Stock market rally delivers ₦2.28tn windfall for investors

Investors on the Nigerian Exchange Limited (NGX) gained ₦2.28 trillion on Wednesday as strong buying in blue-chip stocks sparked a broad market rally and pushed total market value above ₦134 trillion.

At the close of trading, market capitalisation climbed to ₦134.772 trillion, while the All-Share Index advanced by 3,486.03 points, representing a 1.69 per cent increase to 209,317.41 points.

The surge was driven by renewed demand for medium and large-cap stocks, notably Airtel Africa, Aradel Holdings, Stanbic IBTC Holdings, Chemical and Allied Products (CAP), and MTN Nigeria Communications.

Cowry Assets Management Limited said market momentum could remain positive in Thursday’s session, citing improving investor confidence and the continued boost from the FTSE Russell relisting announcement.

Market sentiment remained upbeat, with 38 gainers outperforming 36 losers. Aradel Holdings and Airtel Africa led the gainers with a 10 per cent rise each, closing at ₦1,406.90 and ₦2,746.70 respectively. Ecobank Transnational Incorporated added 9.98 per cent to settle at ₦55.65.

Trans-Nationwide Express rose by 9.89 per cent to ₦5.00, while Fortis Global Insurance gained 9.82 per cent to close at ₦1.23.

On the downside, Austin Laz & Company recorded the steepest loss, dropping 9.77 per cent to ₦3.60. John Holt fell 9.72 per cent to ₦13.00, CWG shed 7.22 per cent to ₦21.20, while Conoil and Omatek Ventures declined by 6.8 per cent and 5.48 per cent respectively.

Trading activity was also stronger, with total volume rising by 24.08 per cent to 706.392 million shares valued at ₦41.876 billion across 46,231 deals.

Zenith Bank emerged as the most actively traded stock, accounting for 73.288 million shares worth ₦8.778 billion. Tantalizer followed with 56.535 million shares valued at ₦220.35 million, while United Bank for Africa traded 49.845 million shares worth ₦2.287 billion.

Access Holdings recorded 38.144 million shares valued at ₦1.005 billion, while Secure Electronic Technology exchanged 32.649 million shares worth ₦31.715 million.