Nigerian Exchange (NGX) closed higher on Wednesday as performances from major stocks including Airtel Africa and Dangote Sugar, boosted the market capitalization by N628.5 billion.
According to data from the NGX Daily Official List, the market capitalization rose to N155.78 trillion from N155.15 trillion recorded on Tuesday. The All-Share Index (ASI) also climbed closing at 242,729.51 points compared to 241,750.15 points the previous day.
Airtel Africa led the gainers’ chart among equities, surging 10 percent to close at N3,323.40 per share from N3,021.30. Other notable gainers included CAP Plc, which rose 9.99 percent to N193.20, Zichis Agro Allied Industries, up 9.97 percent to N27.58, and RT Briscoe, which appreciated by 9.95 percent to N14.15.
Dangote Sugar attracted significant buying interest as well, climbing 8.42 percent to close at N91.40, while Vitafoam shares appreciated by 9.09 percent to N186.00.
On the losers’ chart, SUNU Assurances led the decline with a 10 per cent drop to N4.05, followed closely by Guinness Nigeria, which shed 9.99 per cent to close at N402.60. Caverton Offshore Support Group fell 8.33 per cent, while May & Baker Nigeria lost 6.82 per cent. MTN Nigeria also declined by 4.29 per cent to close at N800.10 per share.
Trading activity remained lively, with 85,671 deals executed involving 1.41 billion shares.
The financial services sector dominated trading volumes, recording over 363.6 million shares traded on the main board, driven largely by activity in Guaranty Trust Holding Company, Fidelity Bank, Sterling Financial Holdings, and United Capital.
In the ICT sector, CWG Plc recorded one of the highest traded volumes with over 421.6 million shares exchanged despite a 3.85 percent drop in its share price. Chams Holding Company also saw heavy trading with more than 83 million shares. Airtel Africa’s strong performance further bolstered the telecommunications sector.
Sector indices closed mixed: The NGX Banking Index rose to 2,274.52 points from 2,256.87 points, while the NGX Insurance Index increased to 1,220.17 points. However, the NGX Premium Index declined to 26,543.45 points from 26,882.27 points.
Market analysts attributed the positive market close to renewed investor confidence in fundamentally strong stocks, despite some profit-taking in key counters.
