The Nigerian stock market has demonstrated remarkable resilience with a sustained upward trajectory over two consecutive trading sessions, accumulating gains totaling N483 billion and pushing market capitalisation above N71 trillion for the first time.

Strong Performance Metrics

The market’s bullish momentum began on Tuesday when capitalisation increased by N259 billion (0.37%) to reach N70.894 trillion, followed by Wednesday’s additional N224 billion gain (0.32%) that elevated total market value to N71.118 trillion.

The All-Share Index (ASI) mirrored this positive trend, climbing 411.52 points on Tuesday to close at 112,427.48, then adding another 354.25 points on Wednesday to finish at 112,781.73 points.

Driving Forces Behind the Rally

The sustained growth has been primarily attributed to robust buying interest in medium and large-capitalised stocks across both trading sessions. Key performers included:

Tuesday’s Top Gainers:

- Honeywell Flour Mill: +10% to N22.00

- SCOA Nigeria: +10% to N5.39

- SFS Real Estate Investment Trust: +10% to N226.60

- Industrial & Medical Gases: +9.96% to N37.00

- International Energy Insurance: +9.82% to N1.79

Wednesday’s Leading Stocks:

- Oando: +10% to N51.70

- UH Real Estate Trust: +9.96% to N50.25

- Royal Exchange: +8.64% to N0.88

- Legend Internet: +7.27% to N5.90

- Lasaco Assurance: +6.67% to N3.20

Market Breadth Analysis

Both trading sessions recorded positive market breadth, indicating broad-based investor confidence:

- Tuesday: 36 gainers versus 32 losers

- Wednesday: 32 gainers against 21 losers

However, some stocks experienced significant declines. Tuesday’s major losers included Conoil (-10% to N268.30), Learn Africa (-9.98% to N3.88), and Transcorp Hotels (-9.97% to N132.80). Wednesday saw Nigerian Railway Corporation lead the decline with a 9.89% drop to N5.92.

Trading Activity Overview

Trading volumes remained robust across both sessions:

Tuesday Trading Data:

- Volume: 622.64 million shares

- Value: N16.12 billion

- Transactions: 17,044 deals

Wednesday Trading Activity:

- Volume: 611.53 million shares

- Value: N16.68 billion

- Transactions: 13,682 deals

Most Active Stocks

Fidelity Bank dominated trading activity on both days, leading Tuesday with 108.17 million shares worth N2.05 billion and Wednesday with 93.47 million shares valued at N1.78 billion. Other consistently active stocks included Guaranty Trust Holding Company, United Bank for Africa, and Access Corporation.

Market Outlook

The consecutive days of gains represent a significant boost for investor confidence in the Nigerian equity market. The sustained buying pressure across diverse sectors suggests growing optimism about corporate earnings potential and overall economic prospects.

The achievement of crossing the N71 trillion market capitalisation threshold marks a notable milestone for Nigeria’s capital market, reflecting both domestic and international investor appetite for Nigerian equities in the current market cycle.