The Nigerian equities market sustained its bullish run on Wednesday, pushing the All-Share Index to a record high as major market indicators closed positively.
The All-Share Index rose by 0.23 per cent to 251,191.02 points from 250,614.66 points recorded in the previous session. Market capitalisation also increased by N374bn to N163.06tn, up from N162.68tn on Tuesday.
The market had maintained an upward trajectory throughout the week, rising from 246,315.38 points and N159.89tn in market capitalisation on Thursday, September 17. The index averaged 249,616.48 points over the five trading sessions.
The positive sentiment persisted despite macroeconomic conditions, including the Central Bank of Nigeria’s decision to retain the Monetary Policy Rate at 23 per cent. Banking, insurance and consumer goods stocks led sectoral gains, while industrial goods recorded a marginal decline.
The NGX Banking Index rose to 2,748.63 points from 2,725.39 points, while the Insurance Index increased to 1,093.23 points from 1,081.54 points. The Consumer Goods Index also advanced to 4,092.56 points, while the Oil and Gas Index edged up to 6,014.43 points.
Among individual stocks, Zenith Bank gained 2.27 per cent to close at N135.00, while Access Holdings and First HoldCo rose by 1.16 per cent and 1.35 per cent respectively. Eterna emerged as the top gainer, rising 10 per cent to N38.50, while Caverton Offshore Support Group led the losers after declining 9.09 per cent to N4.00.
Investors traded 1.59 billion shares valued across 49,736 deals during the session, with Main Board transactions accounting for more than 1.46 billion shares. Market analysts said positive sentiment could continue in the near term, supported by corporate fundamentals and targeted institutional buying.
