Emmanuel OchayiNigeria’s equity market recorded further gains on Wednesday, rising by 0.31 per cent as investors focused on insurance, oil & gas, and industrial stocks. This marks the second consecutive day of positive performance for the market. Banking and consumer goods stocks also experienced mild buy activities, contributing to the overall market uptick.
At the close of trading, the Nigerian Exchange Limited (NGX) All-Share Index (ASI) increased from 98,206.97 points to 98,509.68 points. The equities market capitalisation similarly grew from N59.531 trillion to N59.715 trillion. A total of 320,101,766 shares were exchanged in 7,943 deals, amounting to N6.477 billion in value.
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Investors saw significant gains in stocks such as Conoil, RT Briscoe, Africa Prudential, Golden Guinea Breweries, and NEM Insurance.
- Conoil led the pack, surging from N320 to N352, reflecting a 10 percent increase of N32.
- RT Briscoe’s share price rose from N2.20 to N2.42, adding 22 kobo or 10 percent.
- Africa Prudential saw its share price increase from N13 to N14.30, gaining N1.30 or 10 percent.
- Golden Guinea Breweries moved higher from N6.53 to N7.18, reflecting a 9.95 percent rise of 65 kobo.
- NEM Insurance rose from N9.75 to N10.70, gaining 95 kobo or 9.74 percent.
The positive trajectory of these stocks contributed to the overall growth of the equity market, which has achieved a year-to-date (YtD) return of +31.74 percent.
Sectoral Indices Performance in the Equity Market
A review of the sectoral indices shows notable movement across different sectors of the equity market.
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- The NGX Insurance Index saw the highest rise of 2.34 percent, driven by increased demand for insurance stocks like NEM Insurance.
- The NGX Oil & Gas Index increased by 2.59 percent, reflecting renewed interest in the oil and gas sector.
- The NGX Industrial Index recorded a 0.15 percent increase, further boosting the market’s overall performance.
- The NGX Banking Index edged up by 0.06 percent, while the NGX Consumer Goods Index posted a 0.04 percent increase.
These sectoral gains reflect a diversified pattern of investment, with major activity seen in both high-growth and value-oriented sectors.
Active Traders and Most Traded Stocks
High trading activity was observed in stocks like Etranzact, Universal Insurance, Zenith Bank, FBN Holdings, and UBA. These stocks were the most actively traded on the day, reflecting investor interest in a mix of technology, financial, and insurance sectors.
A total of 320,101,766 shares changed hands during the day’s trading, with the transactions valued at N6.477 billion. The high trading volume and turnover underscore increased investor participation, reflecting renewed confidence in the equity market’s potential for returns.
Outlook for the Equity Market
With a positive year-to-date return of 31.74 percent, market analysts predict sustained interest in key sectors like insurance, oil & gas, and industrials. “Investors are positioning themselves to take advantage of expected earnings reports from major companies,” said a market analyst. “We’re seeing more activity in the insurance sector, which is traditionally under-represented but now gaining momentum.”
The consistent rise in the equity market has reignited investor confidence, with some analysts predicting further growth in the coming weeks. However, market watchers have advised caution, noting that profit-taking could impact short-term momentum.
As investors continue to target key sectors, the equity market’s performance will likely remain a topic of interest. With major gains already seen in Conoil, RT Briscoe, and NEM Insurance, market participants are closely monitoring for further opportunities to maximise returns.
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.
