Investors in the Nigerian stock market, including Oando, recorded significant gains of N224 billion in a single trading day as the Nigerian Exchange Limited (NGX) maintained its bullish momentum for the third consecutive day on Wednesday.

The market capitalization increased by 0.32 percent, closing at N71.118 trillion compared to Tuesday's figure of N70.894 trillion. Similarly, the All-Share Index (ASI) rose by 354.25 points or 0.32 percent to reach 112,781.73, up from 112,427.48 recorded the previous day.

Market Performance Drivers

According to market data, Wednesday's positive performance was fueled by strong buying interest in medium and large-capitalized stocks. Notable gainers included Oando, UH Real Estate Trust, Royal Exchange, Legend Internet, and Lasaco Assurance, alongside 27 other stocks.

The market breadth closed positive with 32 gainers outpacing 21 losers. Leading the gainers' table, Oando surged by 10 percent to settle at N51.70 per share, while UH Real Estate Trust followed closely with a 9.96 percent increase, closing at N50.25 per share.

Other significant gainers included Royal Exchange, which rose by 8.64 percent to end at 88 kobo; Legend Internet, which gained 7.27 percent to finish at N5.90; and Lasaco Assurance, which climbed 6.67 percent to close at N3.20 per share.

Market Decliners

On the losing side, Nigerian Railway Corporation led with a 9.89 percent drop, closing at N5.92, followed by ABC Transport, which fell by 9.83 percent to N2.66 per share. Meyer declined by 9.63 percent to N8.45, Academy dropped 9.58 percent to N4.53, and Livestock Feeds shed 6.77 percent to close at N8.95 per share.

Trading Activity

Trading volume remained robust with 611.53 million shares worth N16.68 billion exchanged across 13,682 transactions, compared to Tuesday's 622.64 million shares valued at N16.12 billion in 17,044 deals.

Fidelity Bank dominated the activity chart with 93.47 million shares worth N1.78 billion, followed by Guaranty Trust Holding Company with 87.20 million shares valued at N5.95 billion. Royal Exchange traded 73.08 million shares worth N64.93 million, while United Bank for Africa and Access Corporation transacted 57.11 million shares (N1.97 billion) and 38.76 million shares (N854.59 million) respectively.

The continued positive trend signals growing investor confidence in the Nigerian stock market, with key financial and energy sector stocks leading the momentum.