The Nigerian stock market had a strong midweek rally, with investors showing renewed interest in oil and insurance stocks, pushing the Nigerian Exchange (NGX) to a N1.18 trillion gain in market capitalisation—the biggest single-day increase of the week.
At Wednesday’s close, the All-Share Index (ASI) jumped by 2,246 points, a 1.95% rise, to finish at 117,156.16 points. Market capitalisation followed suit, climbing from ₦72.5 trillion to ₦73.7 trillion.
Who Led the Charge?
Heavyweights like NEM Insurance, Seplat Energy, Thomas Wyatt Nigeria, and Linkage Assurance were the main drivers of the rally.
- NEM Insurance soared by 10% to close at ₦16.50
- Seplat Energy rose by 9.78%, finishing at ₦5,450.00
- Thomas Wyatt Nigeria gained 9.73%
- Linkage Assurance added 9.56%
Sectoral Strength
The Oil & Gas Index led the pack with a 7.49% gain, signaling strong investor confidence. The Premium Index and Banking Index followed with 3.52% and 3.25% gains, respectively, while the Insurance Index posted a 2.02% rise.
Out of 130 listed equities, 37 gained, 31 declined, and the rest held steady—underscoring the upbeat sentiment that marked the day’s trading session.
This broad-based rally shows growing investor optimism, especially in sectors tied to Nigeria’s real economy. As oil prices hold firm and insurance stocks attract more attention, market momentum may continue in the near term.