By Chibuzor Alli
Nigeria’s stock market has reached a new record high, with the total value of listed equities rising above N163tn as investors continued to buy banking, insurance and consumer goods shares.
The Nigerian Exchange All-Share Index rose by 0.23% on Wednesday to close at 251,191.02 points, up from 250,614.66 points in the previous session.
The rise pushed total market capitalisation up by more than N374bn, from N162.68tn on Tuesday to N163.06tn.
The latest figures extend a sustained rally on the Nigerian equities market, with the benchmark index climbing from 246,315.38 points on Thursday, 17 September.
Market reaches new peak
The latest session marked the highest level recorded by the All-Share Index, reflecting continued demand for Nigerian equities and portfolio adjustments by investors.
Across the five trading sessions, the index averaged 249,616.48 points. Its lowest level was recorded on Thursday at 246,315.38 points before it climbed to Wednesday’s record close of 251,191.02 points.
The market’s rise came despite the Central Bank of Nigeria maintaining its benchmark Monetary Policy Rate at 23%.
Banking, insurance and consumer goods stocks were among the sectors supporting the broader market, while industrial stocks recorded a modest decline.
Banks lead sector gains
The NGX Banking Index rose to 2,748.63 points from 2,725.39 points, supported by buying interest in both tier-one and tier-two banks.
The NGX Insurance Index also gained, closing at 1,093.23 points compared with 1,081.54 points on Tuesday.
The NGX Consumer Goods Index increased to 4,092.56 points, while the NGX Oil and Gas Index edged higher to 6,014.43 points.
By contrast, the NGX Industrial Goods Index fell to 10,463.54 points from 10,479.35 points, following modest price declines among some major cement producers.
Zenith Bank and other major shares gain
In the banking and financial services sector, demand remained strong across companies listed on both the Premium and Main Boards.
Zenith Bank Plc gained 2.27% to close at N135.00 after more than 32.85 million shares changed hands in 3,102 deals.
Access Holdings Plc rose 1.16% to N30.50, while First HoldCo Plc gained 1.35% to close at N165.00.
Guaranty Trust Holding Company Plc ended the session at N137.50.
Fidelity Bank Plc recorded the highest trading volume in the sector, with more than 170.71 million shares changing hands.
Eterna leads gainers
Eterna Plc was the strongest-performing stock on the day, rising 10% to N38.50 per share.
Thomas Wyatt Nigeria Plc followed with a 9.88% gain to N2.78, while Critical Minerals Financing Corporation Plc advanced 9.76% to N2.70.
Haldane McCall Plc gained 9.70% to close at N3.28, while Omatek Ventures Plc rose 9.63% to N1.48.
Other stocks recording gains included John Holt Plc, Sovereign Trust Insurance Plc, Nigerian Aviation Handling Company Plc and Honeywell Flour Mill Plc.
Caverton leads decliners
Caverton Offshore Support Group Plc recorded the biggest decline, falling 9.09% to close at N4.00 per share.
University Press Plc dropped 9% to N4.55, while Coronation Insurance Plc declined 6.30% to N2.23.
Veritas Kapital Assurance Plc fell 5.45% to N1.04, while United Capital Plc declined 5% to N17.10.
Profit-taking was also recorded in C&I Leasing Plc, Africa Prudential Plc and NPF Microfinance Bank Plc.
Trading volume exceeds 1.5 billion shares
Overall, investors traded 1.59 billion shares in 49,736 deals during the session.
The Main Board accounted for most of the trading activity, recording 31,617 deals involving more than 1.46 billion shares.
The continued rise in the market comes as investors assess corporate earnings, valuations and opportunities across major sectors of the Nigerian economy.
Market analysts expect the positive sentiment to continue in the near term, citing strong corporate fundamentals and targeted institutional buying as potential supports for the market.
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