 billion (US$28.6 million). The number of deals also declined 4.85 percent to 54,193 transactions.
Analysts said the slowdown in activity suggests a consolidation phase, with investors locking in profits while selectively repositioning portfolios ahead of corporate earnings announcements.
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Despite the mixed sentiment, the market’s benchmark index continues to be supported by gains in heavyweight stocks, helping to sustain the overall upward trajectory.
With year-to-date returns now above 57 percent, attention is shifting to upcoming earnings results and dividend declarations, which are expected to guide market direction in the coming weeks.
