October 08, (THEWILL) — The Nigerian Exchange (NGX) sustained its positive momentum on Wednesday, October 8, as key performance indicators closed higher, driven by renewed investor appetite for mid- and large-cap stocks across the industrial, energy, and financial sectors.
The market capitalisation rose by 0.50%, from ₦92.03 trillion to ₦92.49 trillion, while the All-Share Index (ASI) appreciated by the same margin, moving from 144,995.26 points to 145,719.09 points. The gains reflected sustained bullish sentiment following a week of cautious but steady trading.
Market analysts attributed the upward trend to bargain-hunting in fundamentally sound equities and renewed positioning by institutional investors ahead of Q3 earnings releases.
Improved liquidity in the financial system and a stable macroeconomic environment also supported the day’s rally.
Top Gainers
FTN Cocoa led the gainers’ chart, rising by 8.89% from ₦5.51 to ₦6.00 amid strong investor demand and positive expectations in the consumer goods segment.
Livestock Feeds gained 7.43% (₦7.40 to ₦7.95), while Eterna Plc advanced by 6.96% (₦38.80 to ₦41.50) on renewed confidence in downstream energy stocks.
Other notable gainers included Prestige Assurance, which rose 4.94% (₦1.62 to ₦1.70), and Fidelity Bank, which appreciated by 4.74% (₦20.05 to ₦21.00), as investors continued to favour banking stocks with strong dividend yields and growth potential.
Top Losers
On the flip side, International Medical Group (IMG) topped the losers’ chart with a 9.97% drop (₦36.40 to ₦32.95) following profit-taking.
LivingTrust Mortgage Bank declined by 9.93% (₦5.94 to ₦5.35), while Sunu Assurance fell 9.48% (₦5.80 to ₦5.25).
Jaiz Bank lost 7.53% (₦4.65 to ₦4.30), and Chams Holdings dipped 6.28% (₦4.62 to ₦4.33), rounding off the top five decliners as traders rebalanced portfolios after recent rallies.
Market Overview
Market breadth closed positive, with more gainers than losers, reflecting improving investor confidence. Blue-chip stocks such as Dangote Cement, SEPLAT Energy, John Holt Plc, Julius Berger, and DN Tyre and Rubber traded flat, contributing to overall market stability.
Outlook
Analysts expect the bullish momentum to continue in the short term, supported by the anticipated release of third-quarter earnings and policy stability from the Central Bank of Nigeria.
The equities market remains attractive, particularly in the banking, energy, and industrial goods sectors, where valuations are still competitive and dividend yields remain high relative to fixed-income instruments.
However, traders cautioned that profit-taking and macroeconomic pressures, including inflation and exchange rate volatility, could temper gains.
Long-term investors were advised to focus on fundamentally strong stocks with consistent earnings and proven management performance.
Overall, Wednesday’s performance signaled renewed optimism in Nigeria’s capital market as investors positioned ahead of Q3 earnings and potential policy clarity toward year-end.
Despite short-term fluctuations, sustained interest in high-performing sectors and improved liquidity are expected to keep the market on a positive trajectory in the coming weeks.
Ogochukwu Onwaeze
