Oando, Dangote Sugar Bullish as Nigerian Stock Market Gains N1.185 Trillion in One Day
The Nigerian Exchange Limited (NGX) experienced a remarkable upswing on Wednesday, recording a staggering N1.185 trillion gain in a single day, driven by robust investor interest in blue-chip stocks such as Oando Plc, Dangote Sugar Refinery Plc, and other key equities.
The market capitalisation soared to N56.473 trillion from N55.288 trillion at the close of the previous session, reflecting a renewed wave of optimism across the bourse. The All-Share Index (ASI) also mirrored the bullish sentiment, climbing by over 2% to settle at 102,149.93 points, up from 99,793.71 points.
Oando Plc, buoyed by strong demand and positive investor sentiment surrounding the oil and gas sector, was among the top gainers of the day, with its share price appreciating significantly.
Dangote Sugar, also witnessed a surge in share value, likely linked to anticipated expansion strategies and strategic market positioning amid ongoing reforms in the industrial sector.
Analysts say the impressive market rally reflects renewed investor confidence, driven by expectations of economic stability, improved corporate earnings, and reform-focused policies from the federal government and the Central Bank of Nigeria.
Market breadth closed positive, with over 40 stocks advancing, compared to less than 10 decliners, further underscoring the bullish mood among traders and institutional investors.
With sustained momentum and positive macroeconomic signals, market watchers anticipate continued capital inflows into the NGX in the coming days, particularly in energy, manufacturing, and banking stocks, as investors position for mid-year dividends and earnings releases.
