The Nigerian Exchange Limited (NGX) maintained its upward trajectory on Wednesday as investors recorded significant gains of N186 billion, continuing the market's impressive bullish run.

According to market data, the NGX market capitalization increased by 0.27 percent to close at N68.543 trillion, up from N68.357 trillion recorded on Tuesday. Similarly, the All-Share Index (ASI) rose by 296.72 points or 0.27 percent to settle at 109,059.33.

The positive market performance was primarily driven by strong buying interest in medium and large-capitalized stocks. Market breadth closed positive with 34 gainers outpacing 24 losers, indicating overall investor optimism.

Top Performers

Leading the gainers' chart was McNichols Consolidated Plc, which saw its share price increase by 10 percent to close at N1.76. Northern Nigeria Flour Mills also recorded a 10 percent gain, closing at N99.55 per share.

Other notable gainers included Champion Breweries, which soared by 9.91 percent to settle at N6.10, Caverton Offshore Support Group with a 9.78 percent gain closing at N4.04, and FTN Cocoa Processors, which grew by 9.65 percent to finish at N2.50 per share.

Market Decliners

On the flip side, Multiverse Mining led the losers with a 9.63 percent decline, settling at N9.85. Legend Internet Plc dropped by 5.41 percent to close at N8.40 per share, while Veritas Kapital Assurance shed 4.76 percent to finish at N1.00.

Transcorp declined by 4.65 percent, ending the session at N44.10 per share, and Ikeja Hotel lost 3.75 percent to close at N12.85 per share.

Trading Activity

Trading volume saw a significant increase with 531.29 million shares worth N19.81 billion exchanged across 14,870 transactions. This represents an improvement from the previous day's activity of 498.48 million shares valued at N10.781 billion traded in 14,916 deals.

Guaranty Trust Holding Company dominated the activity chart with 53.27 million shares worth N3.68 billion changing hands. Access Corporation followed with 51.90 million shares valued at N1.11 billion, while Fidelity Bank recorded transactions of 40.55 million shares worth N834.83 million.

Nigerian Breweries and Zenith Bank also featured prominently in the day's trading, with 35.76 million shares worth N1.94 billion and 27.35 million shares valued at N1.32 billion traded, respectively.

Market analysts attribute the continued bullish trend to growing investor confidence in the Nigerian equity market despite broader economic challenges. The sustained positive performance suggests potential for further gains as investors continue to seek opportunities in the Nigerian stock market.