Onome Amuge
Nigeria’s equities market extended its bullish run on Wednesday, with gains in consumer goods stocks led by FTN Cocoa Processors and Chellarams Plc helping to lift overall market capitalisation by N360.18 billion.
The NGX All-Share Index climbed 0.41 per cent to close at 140,365.36 points, pushing the year-to-date return to 36.37 per cent. Total market capitalisation rose to N88.81 trillion, from N88.45 trillion in the previous session, reflecting renewed investor appetite for risk assets despite persistent macroeconomic uncertainties.
Trading was buoyed by broad-based optimism as 39 stocks advanced against 25 decliners, with the breadth of the rally signalling underlying resilience in the market. All major sectors posted gains, including Banking (+0.43 per cent), Insurance (+0.96 per cent), Consumer Goods (+0.28 per cent), Oil & Gas (+1.33 per cent), Industrial (+0.85 per cent), and Commodities (+0.62 per cent).
FTN Cocoa Processors Plc, a once-troubled cocoa processing company that has spent much of the past decade restructuring its operations, emerged as one of the day’s standout performers. Its shares climbed by the daily maximum of 10 per cent to close at N5.94, compared with N5.40 in the previous session.
The move reflects renewed speculative interest in the stock, fuelled by expectations of higher global cocoa prices and the company’s ongoing efforts to stabilise its balance sheet. Analysts say that while FTN remains a relatively thinly traded stock, its volatility has made it attractive to retail investors seeking short-term gains.
Chellarams Plc, a diversified trading and distribution company with a legacy stretching back nearly a century in Nigeria, also rose by 10 per cent. Its stock closed at N12.10, up from N11.00, driven by strong demand after recent disclosures about efforts to streamline operations and expand into higher-margin segments.
Both companies, though operating in different corners of the Nigerian economy, underscore how investor sentiment has broadened beyond the heavyweight banking and industrial sectors.
Berger Paints added 9.86 per cent to close at N39.00, continuing a run supported by improved construction demand, while Sunu Assurances and Livestock Feeds also featured among the top advancers. On the downside, May & Baker Nigeria Plc dropped 9.97 per cent to N16.25, Union Dicon Salt fell 9.72 per cent to N9.75, and C&I Leasing slipped 7.69 per cent to N6.00 per share.
Turnover on the Nigerian Exchange reflected mixed activity. Trading volume rose 16.47 per cent to 767.73 million units, while the value of transactions rose by 224.89 per cent to N40.64 billion, indicating significant block trades in a handful of names. However, the number of deals edged lower by 1.96 per cent to 24,873.
First City Monument Bank was the day’s most actively traded stock by volume, with 287 million shares changing hands in 559 deals. Nigerian Breweries followed with 50 million shares, while Aradel Holdings recorded 43 million units. By value, Aradel dominated with N23 billion in transactions, followed by Nigerian Breweries at N3.5 billion and FCMB at N3.1 billion.
Market watchers said the positive momentum reflects not just short-term trading but also structural support from stabilising macroeconomic conditions. Inflation has shown signs of cooling after months of sustained price pressures, while the naira has held relatively steady in recent weeks, offering a measure of predictability for foreign and domestic investors alike.
The NGX’s year-to-date return of 36.37 per cent now places it among the strongest-performing exchanges in Africa, even as investors remain alert to policy uncertainty, currency volatility and lingering structural challenges, analysts noted.
While the day’s rally was led by mid-cap names like FTN Cocoa and Chellarams, analysts caution that sustained momentum will depend on earnings season results and clarity around monetary policy.
As it stands, investors appear content to ride the bullish wave. The symbolic sounding of the closing bell on Wednesday capped another strong session, with the Nigerian Exchange cementing its position as a bright spot in Africa’s capital markets this year.
