Stocks hit record high as market cap reaches N163tn

The Nigerian equities market showcased a robust bullish trend on Wednesday, as trading concluded positively across major market indicators, propelling the All-Share Index to a new all-time high. The benchmark index surged by 0.23 percent to 251,191.02 basis points, a marked increase from 250,614.66 points the previous day. As a result, the total market capitalization expanded by over N374 billion to reach N163.06 trillion, up from N162.68 trillion reported on Tuesday.

This upward trend underscores sustained investor interest and strategic portfolio realignments across blue-chip and high-yield securities. An analysis of market trends over the entire trading week reveals an uninterrupted upward trajectory since Thursday, September 17, when the All-Share Index stood at 246,315.38 points with a capitalization of N159.89 trillion.

Throughout the five-day period, the market index averaged 249,616.48 points, with its lowest level at 246,315.38 points before surging to Wednesday’s peak of 251,191.02 points. Despite macro-environmental factors, market sentiment remained resilient due to the Central Bank of Nigeria maintaining its benchmark Monetary Policy Rate at 23.00 percent.

Sectoral performance across the local bourse demonstrated broad-based gains, with banking, insurance, and consumer goods stocks leading the charge, counteracting minor declines in heavy industrial counters. Indices such as the NGX Banking Index, NGX Insurance Index, and NGX Consumer Goods Index recorded significant gains, while the NGX Oil and Gas Index and NGX Industrial Goods Index also exhibited positive movement, albeit with slight fluctuations.

Investors exchanged a total of 1.59 billion shares valued at over N228 billion on the NGX, with the banking and financial services sector witnessing robust investor demand across both Premium and Main Board listings. Noteworthy gains were observed in Eterna Plc, which surged by 10 percent, and Thomas Wyatt Nigeria Plc, which climbed by 9.88 percent.

Conversely, Caverton Offshore Support Group Plc and University Press Plc experienced declines, with the former dropping by 9.09 percent and the latter falling by 9.00 percent. Analysts anticipate the positive sentiment in the equities market to continue in the near term, driven by strong corporate fundamentals and targeted institutional buying.