The Nigerian Exchange extended its bullish momentum on Wednesday as investors recorded N1.45tn gain, pushing the market capitalisation to N97.6tn at the close of trading reports Punch.
The performance was driven by renewed investor interest in blue-chip stocks such as Dangote Cement, NASCON, and Transcorp Hotels, alongside notable gains in Skyway Aviation Handling Company and UPDC Real Estate Investment Trust.
At the end of the trading session, a total of 589.43 million shares valued at N23.97bn were exchanged in 28,456 deals, reflecting a seven per cent improvement in volume, a 17 per cent rise in turnover, and a four per cent increase in the number of deals compared to the previous trading day.
In aggregate, 130 equities participated in trading, with 32 gainers and 30 losers emerging.
Aso Savings & Loans led the gainers’ chart with a maximum appreciation of 10 per cent, closing at N0.55 per share, reflecting continued investor interest in low-priced financial stocks. It was followed closely by Skyway Aviation Handling Company (SkyAVN), which gained 9.99 per cent to close at N99.05 per share, driven by positive sentiment in the aviation services sector.
UPDC Real Estate Investment Trust advanced 8.16 per cent to close at N7.95 per share, buoyed by renewed demand for property-related investments. Similarly, NASCON Allied Industries appreciated 6.8 per cent to close at N110.00 per share, following strong market confidence in the company’s fundamentals and performance outlook.
Dangote Cement, one of the market’s bellwether stocks, rose 6.5 per cent to close at N639.00 per share, contributing significantly to the day’s overall market gain. The stock’s positive movement reflects investors’ optimism about the firm’s export expansion strategy and consistent dividend history.
Also on the gainers’ list, Transcorp Hotels Plc advanced 6.26 per cent to close at N174.90 per share, as investors took positions in the hospitality sector amid expectations of improved post-summer tourism activity.
On the flip side, The Initiates Plc topped the losers’ chart, shedding 5.73 per cent to close at N13.00 per share, amid profit-taking by investors. It was followed by Legend Internet, which declined 5.69 per cent to N5.80 per share.
Royal Exchange Plc lost 4.76 per cent, closing at N2.20 per share, reflecting weak investor sentiment in the insurance sub-sector. Similarly, Champion Breweries fell 4.49 per cent to N14.90 per share, as the brewing segment of the consumer goods sector continued to face cost pressures.
AXA Mansard Insurance dipped 4.19 per cent to N16.00 per share, while Regency Alliance Insurance followed with a 3.76 per cent drop, closing at N1.28 per share.
In terms of volume, Fidelity Bank emerged as the most actively traded stock with 94.7 million shares, followed by Guaranty Trust Holding Company with 79.5 million shares, Access Holdings with 59.4 million shares, and Zenith Bank with 24 million shares traded. Market analysts attributed the bullish performance to renewed confidence in the equity market following consistent buying pressure on high-cap stocks and expectations of favourable corporate earnings for the fourth quarter.
