The value of companies listed on the Nigerian Exchange (NGX) rose to a new record on Wednesday as investors continued to buy into banking, insurance and consumer stocks.
Market capitalisation increased by ₦374.1 billion, moving from ₦162.68 trillion at Tuesday’s close to ₦163.06 trillion at the end of Wednesday’s trading session.
The NGX All-Share Index, which tracks the general performance of listed equities, also gained 0.23 per cent to close at 251,191.02 points, up from 250,614.66 points the previous day.
Trading was fairly active, with 1.59 billion shares changing hands in 49,736 deals. Trading volume was almost 90 per cent higher than the 837.2 million shares recorded on Tuesday.
The positive movement was reflected across the market. 43 stocks gained, while 20 recorded losses.
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Eterna led the gainers after its share price rose by 10 per cent from ₦35 to ₦38.50. Thomas Wyatt Nigeria gained 9.88 per cent, while Critical Minerals Financing Corporation, Haldane McCall and Omatek Ventures also recorded gains of more than nine per cent.
On the other side, Caverton Offshore Support Group fell by 9.09 per cent to ₦4, making it the biggest decliner for the session. University Press and WAPIC also recorded notable losses.
Banking stocks remained among the most actively traded equities. Fidelity Bank recorded 170.72 million shares in 714 deals, while GTCO recorded 86.19 million shares in 3,220 deals.
Zenith Bank and United Bank for Africa were also among the stocks with significant trading activity.
The banking index itself rose during the session, alongside the insurance, consumer goods and pension indices. The NGX Oil/Gas Index also edged higher.
The latest record comes just a week after the NGX market capitalisation crossed ₦162 trillion for the first time.
The continued rise means the Nigerian stock market has now reached another record level within a relatively short period, although individual stocks did not all move in the same direction.
