Trading on the Nigerian Exchange (NGX) closed on a mildly positive note on Wednesday as investors slowed down on bargain hunting despite the continued release of third-quarter (Q3) corporate earnings reports.
The All-Share Index (ASI) rose marginally by 0.02 per cent to close at 147,742.22 points, maintaining a strong year-to-date gain of 43.54 per cent. The slight upward movement was mainly driven by price appreciation in select medium and small-cap stocks, reflecting cautious optimism among market participants.
Following the modest gain, the market capitalisation increased by ₦19.84 billion to close at ₦93.78 trillion. This performance underscores the sustained investor confidence in Nigeria’s equity market fundamentals, even as overall market momentum appeared to weaken across key indicators.
Market breadth stayed positive, with 33 gainers outperforming 27 losers, representing a market breadth ratio of about 1.2 to 1. Analysts say the pattern shows that, while sentiment remains fragile, investors are still selectively positioning ahead of more third-quarter results from major listed firms.
However, trading activity on the NGX declined significantly compared to the previous session. The total volume of trades fell by 21.41 per cent to 389.11 million shares, while the total value of transactions dropped by 28.02 per cent to ₦12.48 billion. The total number of deals executed also dipped by 10.25 per cent to 23,017, showing reduced participation and smaller transaction sizes.
Fidelity Bank Plc (FIDELITYBK) led the activity chart by volume, accounting for 12.13 per cent of total shares traded. It was closely followed by Chams Holdings Plc (CHAMS), which recorded 6.41 per cent; Zenith Bank Plc (ZENITHBANK) with 5.39 per cent; Access Holdings Plc (ACCESSCORP) with 4.97 per cent; and FBN Holdings Plc (FIRSTHOLDCO), which accounted for 4.29 per cent.
In terms of value, Zenith Bank emerged as the most actively traded equity, representing 11.56 per cent of total trade value on the exchange. The performance of tier-one banking stocks continues to shape overall market liquidity as institutional investors remain cautious about large exposures.
On the gainers’ list, Royal Exchange Plc (ROYALEX) led with a 7.37 per cent increase, followed by International Energy Insurance Plc (INTENEGINS) which rose 6.05 per cent. Construction giant Julius Berger Nigeria Plc gained 5.51 per cent, Omatek Ventures Plc appreciated by 4.90 per cent, Daar Communications Plc climbed by 4.76 per cent, while Vitafoam Nigeria Plc advanced by 4.32 per cent.
Conversely, Tripple Gee Plc (TRIPPLEG) topped the losers’ chart, shedding 9.91 per cent. It was followed by UAC of Nigeria Plc (UACN), which fell by 6.46 per cent; Ellah Lakes Plc declined by 4.66 per cent; Honeywell Flour Mills Plc lost 3.49 per cent; Wema Bank Plc dropped by 3.16 per cent; and Dangote Sugar Refinery Plc slipped by 0.50 per cent.
Some blue-chip stocks also influenced the day’s direction. International Breweries Plc gained 1.72 per cent, Stanbic IBTC Holdings Plc added 1.61 per cent, while Transnational Corporation Plc (Transcorp) advanced by 4.19 per cent. Their gains helped offset losses recorded in Nigerian Breweries Plc (-1.67 per cent) and Guaranty Trust Holding Company Plc (GTCO), which declined by 0.64 per cent.
At the close of trading, the market recorded 32 gainers and 27 losers, suggesting a mildly bullish outlook. Sectoral performance was mixed. The Consumer Goods sector gained 0.09 per cent, Industrial Goods advanced by 0.08 per cent, and the Oil and Gas index edged higher by 0.09 per cent. However, the Banking index dropped by 0.15 per cent, while the Insurance sector declined by 0.13 per cent. The Commodity sector closed flat.
Market analysts described the session’s modest rise as a reflection of investor caution and selective positioning. According to them, many traders are adopting a “wait-and-see” approach ahead of further corporate earnings disclosures and potential policy announcements from the Central Bank of Nigeria (CBN) and the Ministry of Finance.
They also noted that while the NGX has shown strong year-to-date performance, short-term volatility is likely to persist as investors digest earnings results and assess the broader direction of monetary and fiscal policy.
Overall, Wednesday’s trading outcome showed that investors remain positive about the long-term potential of the Nigerian equities market, even as they continue to trade carefully amid uncertain global and domestic market conditions.
