Nigerian Stock Market surges by ₦1.19 trillion as Oando, Dangote Sugar drive rally

By Taiye Olayemi

The Nigerian equities market rallied strongly on Wednesday, adding ₦1.185 trillion in value as investor confidence surged on the back of renewed interest in medium and large-cap stocks.

Market capitalisation rose by 1.57 percent to close at ₦76.761 trillion, up from ₦75.576 trillion recorded the previous day.

Similarly, the All-Share Index appreciated by 1,466.87 points or 1.22 percent, closing at 121,257.69 compared to Tuesday’s 119,790.82.

The upswing was largely driven by positive sentiment around stocks such as Dangote Sugar, Oando, C&I Leasing, and Champion Breweries, which posted significant gains alongside 59 other equities.

A total of 63 stocks recorded gains, far outpacing the 17 that declined, reflecting a broadly bullish market sentiment.

Dangote Sugar and Oando Plc led the pack, each appreciating by 10 percent to close at ₦48.40 and ₦68.75 per share respectively. C&I Leasing followed closely with a 9.98 percent increase to ₦5.18, while Champion Breweries advanced 9.98 percent to ₦10.91. Computer Warehouse Group also posted a 9.95 percent gain, closing at ₦11.60.

On the flip side, University Press shed 6.25 percent to close at ₦6. RT Briscoe dropped 6.12 percent to ₦2.30, Multiverse Mining fell 4.89 percent to ₦8.75, and Meyer declined 4.69 percent to ₦9.15. In a contrasting trade session, Computer Warehouse Group appeared among the losers, falling by 4.15 percent to ₦3.

Trading volume remained robust, with 861.67 million shares worth ₦26.18 billion exchanged in 22,896 deals. This was slightly lower than Tuesday’s 868.68 million shares valued at ₦23.71 billion across 22,207 deals.

Fidelity Bank led trading activity with 82.98 million shares valued at ₦1.66 billion. It was followed by Caverton Offshore Support Group with 64.18 million shares worth ₦319.69 million. Zenith Bank recorded 60.62 million shares traded at a value of ₦3.45 billion. Ja Paul Gold posted 56.26 million shares worth ₦115.35 million, while Access Corporation traded 48.59 million shares valued at ₦1.12 billion.

Analysts attribute the bullish performance to sustained investor optimism over economic reforms and expectations of strong corporate earnings.

The market’s positive breadth and heightened activity signal growing investor appetite, particularly in key sectors poised to benefit from the government’s economic agenda.