Nigerian Stock Market Gains Big as Investors Cheer Dividend Season

The Nigerian stock market continued its bullish streak on Wednesday, closing with a massive N863 billion boost, thanks to the strong performance of 39 listed companies. Investors are smiling, as interim dividends and positive earnings reports fuel confidence across the local bourse.

The Nigerian Exchange Limited (NGX) market capitalization rose by 0.99%, ending the trading day at ₦88.054 trillion, up from ₦87.191 trillion the previous day. Similarly, the All-Share Index (ASI) climbed by 1,365.80 points, settling at 139,278.67.

Leading the charge were stocks from Multiverse Mining, Royal Exchange, Berger Paints, Dangote Sugar, and NPF Microfinance Bank, all of which saw impressive gains. Multiverse Mining and Royal Exchange stood out with a 10% increase, closing at ₦9.90 and ₦1.54 per share respectively.

However, not all was rosy. On the losing side, Abbey Mortgage Bank and FTN Cocoa Processors each dropped by 10%, closing at ₦6.48 and ₦6.30 per share respectively. Despite this, the overall market sentiment remained positive, with 39 gainers outnumbering 32 losers.

In terms of market activity, a total of 922.03 million shares worth ₦35.39 billion were traded in 36,423 transactions. This marked a slight decrease in volume from Tuesday’s 940.80 million shares, but a notable increase in value from ₦30.63 billion.

Fidelity Bank topped the trading chart with 90.39 million shares worth ₦1.89 billion, closely followed by Access Corporation.

The continued rally in the NGX is largely being driven by expectations of interim dividend payouts, which have traditionally attracted fresh interest from investors during this season.

As market optimism grows, analysts suggest that barring any negative economic shocks, the current bullish trend may persist—making it a good time for investors to reassess their portfolios.