Nigerian Stocks Surge, Market Cap Gains N1.14 Trillion  

Nigeria’s equity market continued its positive run on Wednesday, with the All-Share Index (ASI) rising 2.38% to 90,063.25 points.

This represented a gain of 2,092 basis points from the previous day’s closing of 87,971.10.

Investors gained a significant N1.14 trillion, pushing the market capitalization to N49.281 trillion compared to N48.139 trillion recorded on Tuesday.

The bullish sentiment was evident across the market, with 45 stocks posting gains while 35 declined. 39 other stocks remained unchanged in 17,471 deals.

Sunu Assurances Nigeria emerged as the biggest gainer, jumping 10% to N1.76 per share.

Guinness Nigeria, Honeywell Flour Mills, AIICO Insurance, and Wema Bank followed closely with gains of 10%, 9.99%, 9.98%, and 9.97% respectively.

BUA Cement, May and Baker, and Transcorp also witnessed significant gains, exceeding 9%.

On the flip side, R.T. Briscoe led the laggards, dropping 10% to N0.81 per share.

Dangote Sugar Refinery, Nigeria Exchange Group, and Redstar Express followed with declines exceeding 9%.

Trading activity remained vibrant, with Sterling Bank Financial Holding Company topping the volume charts.

The company traded 106.141 million shares valued at N800.2 million in 838 deals. Japaul Gold Venture and Transcorp also recorded high trading volumes.

Nigeria Breweries emerged as the leader in terms of value traded, with its stocks worth N2.018 billion changing hands in 331 deals.

Transcorp and Zenith Bank followed closely with values exceeding N1 billion each.

Overall, Wednesday’s trading session demonstrated continued investor confidence in the Nigerian stock market.

The broad-based gains and increased participation suggest optimism about the economy and future prospects of listed companies.