Equities rally extends to fifth session, market gains N316bn

The Nigerian equities market continued its five-day rally on Wednesday, buoyed by investor confidence in the Dangote Refinery listing. The All-Share Index climbed 487.28 points, or 0.20 percent, to 244,791.79 basis points, while the market capitalization increased by N316 billion to N158.715 trillion. This positive momentum was driven by strong performances from large and medium-capitalized stocks such as the Nigerian Exchange Group, MTN Nigeria Communications, Nigerian Breweries, Transnational Corporation, and Champion Breweries.

Investors showed optimism, as 34 stocks gained while 25 declined. Sovereign Trust Insurance led the gainers with a 9.69 percent rise, followed by Champion Breweries at 9.50 percent and Livestock Feeds at 9.42 percent. Conversely, Industrial & Medical Gases Nigeria suffered the most significant loss, dropping 9.93 percent. The overall trading volume surged by 31.1 percent to 662.43 million units, totaling N37.45 billion, with trades in 63,271 deals.

The shares of Sterling Financial Holdings Company dominated trading activity with 142.04 million shares traded, amounting to N1.07 billion.