NGX Market Wrap Oct 28 | ASI Up 0.66% | Plus234Feed

The Nigerian bourse maintained positive momentum on Wednesday, with the All-Share Index closing at 252,602.81 points, up 0.66% in a session marked by selective strength and cautious positioning. Trading activity remained robust, with 36,295 deals executed and ₦24.57 billion in total value traded across 341.75 million shares.

Fixed income securities drove the session's gains. FGSUK2027S3, a government bond instrument, surged 11.36% to ₦94.66, gaining ₦9.65 as investors rotated into yield-bearing securities. This strength extended to other credit instruments: UPDCREIT climbed 9.61% to ₦21.10 (adding ₦1.85), while SOVRENINS and CMFC added 10.00% and 5.71% respectively. This pattern suggests renewed appetite for fixed income as investors seek stable returns in the current economic environment.

Equity demand, however, showed mixed conviction. Blue-chip heavyweights dominated trading volumes: UBA led with 29.66 million shares traded, followed by ZENITHBANK (28.14 million) and ACCESSCORP (28.12 million). Yet significant losses emerged in the banking and insurance sectors. FIRSTHOLDCO plummeted 10.00% to ₦139.50 (losing ₦15.50), while REGALINS fell 10.00% to ₦0.63. AVACAP declined 6.62% to ₦7.05, suggesting profit-taking among investors who may have accumulated positions at lower valuations.

The market's modest upside gain masks underlying sector divergence. Bond strength offset equity weakness, indicating investors are rebalancing portfolios toward more stable instruments. Market capitalization stood at ₦164.01 trillion, reflecting resilience despite sectoral headwinds.

Watch for continued rotation between equities and fixed income in the next session as Q4 approaches.