Nigerian stocks recover ₦103.9 billion on Wednesday, October 14, as renewed buying interest lifted the Nigerian Exchange. The rebound pushed total equity market capitalisation to ₦160.81 trillion and raised the benchmark All-Share Index by 0.065%.
The All-Share Index gained 160.02 points to close at 247,673.65 points, compared with 247,513.63 points recorded on Tuesday. The market’s performance reflected renewed interest in selected stocks, particularly in the oil and gas, banking and insurance sectors.
However, the recovery did not erase all the losses from previous sessions. Investors will need further gains to determine whether the market can maintain its positive direction.
Nigerian Stocks Recover ₦103.9 Billion as Key Sectors Gain
Oil and gas, banking and insurance stocks helped drive Wednesday’s market rebound. Aradel Holdings gained 1.67% to close at ₦1,400 per share, while Access Holdings rose 1.43% to ₦28.40. Wema Bank also advanced by 2.65%, reflecting stronger performance among selected banking stocks.
Insurance equities contributed to the positive close as well. Fortis Global Insurance gained 9.38%, while Guinea Insurance rose 6.38%. These advances supported the broader market as investors increased their interest in selected listed companies.
Austin Laz & Company led the gainers, rising 10% to ₦2.42 per share. E-Tranzact International followed with a 9.76% increase to ₦15.75, while Livestock Feeds gained 9.71% to close at ₦16.95.
Despite these gains, some stocks recorded losses. UPDC Real Estate Investment Trust fell 9.96% to ₦23.50, making it the session’s biggest percentage loser.
Trading Activity Declines Despite Higher Market Value
Although the market closed higher, trading activity weakened. Investors exchanged approximately 314.90 million shares in 30,922 deals on Wednesday. This represented a decline from the 394.16 million shares traded across 38,660 deals during the previous session.
The lower trading volume suggests that the market’s recovery did not come with stronger overall trading activity. Investors may therefore watch subsequent sessions to see whether buying interest spreads across more stocks.
Wednesday’s rebound offers some relief after two days of losses. However, the market’s next direction will depend on sustained investor demand, individual stock performance and developments affecting the Nigerian economy.
For now, the ₦103.9 billion gain marks a return to positive territory for the NGX, but further trading sessions will show whether the recovery can continue.
