The Nigerian equities market continued its bullish run on Wednesday, extending its winning streak as investors in the Nigerian Exchange (NGX) saw their collective wealth increase N863 billion, pushing the market capitalisation to a new all-time high of N88.05 trillion. This sustained rally is being largely driven by ongoing positive earnings releases, a festival of interim dividend declarations, and persistent investor optimism across key sectors.
The benchmark All-Share Index (ASI) appreciated by 1.00 per cent, adding 1,365.8 basis points to close at a fresh historic high of 139,278.67 points, up from 137,912.87 points recorded on Tuesday. This strong performance has further elevated the year-to-date (YTD) return to 35.32 per cent, underscoring the market’s resilience and growing confidence in fundamental drivers. Investor sentiment remained upbeat, as reflected in the positive market breadth, with 39 stocks advancing against 32 declining, while 86 stocks remained unchanged across 36,423 deals. This pattern indicates a blend of bargain hunting and selective profit-taking, with sustained buying interest concentrated in medium and large-scale stocks.
Leading the advancers’ chart on Wednesday was Multiverse Mining & Exploration Plc (MULTIVERSE), which saw its share price rise by the maximum allowable 10 per cent, closing at N9.90 from its previous N9.00 per share.
Multiverse Mining & Exploration is primarily engaged in the exploration and extraction of various solid minerals, including tantalite, lithium, and other precious metals. The company’s strong performance on the day indicates that market participants are beginning to price in the potential of Nigeria’s vast, largely untapped solid mineral reserves. The 10 per cent daily gain for Multiverse underscores a strong positive re-rating by the market, signalling a growing recognition of the potential inherent in Nigeria’s solid minerals space.
Royal Exchange Assurance Plc (ROYALEX) also emerged as a lead gainer, recording a maximum 10 per cent growth in its share price, closing at N1.54 from its previous N1.40 per share. This reflects a renewed and positive sentiment towards the Nigerian insurance sector, which has often been overlooked by investors in favour of banking or consumer goods.
Royal Exchange Assurance is one of Nigeria’s oldest and most established insurance companies, offering a wide range of life and non-life insurance products. Broader Market Dynamics and Sectoral Performance
Beyond the top two gainers, Berger Paints Plc also recorded a near-maximum gain of 9.97 per cent, closing at N37.50. Other notable advancers included Dangote Sugar Refinery Plc and NPF Microfinance Bank Plc, both gaining 9.97 per cent, along with UACN and MECURE, which advanced by 9.94 per cent and 9.89 per cent respectively.
On the flip side, Abbey Mortgage Bank Plc and FTN Cocoa Processors Plc were the top losers, both shedding 10 per cent. Other major decliners included Consolidated Hallmark Plc (-7.78%), Honeywell Flour Mill Plc (-7.22%), and Tantalizer Plc (-7.04%).
Sectoral performance was mixed but generally positive. The Banking sector led the charge with a notable gain of 1.94 per cent, reflecting continued investor optimism following strong half-year financial results from quoted companies. The Industrial Goods sector also closed positive, gaining 1.35 per cent, and the Commodities sector saw a marginal gain of 0.04 per cent. However, the Insurance sector shed 0.95 per cent, despite Royal Exchange’s individual appreciation, indicating mixed performance within the sector. The Oil & Gas sector also declined by 0.08 per cent, while the Consumer Goods sector ended the day flat.
Trading activities presented a mixed picture. The total volume of all trades declined by 3.73 per cent to 905.73 million units, while the total value of trades increased by 11.58 per cent to NGN34.17 billion. In terms of volume, Fidelity Bank Plc led the activity chart, accounting for 10.16 per cent of the total volume, followed by Access Holdings Plc and Universal Insurance Plc. By value, MTN Nigeria emerged as the most traded stock, accounting for 10.00 per cent of the total value of all trades, followed by Guaranty Trust Holding (GTCO) and Nigerian Breweries Plc.
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