After a shaky start to July, Nigeria’s stock market found its footing on Wednesday, with Ellah Lakes leading a rebound as investors positioned for the second half of the year.
Driven by renewed portfolio rebalancing, stocks like Cutix and International Energy Insurance followed suit, lifting the market by 0.50% and pushing year-to-date returns to nearly 17%.
Ellah Lakes Tops Gainers
Ellah Lakes led the surge, as its share price jumped from ₦8.40 to ₦9.24—an 84 kobo or 10% increase.
Cutix followed closely, climbing 10% to ₦3.96.
Likewise, International Energy Insurance rose to ₦1.98, adding 18 kobo or 10%.
These sharp gains injected fresh momentum into the market.
Index And Capitalisation Rise
As a result, the Nigerian Exchange All-Share Index advanced from 119,741.23 to 120,339.90 points.
Read Also: Shell Doubles Down On Deepwater Oil With $510m Boost To Nigeria’s Bonga field
Simultaneously, market capitalisation grew by over ₦378 billion to reach ₦76.179 trillion.
Consequently, the market’s year-to-date return rose to +16.92%.
Analysts Predict Uptrend
Earlier in the week, analysts at United Capital predicted this upward movement.
They argued that excess liquidity in the financial system would support equities, while investors would likely begin positioning ahead of second-quarter earnings.
According to them, companies with strong foreign exchange gains, tight cost control, and potential for quality interim dividends would attract the most attention.
Trading Activity Intensifies
Meanwhile, traders actively exchanged 1.05 billion shares valued at ₦12.17 billion across 21,964 deals.
Stocks such as Royal Exchange, Japaul Gold, Wema Bank, and Chams recorded high volumes, indicating renewed investor confidence as the second half unfolds.
