The Nigerian Exchange Group (NGX) recorded a significant upswing on Wednesday, gaining N187 billion in market capitalization as bullish sentiment continued to drive trading activity across key sectors.
According to data from the NGX, the market capitalization rose from N56.72 trillion to N56.91 trillion at the close of trading, propelled by gains in the banking, consumer goods, and industrial sectors. The All-Share Index (ASI) climbed by 0.33%, closing at 104,512.34 points.
Analysts attributed the sustained positive momentum to increased investor confidence, driven by improved corporate earnings, moderated inflation outlook, and expectations of further monetary easing by the Central Bank of Nigeria (CBN).
“Investor appetite has returned strongly in the last few sessions, particularly in blue-chip stocks. This reflects growing optimism around macroeconomic stability and earnings resilience,” said Ifeoma Ude, an equity research analyst at FBNQuest.
Top gainers during the session included GTCO, Dangote Sugar, and BUA Cement, while profit-taking in a few mid-cap stocks slightly tempered overall gains.
The NGX’s performance adds to a string of recent rallies, suggesting that Nigeria’s capital market may be on track for a stronger second quarter, following a relatively volatile start to the year.
Market operators have urged cautious optimism, however, citing the need for sustained policy clarity, exchange rate stability, and improved liquidity to maintain momentum.
“The fundamentals are improving, but we still need consistency in reforms and investor engagement to keep this rally going,” said Dayo Adepoju, a Lagos-based portfolio manager.
As the week continues, traders will be closely watching for macroeconomic data and central bank commentary that could influence short-term market direction.
