The Nigerian stock market experienced a significant surge on Wednesday, with the All-Share Index (ASI) advancing by 383.7 points to close at 149,842.8. This strong performance brought the market just shy of the critical 150,000-point psychological benchmark, reflecting a robust bullish momentum that characterized the trading session. The day’s activities underscore a noticeable shift in investor sentiment, particularly towards high-value equities.

Opening at 149,467.5, the market sustained a mild but consistent upward trajectory throughout the session, largely propelled by substantial gains in tier-one banking stocks. FirstHoldCo emerged as a frontrunner, recording an impressive 10% increase, while Access Holdings also contributed significantly with a 4% rise. These movements indicate strong investor confidence in the financial sector, which often acts as a bellwether for the broader economy.

Market activity on Customs Street witnessed an extraordinary surge in trading volume. Investors exchanged a staggering 5.9 billion shares, a dramatic increase compared to the 912 million shares traded in the preceding session. This nearly seven-fold jump in volume highlights a substantial injection of liquidity and heightened participation across various market segments, signalling a potentially sustained period of investor engagement.

Mirroring the positive sentiment, the total equity capitalisation of the market also climbed significantly, surpassing the N95.5 trillion mark. This expansion in market value, spread across 25,205 individual deals, reflects the widespread nature of the day’s gains and the growing confidence among both institutional and retail investors in the Nigerian bourse’s potential for returns.

Ecobank Transnational Incorporated (ETI) dominated the volume chart, accounting for an impressive 5.2 billion shares changing hands during the session. This extraordinary trading activity in Ecobank shares alone underscores its central role in driving the day’s overall market liquidity and provides a key insight into where significant investor capital was concentrated. Such high volume often indicates strong buying interest or major block trades.

Beyond the banking sector, FirstHoldCo and Lasaco Assurance led the broader list of gainers, both advancing by the maximum permissible 10%. Other notable performers included Veritas Kapital Assurance, Prestige Assurance, and Mecure Industries. Conversely, LivingTrust Mortgage Bank and International Energy Insurance topped the losers’ chart, both declining by approximately 10%, illustrating the typical bifurcated nature of market movements.

In terms of trading value, Ecobank again stood out, commanding trades worth an astounding N168.6 billion. This figure far surpassed other active equities, with Geregu Power following at N28.5 billion and FirstHoldCo recording N4.2 billion in value. Zenith Bank and Vitafoam Nigeria also featured among the top five by value, highlighting the significant capital flows directed towards these prominent companies.

The performance of the ‘FUGAZ’ stocks, an acronym for Nigeria’s leading financial institutions (FBNH, UBA, GTCO, Access Bank, Zenith Bank), largely contributed to the market’s upward momentum. FirstHoldCo (FBNH) gained 10%, Access Holdings rose 4%, GTCO added 0.45%, and UBA advanced 0.25%. These collective gains from key banking players reinforce the sector’s pivotal role in the market’s current rally.

Among the Stocks Worth Over One Trillion Naira (SWOOTs), which represent some of the market’s largest and most liquid equities, Lafarge Africa experienced a decline of 4.39% during the session. This contrasted with the broader positive trend, indicating that even within the large-cap segment, investor sentiment remained selective, with some sectors experiencing profit-taking or reduced interest.

The All-Share Index’s proximity to the 150,000-point level suggests a potential for continued bullish sentiment, particularly if buying interest broadens beyond the current concentration in large-cap equities. Market analysts indicate that a sustained rally, encompassing mid- and large-cap names, could propel the index beyond this psychological barrier and potentially target levels exceeding 155,000 points in the near term.

This sustained market performance reflects a growing confidence among investors in the resilience and potential of the Nigerian capital market. While the focus remains on the financial sector’s strong showing, the overall expansion in trading activity and market capitalisation points towards a broader re-evaluation of investment opportunities within the country’s economic landscape, attracting both domestic and international capital.

The current trajectory highlights a period of significant dynamism for the Nigerian Exchange. Observers will closely monitor whether the momentum, heavily influenced by key banking stocks and exceptional trading volumes, can be sustained and broadened across other sectors, providing a clearer indication of the market’s long-term health and its capacity for further growth.

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Keywords: Nigerian stock market, FirstHoldCo, Ecobank shares, All-Share Index, Tier-one banks, Equity capitalization, Market rally Nigeria, FUGAZ stocks