Nigerian All-Share Index Dips 0.07% Despite Market Volume Surge

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On September 27, 2024, the Nigerian All-Share Index (ASI) saw a slight decline, dropping by 0.07% or 64.88 points to close at 98,458.68. This dip came in spite of a significant surge in market volume, indicating a complex day of trading.

Market Activity and Volume Surge

The day was marked by a robust increase in trading volume, as 797 million shares changed hands—an impressive 131% jump from the 344 million traded the previous day. These transactions were spread across 7,764 deals, showcasing heightened market activity.

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Leading the charge in volume was JAPAULGOLD, which traded a staggering 591.2 million shares, followed by UBA with 27.8 million shares, and ZENITHBANK with 11.7 million shares.

Top Performers

Several stocks shone through the day, particularly BETAGLASS, which topped the gainers’ chart with a 10.00% increase, reaching N48.95 per share. MEYER closely followed, gaining 9.93% to hit N7.75. Other notable risers included:

  • DEAPCAP: up 9.90% to N1.11
  • ELLAHLAKES: up 9.82% to N4.92
  • ABBEYBDS: up 9.65% to N2.50

Biggest Losers

On the downside, CAVERTON posted the largest drop of the day, plunging 9.76% to N2.68. NNFM and UPL also faced significant losses, falling 9.39% and 8.85%, respectively. Other major decliners were:

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  • MCNICHOLS: down 8.57% to N1.60
  • ABCTRANS: down 7.83% to N1.15

Trading Value Leaders

While JAPAULGOLD led in trading volume, it also dominated in terms of trading value, amassing N1.4 billion in transactions. OANDO came in second with N771.63 million, followed by:

  • SEPLAT: N745 million
  • UBA: N717 million
  • ZENITHBANK: N442 million

SWOOT and FUGAZ Update

Large-cap stocks, including Airtel Africa, BUA Cement, BUA Foods, Dangote Cement, Geregu Power, and Seplat Energy, remained stable. However, OANDO saw a price increase of 3.01%.

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Within the FUGAZ group:

  • FBNH and ZENITHBANK experienced minor declines of 4.58% and 0.13%, respectively.
  • ACCESSCORP and UBA remained unchanged.
  • GTCO gained 1.94%, posting a modest rise.

Read: Zimbabwe Stock Exchange (ZSE) Introduces New Gold-Backed Currency

Market Outlook

Despite the day’s dip, there’s optimism that the index might push past the 99,000-point mark, with large-cap stocks potentially driving it forward. Currently, the ASI holds steady near 98,000, with market watchers anticipating a possible upward correction in the near future.

With both increased trading activity and fluctuating stock performances, investors will be watching closely for signs of a stronger rebound in the coming sessions.

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