Airtel Africa jumps 10% as Nigerian equities continue record rally
Nigeria’s stock market extended its rally on Wednesday, pushing the benchmark index to another record high as investors continued buying into banking, telecom and industrial stocks despite slower trading activity.
Black News 
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Nigeria’s stock market extended its rally on Wednesday, pushing the benchmark index to another record high as investors continued buying into banking, telecom and industrial stocks despite slower trading activity.
- Nigeria’s stock market climbed to another record high on Wednesday, with the NGX All-Share Index up 0.41% and year-to-date gains reaching 55.98%.
- The rally was driven by strong buying in banking, telecom and industrial stocks, lifting market capitalization to N155.8 trillion.
- Airtel Africa led gainers with a 10% rise, while Access Holdings topped trading volumes despite weaker overall market activity.
- Analysts say stronger earnings, currency reforms and renewed foreign investor interest are supporting the market rally.
The NGX All-Share Index rose 0.41% to close at 242,729.51 points, bringing the market’s year-to-date return to 55.98%. The index is also up 20.15% over the past four weeks, making Nigeria one of the world’s best-performing equity markets this year.
The latest gains lifted the Nigerian Exchange’s market capitalization to N155.8 trillion, equivalent to about $114 billion.
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Trading activity weakened from the previous session, however, with investors exchanging 1 billion shares valued at N50.7 billion ($37 million) across 85,671 deals.
Compared with Tuesday’s session, trading volume fell 21%, turnover dropped 33%, while the number of deals declined 16%.
Telecom heavyweight Airtel Africa led the gainers after its share price climbed 10% to close at N3,323.40. CAP gained 9.99%, while Zichis Agro Allied Industries and RT Briscoe also recorded strong advances.
On the losing side, Sunu Assurances Nigeria fell 10% to N4.05 per share. Guinness Nigeria shed 9.99%, while Caverton Offshore Support Group and Fortis Global Insurance also closed lower.
Access Holdings recorded the highest trading volume of the session with 85.4 million shares traded. Chams, Secure Electronic Technology and Zenith Bank were also among the market’s most actively traded stocks.
Across sectoral indices, the NGX Banking Index rose 0.78%, while the NGX Main Board Index advanced 1.42%. The NGX Consumer Goods Index gained 0.26%, extending broader market momentum.
Nigeria’s equities rally has been fueled partly by investor demand for assets seen as capable of outpacing inflation and currency weakness.
The surge also comes as major listed companies continue reporting stronger earnings, particularly in banking and telecommunications.
Foreign investor interest in Nigerian assets has also improved in recent months following currency reforms and easing dollar liquidity pressures, although analysts continue to warn that inflation and exchange-rate volatility remain key risks for Africa’s largest economy.
