Bargain-hunting in blue-chip stocks pulled the Nigerian stock market to a rebound as the All-Share Index rose by 2.88 per cent to close at 145,403.83 points on Wednesday, November 12.
Similarly, the total market capitalisation of all the listed stocks climbed by 2.88 per cent to ₦92.48 trillion, leaving investors to gain ₦2.59 trillion at the close of the day’s trading session.
The bullish momentum reflected on the market breadth as 65 stocks gained relative to 11 stocks that declined.
Access Holdings, Axa Mansard Insurance, Nigerian Breweries, Oando, and PZ Cussons Nigeria topped the gainers’ list, while Vitafoam Nigeria, Austin Laz & Company, Transcorp Power, Red Star Express, and Abbey Mortgage Bank led the losers’ table.
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Sectoral performance was broadly bullish as the banking index surged by 7.39 points to close at 1,394.83 points. The insurance index rose by 6.95 per cent to 1,115.06 points.
The oil and gas index rose by 4.11 per cent to 2,752.92 points, the consumer goods index by 2.27 per cent to 3,399.40 points, and the industrial goods index by 0.43 per cent to close at 5,410.58 points.
However, the commodity index slightly shed 0.03 per cent to close at 1,184.90 points.
Trading activity was mixed as total volume jumped 22.94 per cent to 806.40 million shares and transaction values by 72.77 per cent to ₦50.78 billion, while total deals declined by 17.08 per cent to 24,509 trades.
“This pattern suggests heightened institutional activity through large block transactions, signalling strategic positioning as investors capitalise on attractive entry points following Tuesday’s sharp correction,” said analysts at Cowry Asset Management.
Pinnacle Daily reported that the stock market lost approximately ₦4.65 trillion the previous day, with only four stocks on the gainers’ table as sell pressure persisted in the market.
The stock market had lost close to ₦10 trillion since the beginning of the month to Tuesday, November 11.
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Analysts blamed the recent sentiment in the stock market on market fundamentals while pointing to the new capital gains tax (CGT) policy expected to take effect from January 2026 as a contributing factor.
In an effort to further shape thoughts on the new CGT, the chairman of the Presidential Fiscal Policy and Tax Reforms Committee, Taiwo Oyedele, on Tuesday clarified that the CGT framework will not retroactively tax investment gains made before 2026.
His clarification came following the single-day trading loss of ₦4.65 trillion and the call by analysts for a review of the policy.
Oyedele explained that the CGT reform introduces a significant change in how the tax will be calculated for investments made before 2026.
He said specifically that the cost base or reference price for calculating capital gains will be reset to the higher of two amounts: the actual amount paid to acquire the asset or the asset’s market value as of December 31, 2025.
This means investors who bought shares at a lower price in previous years and saw their value rise will not be taxed on those historical gains.
He added that instead, taxation will only apply to any appreciation in value that occurs after 2025.
Alex is a business journalist cum data enthusiast with the Pinnacle Daily. He can be reached via ealex@thepinnacleng.com, @ehime_alex on X
