THE Nigerian Exchange (NGX) equity market capitalisation climbed to a fresh record of N163.06 trillion on Wednesday, as sustained buying interest pushed the benchmark index higher.
Market capitalisation rose from N162.68 trillion recorded on Tuesday, representing a N380 billion increase.
The NGX All-Share Index (ASI) gained 576.36 points, or 0.23 percent, to close at 251,191.02 points, its highest level of the week.
Trading activity remained strong, with 1.59 billion shares changing hands in 49,736 deals.
The Main Board accounted for the bulk of the day’s activity, recording 1.46 billion shares in 31,617 deals. The Premium Board followed with 113.01 million shares traded in 15,135 deals.
The Non-Interest Finance Board recorded 8.01 million shares in 1,303 deals, while the Growth Board accounted for 5.54 million shares in 926 deals.
READ ALSO: NGX turnover falls to N130bn as market capitalisation drops
REITs and Closed-End Funds recorded 3.21 million shares in 755 deals. Fortis Global Insurance dominated the volume chart, with 860.31 million shares traded in 164 deals.
Fidelity Bank followed with 170.72 million shares in 714 deals, while Guaranty Trust Holding Company (GTCO) recorded 86.19 million shares in 3,220 deals.
Other actively traded stocks included Dangote Sugar Refinery, with 36.49 million shares; Chams Holding Company, 35.34 million; Zenith Bank, 32.86 million; E-Tranzact International, 30.38 million; and United Bank for Africa, 29.01 million.
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Financial stocks drive sector gains
The banking sector was among the strongest performers during the session, with the NGX Banking Index rising to 2,748.63 points from 2,725.39 points.
The NGX Premium Index also advanced to 31,818.49 points from 31,679.41 points. Insurance stocks recovered, lifting the NGX Insurance Index to 1,093.23 points from 1,081.54 points.
READ ALSO: Stock market turnover jumps 32% despite NGX decline
The Consumer Goods Index rose to 4,092.56 points from 4,085.44 points, while the Pension Index increased to 13,310.48 points from 13,252.35 points.
The Oil/Gas Index also edged up to 6,014.43 points from 6,010.75 points. The NGX Industrial Index was the major laggard, falling to 10,463.54 points from 10,479.35 points. The decline reflected price losses in stocks including Dangote Cement and HBM Nigeria.
The Growth Index rose to 26,695.68 points from 26,596.28 points.
Meanwhile, the Sovereign Bond Index remained unchanged at 669.43 points, while the Commodity Index also closed flat at 1,893.47 points.
Gainers outweigh decliners
Market breadth was positive, with 43 stocks recording gains compared with 20 decliners.
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Eterna led the gainers after rising 10 percent to N38.50. Thomas Wyatt Nigeria gained 9.88 percent to N2.78, while Critical Minerals Financing Corporation rose 9.76 percent to N2.70.
Haldane McCall, Omatek Ventures and John Holt also recorded gains of 9.70 percent, 9.63 percent and 9.59 percent respectively.
Caverton Offshore Support Group led the decliners, falling 9.09 percent to N4.00. University Press declined 9 percent to N4.55.
Coronation Insurance dropped 6.30 percent to N2.23, Veritas Kapital Assurance fell 5.45 percent to N1.04, while United Capital lost 5 percent to close at N17.10.
The record comes less than a week after the NGX equity market capitalisation crossed N162 trillion for the first time.
The market had previously set an all-time high of N161.8 trillion on May 13 before breaking the level again in September.
