By Taiye Olayemi
The Nigerian stock market blazed into bullish territory on Wednesday, racking up a stunning N186 billion in gains as investors piled into high-performing equities in a show of renewed confidence.
Market capitalisation soared by 0.27 per cent, closing at an impressive N68.543 trillion, up from N68.357 trillion on Tuesday.
The All-Share Index (ASI) followed suit, jumping by 296.72 points to settle at 109,059.33, marking yet another milestone in the market’s positive run.
Driving the rally was aggressive buying in medium- and large-cap stocks, including McNichols Consolidated Plc, Northern Nigeria Flour Mills, Champion Breweries, and Caverton Offshore Support Group.
McNichols and Northern Nigeria Flour Mills led the gainers with a 10 per cent surge, while Champion Breweries and Caverton spiked by 9.91 per cent and 9.78 per cent, respectively.
Trading volumes were equally robust, with 531.29 million shares worth N19.81 billion exchanged in 14,870 transactions, outpacing Tuesday’s turnover.
Investor appetite was particularly strong for GTCO, Access Corporation, Fidelity Bank, Nigerian Breweries, and Zenith Bank, which dominated the activity chart.
Despite the rally, 24 stocks declined, led by Multiverse Mining and Legend Internet Plc.
Still, the market breadth remained positive, with 34 gainers stealing the spotlight – a sign that the bulls are firmly in control.
