Stock market kicks off September in the red: ASI slips 0.15% amid declining trading volume 

The All-Share Index (ASI) closed the first week of September 2024 with a 0.15% decline, falling from 96,580 points to 96,433 points.

The index dropped by 0.15%, falling from its opening value of 96,580 points to close at 96,433 points, marking the beginning of September on a bearish note.

In contrast to the previous week, where 56 equities recorded price increases, only 36 equities experienced gains this week.

Market Performance: 

Market volume also witnessed a significant drop, decreasing by 80% to 2.1 billion shares traded, compared to 10.62 billion shares exchanged the previous week.

Out of the five trading days, only Monday and Friday recorded bullish activity. The index saw downward pressure on Wednesday and Thursday, which dragged it lower.

Initially, the ASI shed 0.4% during the week, but a late rally in stocks like Oando, Berger Paints, and others on Friday helped offset the loss, reducing the weekly decline to 0.15%.

Other Highlights: 

The NGX Premium Index fell by 0.37% in the first week of September, driven by some SWOOTs like Zenith Bank which ended in the red, and Oando that shed some gains from Monday and Tuesday.

NGX 30 and NGX Main Board Index fell by 0.28% and 0.04%, respectively, mirroring the overall market trend.

NGX Oil and Gas Index outperformed, closing in the green with a 1.52% gain from the previous week.

While the NGX Insurance index (-4.45%), NGX Consumer Goods Index (-1.17), NGX Industrial Goods (-0.17), and NGX Banking Index (-0.12) all ended the week negatively.

A total of 46 equities depreciated in price, while 69 remained unchanged.

Top Gainers: 

INDUSTRIAL AND MEDICAL BASES NIGERIA PLC led the gainer, climbing by 32.58% to earn the number one spot on the table. BERGER PAINTS advanced by 31.12% while E-TRANSACT INTERNATIONAL PLC closed by 20.59%.

Other notable gainers include: 

• UACN: +19.77%, closing at N20.90.
• C & I LEASING PLC: +18.75%, closing at N4.15.
• UNIVERSITY PRESS: +16.09%, closing at N2.67.
• CAVERTON OFFSHORE SUPPORT GROUP PLC: +13.75%, closing at N1.59.
• GUINEA INSURANCE PLC: +13.04%, closing at N0.52.
• MEYER PLC: +10.00%, closing at N5.83.
• SFS REAL ESTATE INVESTMENT TRUST: +9.97%, closing at N148.35.

Top Losers:

RT BRISCOE led the losers table, falling by 27.61% to close in the red. FTN COCOA PROCESSORS PLC and OMATEK VENTURES PLC also witnessed a decline, shedding 18.8% in share price, respectively.

Other notable losers include: 

• THE INITIATES PLC: -13.8%, closing at N1.91.
• CORNERSTONE INSURANCE PLC: -12.59%, closing at N2.36.
• SECURE ELECTRONIC TECHNOLOGY PLC: -10.61%, closing at N0.59.
• ABBEY MORTGAGE BANK PLC: -9.96%, closing at N2.53.
• LIVESTOCK FEEDS PLC: -9.60%, closing at N2.26.
• PZ CUSSONS NIGERIA PLC: -9.53%, closing at N19.00.
• CHAMPION BREWERIES PLC: -9.20%, closing at N2.96.

Corporate Announcements: 

The week featured several notable corporate announcements:

• INTERNATIONAL BREWERIES PLC released its 2024 AGM resolutions.
• OANDO PLC called for the immediate cessation of libelous content in the media.
• STANBIC IBTC HOLDINGS PLC released its Q2 2024 financial statements.
• NOTORE CHEMICAL INDUSTRIES PLC announced the resignation and appointment of a new company secretary.

Outlook: 

The All-Share Index, which has fallen by 7.8% from its March 2024 high, is expected to attempt a correction. Buy pressure in the oil and gas sector, along with some banking stocks, could push the index back into bullish territory in the coming weeks.