Emmanuel OchayiMarket Performance
Nigeria’s equity markets saw their first gain this week, rising by 0.17% or N41 billion on Wednesday.
The All Share Index (ASI) increased to 99,385.44 points, and the equities market capitalisation climbed to N56.221 trillion from the previous day’s lows of 99,217.6 points and N56.126 trillion.
Join our WhatsApp ChannelLeading Stocks
Several stocks contributed to the market’s positive performance. Oando led the gainers, increasing from N12.50 to N13.75, a 10% rise. FTN Cocoa also performed well, climbing from N1.40 to N1.54, up 14 kobo or 10%.
“Investors showed strong interest in Oando and FTN Cocoa, leading to significant gains for these stocks,” said an analyst from Lagos-based investment firm, Capital Investments.
CWG rose from N6 to N6.60, a 10% increase, while C&I Leasing went up from N3 to N3.28, adding 28 kobo or 9.33%.
Trading Volume And Active Stocks
Stock investors engaged in 7,597 deals, exchanging 276,363,726 shares worth N4.120 billion. Access Holdings, AIICO, GTCO, Fidelity Bank, and Skyway Aviation Handling Company were among the most actively traded stocks.
“High trading volumes in these key stocks indicate robust market activity and renewed investor confidence,” stated John Adeyemi, a market analyst.
READ ALSO: Equity Market Dips By 0.09% As Oando, Honeywell, Others Sell-Off Shares
Year-To-Date Return
The market’s positive close pushed its year-to-date (YtD) return higher to 32.91% at the close of trading on Wednesday. This gain highlights the overall positive trend in the Nigerian equity markets for the year.
Investor Sentiment
“Wednesday’s market performance reflects a mix of positive investor sentiment and strategic trading,” said Bola Akinfenwa, a financial analyst. “The gains in stocks like Oando and CWG demonstrate targeted investments in sectors expected to perform well.”
Sector Performance
The rise in Oando shares reflects optimism in the energy sector, while gains in FTN Cocoa show confidence in the agricultural sector. CWG’s increase points to positive sentiment in the technology sector, and C&I Leasing’s performance indicates strength in the leasing and logistics sectors.
Outlook
Market analysts predict continued volatility but remain optimistic about the overall upward trend. “We expect the market to remain buoyant, driven by strong fundamentals and investor interest in high-performing sectors,” said Akinfenwa.
Nigeria’s equity markets experienced a notable gain on Wednesday, driven by strong performances in key stocks and positive investor sentiment.
This rise, reflected in the 0.17% increase, highlights a week of renewed confidence and strategic trading within the market.
Emmanuel Ochayi is a journalist. He is a graduate of the University of Lagos, School of first choice and the nations pride. Emmanuel is keen on exploring writing angles in different areas, including Business, climate change, politics, Education, and others.
Follow Us