Banking, oil gains lift NGX by N459bn

cover, Financial Markets

The Nigerian Exchange maintained its bullish momentum on Wednesday as renewed investor confidence pushed the market capitalisation higher by N459bn, driven by sustained interest in banking and oil stocks.

At the close of trading, the market capitalisation rose to N92.5tn from N92.04tn recorded on Tuesday, while the All-Share Index appreciated 0.50 per cent to close at 145,719.09 points.

A total of 525.7 million shares valued at N13.59bn were traded in 25,571 deals, representing a four per cent rise in volume, a 44 per cent drop in turnover, and a 17 per cent decline in the number of deals compared with the previous session.

Market data showed that 130 listed equities participated in the day’s trading, ending with 29 gainers and 35 losers

FTN Cocoa Processors led the gainers’ chart with an 8.89 per cent increase to close at N6.00 per share, followed by Livestock Feeds, which rose 7.43 per cent to N7.95. Eterna gained 6.96 per cent to settle at N41.50, while Prestige Assurance and Fidelity Bank appreciated 4.94 per cent and 4.74 per cent, respectively. MTN Nigeria also advanced 4.64 per cent to close at N470.90.

On the losers’ table, Industrial & Medical Gases led with a 9.97 per cent decline to close at N32.95 per share. LivingTrust Mortgage Bank dipped 9.93 per cent to N5.35, Sunu Assurances shed 9.48 per cent to N5.25, while Jaiz Bank and Chams fell 7.53 per cent and 6.28 per cent respectively.

Consolidated Hallmark Holdings emerged as the most traded stock by volume with 83.5 million shares, followed by FBN Holdings with 36.5 million shares, Jaiz Bank with 28.7 million, and Chams with 24.5 million shares. In terms of value, GTCO led with N1.79bn worth of shares exchanged, followed by Lafarge Africa (N1.39bn), Aradel Holdings (N1.30bn), Zenith Bank (N1.28bn), and FBN Holdings (N1.13bn).

Sectoral performance reflected positive sentiment as the Premium Index rose 1.47 per cent, the Oil & Gas Index increased 0.59 per cent, and the Banking Index appreciated 0.12 per cent. The Pension Index also gained 0.74 per cent, underscoring steady investor appetite for value and dividend-paying stocks.

Overall, the market recorded a one-week gain of 2.11 per cent, a four-week gain of 4.24 per cent, and a year-to-date return of 41.58 per cent.