NGX-ASI Crosses 109,000 Points On Earnings-Induced Rally

 Nigerian Exchange Limited (NGX) All Share Index (ASI) crossed the 109,000 points mark on Wednesday as the stock market maintained its earnings-induced rally.

The upward movement on Wednesday by 0.57 percent happened as impressive first-quarter (Q1)

financials continued to drive buy-side activities on the Lagos Bourse.

At the close of trading on Wednesday, the Nigerian Exchange Limited (NGX) All-Share Index (ASI) and equities market capitalisation moved higher from preceding day’s lows of 108,361.1 points and N68.105 trillion respectively to 109,000.19 points and N68.507 trillion.

Meyer led the gainers league after rising from N8 to N8.80, adding 80kobo or 10percent. UPDC REIT moved from N6 to N6.60, up by 60kobo or 10 percent. Beta Glass advanced from N132.80 to N146.05, up by N13.25 or 9.98 percent, while The Initiates moved up from N5.53 to N6.08, adding 55kobo or 9.95percent. Also, Vitafoam advanced from N50.80 to N55.85, adding N5.05 or 9.94percent.

In their May 7 monthly equities update titled ‘April 2025 – Bearish global market; bullish local market’, the Philip Anegbe-led team of analysts at CardinalStone Research said “the local exchange is expected to maintain its positive momentum into the new month, particularly in the early weeks, driven by an earnings-induced rally”.

“Strong corporate performance is likely to sustain investor interest and support further market gains. Additionally, the recent resurgence in foreign participation in the equities market presents a significant upside.

“This renewed interest signals a potential return of foreign inflows, which could enhance market liquidity and investor confidence, contributing to a more robust performance,” Lagos-based CardinalStone analysts further said.

In 17,496 deals, investors exchanged 587,472,362 shares worth N18.659billion. GTCO, Tantalizers, Fidelity Bank, Zenith Bank and Nigerian Breweries were actively traded stocks.

Ahead of Wednesday’s trading, Lagos-based Vetiva research analysts in their May 6 note said, “With the ASI now trading at a 4-month high and broad-based sector gains lifting investor sentiment, the market is likely to open cautiously positive in the next session. However, the recent rally—particularly in heavyweights —may invite some profit-taking, especially in names that have posted multi-session gains”.