Nigerian Stock Market Hits All-Time High as Investors Gain N374bn

• The NGX All-Share Index closed at 251,191.02 points on Wednesday, September 23, marking its highest level on record
• Market capitalisation climbed by N374bn to N163.06tn, with banking, insurance, consumer goods and oil & gas stocks all recording gains
• Eterna led the day's top gainers with a 10% rise, while Caverton Offshore Support Group topped the losers after dropping 9.09%

Legit.ng journalist Dave Ibemere has over a decade of experience in business journalism, with in-depth knowledge of the Nigerian economy, stocks, and general market trends.

Nigeria's equities market closed at a record high on Wednesday, September 23, as buying activity across several sectors pushed the NGX All-Share Index (ASI) to 251,191.02 points, up from 250,614.66 points at the close of the previous session.

The 0.23% rise marked the index's highest close since the exchange began tracking the benchmark. It also continued a broader rally that has seen the ASI climb from 246,315.38 points on Thursday, September 17.

Total market capitalisation advanced by N374bn during the session, moving from N162.68tn to N163.06tn.

Sector performance across the NGX

Gains were spread across four key sectors. The NGX Banking Index moved up to 2,748.63 points from 2,725.39 points, while the NGX Insurance Index climbed to 1,093.23 points from 1,081.54 points.

The NGX Consumer Goods Index rose to 4,092.56 points, and the NGX Oil & Gas Index edged higher to 6,014.43 points.

The NGX Industrial Goods Index was the exception, slipping to 10,463.54 points from 10,479.35 points, weighed down by price declines among some major cement producers.

Banking stocks were among the strongest performers. Zenith Bank rose 2.27% to close at N135.00 after more than 32.85 million shares changed hands.

Access Holdings added 1.16% to finish at N30.50, and First HoldCo gained 1.35% to close at N165.00. Fidelity Bank recorded the highest trading volume in the banking segment, with over 170.71 million shares exchanged.

Top gainers and losers

Eterna posted the biggest single-day advance, rising 10.00% to N38.50 per share. Thomas Wyatt Nigeria followed with a gain of 9.88% to N2.78, while Critical Minerals Financing Corporation climbed 9.76% to N2.70.

Haldane McCall rose 9.70% to N3.28, and Omatek Ventures advanced 9.63% to N1.48. John Holt, Sovereign Trust Insurance, Nigerian Aviation Handling Company and Honeywell Flour Mill also ended the session in positive territory.

On the losing side, Caverton Offshore Support Group fell the most, dropping 9.09% to N4.00. University Press declined 9.00% to N4.55, and Coronation Insurance shed 6.30% to close at N2.23.

Punch reports that Veritas Kapital Assurance fell 5.45% to N1.04, and United Capital dropped 5.00% to N17.10. C&I Leasing, Africa Prudential and NPF Microfinance Bank also recorded losses.

Overall trading activity saw investors exchange 1.59 billion shares across 49,736 deals. The Main Board accounted for the bulk of the volume, with 1.46 billion shares traded across 31,617 deals.

SEC alerts investors to fraudulent Dangote Refinery IPO platforms

Earlier, Legit.ng reported that the Securities and Exchange Commission (SEC) warned prospective investors about fraudulent schemes targeting the N2.15 trillion Initial Public Offering (IPO) by Dangote Petroleum Refinery and Petrochemicals.

The warning came as the public offer opened, attracting significant interest from investors seeking to buy shares in the company.

The SEC confirmed that it had approved the public offer but raised concerns about individuals and platforms attempting to take advantage of the strong public interest in the share sale.