NGX Gains N3.45 Trillion as Airtel Africa, Banks Drive Market Rally

Nigeria’s stock market extended its bullish run on Wednesday, with investors adding N3.45 trillion in value as buying interest in large-cap stocks pushed the benchmark index to a new high.

Data from the Nigerian Exchange (NGX) showed that the All-Share Index (ASI) rose by 2.27 per cent to 242,459.98 points from 237,083.28 points recorded on Tuesday. The market’s year-to-date return also climbed to 55.81 per cent.

The rally was largely driven by strong gains in major stocks, including Airtel Africa, Fidelity Bank, Aradel Holdings, Wema Bank, Dangote Cement, Access Holdings, Zenith Bank, FCMB, NGX Group, and Lafarge Africa.

Airtel Africa led the advance with a 10 per cent gain, while Fidelity Bank rose 9.97 per cent and Aradel added 8.86 per cent.

Market sentiment remained positive as 34 stocks recorded gains compared with 23 losers, reflecting broad-based investor demand across key sectors of the market.

Investors exchanged 518.38 million shares valued at N22.71 billion across 48,422 deals, representing a 5.06 per cent increase in volume compared to the previous trading day.

LASACO Assurance emerged as the most traded stock by volume, accounting for 56.6 million shares or 10.92 per cent of total market turnover.

Aradel Holdings recorded the highest traded value at N4.2 billion, contributing 18.49 per cent of the day’s total transaction value. Zenith Bank and Lafarge Africa also ranked among the most actively traded stocks by value.

The sustained rally suggests investors remain optimistic about corporate earnings prospects and the broader outlook for Nigeria’s capital market.

The market’s momentum also lifted the Proshare Memorandum Indexes, with the market capitalisation-weighted index rising 2.01 per cent and the total return float-adjusted index advancing 1.16 per cent.

Outside the equities market, the naira weakened slightly against the US dollar.

The average Bureau De Change (BDC) rate depreciated by 0.35 per cent to N1,410 per dollar from N1,405 per dollar recorded previously.

Similarly, the Nigerian Foreign Exchange Market (NFEM) rate slipped 0.24 per cent to N1,379.07 per dollar.

Meanwhile, global oil prices climbed amid renewed geopolitical tensions in the Middle East.

Brent crude rose 5.66 per cent to US$77.98 per barrel, while West Texas Intermediate (WTI) gained 5.01 per cent to US$73.77 per barrel.

The increase followed concerns over potential disruptions to global oil supply after renewed warnings from U.S. President Donald Trump regarding possible further military action against Iran.

For Nigeria, higher oil prices could provide temporary support for foreign exchange earnings and government revenue, although sustained gains will depend on production levels and global market conditions.