Nigeria’s stock market extended its recovery on Wednesday, November 4, as renewed buying interest in banking and power stocks lifted the Nigerian Exchange (NGX) All-Share Index above 254,000 points, taking the benchmark further away from its October lows.
The All-Share Index gained 473.46 points, representing a 0.19% increase, to close at 254,762.81 points from 254,289.35 points recorded in the previous trading session.
The latest performance lifted equities market capitalisation by approximately ₦307.4 billion to ₦165.42 trillion, compared with ₦165.11 trillion recorded on Tuesday.
According to the Nigerian Exchange’s official market snapshot for November 4, investors traded 552.31 million shares valued at ₦37.46 billion in 33,047 deals, reflecting sustained activity in the equities market.
The benchmark index has now recovered approximately 4% from its October 22 low of 244,956.94 points and stands about 1.6% above its October 2 level of 250,808.27 points.
Buying interest in major banking stocks and power companies supported Wednesday’s advance, with Transcorp Power emerging as the session’s strongest performer among the major gainers.
Transcorp Power shares rose 9.97% to close at ₦203, while Guaranty Trust Holding Company (GTCO) gained approximately 5.1%. Zenith Bank and United Bank for Africa (UBA) also recorded gains of 2.65% and 2.68% respectively.
The market recorded 27 advancing stocks against 23 decliners, indicating positive market breadth during the session.
The banking sector led the major sectoral indices, advancing 0.72%. However, the recovery was not evenly distributed across the market.
The Insurance Index declined by 0.54%, dragged down by heavy losses in Sovereign Trust Insurance, which fell 9.91% to ₦1.91, and Cornerstone Insurance, which dropped 9.30% to ₦3.90. Consumer Goods and Oil & Gas also recorded marginal losses of roughly 0.1% each, with Eterna leading the market’s overall decline after dropping 9.94% to close at ₦38.50.
The latest advance follows a period of weakness in October, when the All-Share Index fell to 244,956.94 points on October 22 before recovering during the final trading sessions of the month.
Although the benchmark has regained ground, Wednesday’s modest 0.19% increase suggests a gradual recovery rather than a decisive market breakout.
The performance also highlights the influence of heavyweight banking and power companies on the direction of the Nigerian equities market, as gains in selected stocks continue to support the broader index despite weakness in other sectors.
For investors, the sustainability of the rebound will depend on whether buying interest spreads to more listed companies and sectors in subsequent trading sessions.
