By Yinka Giwa
The Nigerian Exchange Ltd. (NGX) rebounded sharply on Wednesday, halting a four-day losing streak as renewed investor interest triggered a market-wide rally that added N378 billion to market capitalisation.
At the close of trading, the NGX market capitalisation rose by 0.5 per cent to N76.179 trillion, up from N75.801 trillion recorded on Tuesday. The All-Share Index (ASI) mirrored the gain, increasing by 598.67 points to close at 120,339.90, compared to the previous day’s 119,741.23.
Market analysts attributed the bullish momentum to improved sentiment across various sectors, driven largely by liquidity inflows and investor expectations of interim dividends. Stocks such as Cileasing, Cutix, Ellah Lakes, International Energy Insurance, and Omatek Ventures were among the top gainers, helping to drive the positive performance.
In total, 61 equities recorded price appreciation, outpacing 16 decliners, reflecting strong market breadth. Cileasing led the pack with a 10 per cent gain to close at N5.06, while Cutix rose by the same margin to end at N3.96 per share. Ellah Lakes also gained 10 per cent, settling at N9.24, alongside International Energy Insurance and Omatek Ventures, which closed at N1.98 and 88k respectively.
Conversely, Deap Capital suffered the day’s biggest loss, shedding 9.09 per cent to close at N1.00 per share. John Holt fell by 5.41 per cent to N7.00, while Dangote Sugar lost 5.32 per cent to finish at N44.50. Universal Insurance declined by 4.76 per cent to close at 60k, and Oando dropped by 4.73 per cent to N52.35.
Trading activity surged, with 1.05 billion shares valued at N12.17 billion exchanged in 21,964 deals. This marked a significant rise from Tuesday’s session, which saw 527.1 million shares worth N11.28 billion traded in 21,546 deals.
Royal Exchange led the activity chart with 218.7 million shares worth N229.11 million, followed by Ja Paul Gold, which recorded trades of 174.1 million shares valued at N473.44 million. Ellah Lakes also featured prominently with 83.5 million shares worth N762.23 million traded. Wema Bank and CHAMS rounded out the top five, with transactions valued at N1.1 billion and N87.14 million respectively.
Speaking on the market rebound, Mr. Aruna Kebira, Managing Director of Globalview Capital Ltd., noted that declining yields in the money market were redirecting capital into equities. He said, “The market has matured. The body language of the government shows a less aggressive borrowing posture. Rates are tanking, and there is a capital flight into the stock market.”
He added that liquidity was currently the primary driver of market prices, though he predicted a shift in investor behaviour once second-quarter earnings reports begin to surface. “The market is moving every stock for now until the Q2 2025 results are released. Then, it will begin to discriminate against underperformers.”
According to Kebira, investor optimism is also fuelled by expectations of interim dividends and stronger engagement from listed companies in capital market activities. “Liquidity and corporate action expectations are powering this bullish trend,” he concluded.