Nigerian Stock Market Bounces Back as Investors Gain ₦1.184 Trillion in a Day
The Nigerian stock market staged a strong comeback on Wednesday after two days of consecutive losses, as investors re-entered the market with renewed confidence, leading to a remarkable gain of ₦1.184 trillion in market capitalisation.
According to data from the Nigerian Exchange Limited (NGX), the market capitalisation jumped from ₦72.49 trillion on Tuesday to ₦73.68 trillion by the close of trading on Wednesday. The All-Share Index (ASI) also recorded a significant boost, rising by 1,876.71 basis points to settle at 116,786.87, up from 114,910.16 the previous day.
Analysts attribute the rebound to strong buying interest in large-cap stocks across several sectors, particularly in banking, telecoms, energy, and manufacturing. Stocks such as Seplat Energy, Beta Glass, MTN Nigeria, Dangote Cement, United Bank for Africa (UBA), Zenith Bank, and Access Holdings led the charge, posting substantial gains during Wednesday’s session.
The banking sector was especially active, as investors took advantage of recent price dips to accumulate shares of major players. Similarly, telecom and industrial goods stocks saw renewed momentum, likely driven by institutional investors and foreign portfolio inflows.
The day’s trading was also marked by high activity levels. Over 640 million shares were exchanged in nearly 20,000 deals, with a total market value of approximately ₦26 billion. This level of turnover reflects growing investor optimism despite recent volatility.
The sharp turnaround follows a lackluster start to the trading week. On Tuesday, the market had shed ₦183 billion, driven by a broad sell-off that cut across key sectors.
That decline had raised concerns over short-term investor sentiment and external economic pressures, including inflation and currency volatility.
Wednesday’s recovery, however, suggests that investors still see strong fundamentals in many Nigerian equities and are capitalising on buying opportunities presented by the earlier downturn.
Financial experts believe the rebound could signal a positive short-term trend, particularly if macroeconomic indicators remain relatively stable.
The market’s ability to recover over ₦1 trillion in value within a single day reinforces its resilience and investor appetite for strong, dividend-paying stocks.
“This kind of recovery indicates that the dip was largely technical, not panic-driven,” said a Lagos-based equity analyst. “We expect to see more selective buying as earnings season approaches.”
Investors and market watchers will be closely monitoring further developments in the coming days, especially around foreign exchange policy, inflation trends, and the Central Bank’s next moves.
The Nigerian stock market’s ₦1.184 trillion rebound on Wednesday reflects renewed investor confidence and a potential shift in sentiment after a shaky start to the week. With heavyweight stocks driving the rally and trading volumes surging, the market appears poised for continued activity in the days ahead.
