The Nigerian Exchange’s All-Share Index (ASI) ended the trading session in negative territory on Monday, shedding 740.01 points to close at 98,708.90, slipping below its previous close.
This represents a 0.74% decline from the prior session, and stems from profit-taking activities following gains in the previous week.
A total of 353.18 million shares were traded, down 23.36% from the 460.85 million shares exchanged on Friday. These transactions were spread across 9,417 deals, with the day’s market capitalization settling at N59.81 trillion, reflecting subdued investor sentiment.
Despite the bearish trend, some stocks posted gains. EUNISELL and LIVESTOCK stood out as top performers, while TRANSCORP ranked high in trading value.
Leading the rally, EUNISELL surged 10.00%, with LIVESTOCK following closely, rising 9.97%. On the losing side, BUACEMENT led the decliners, dropping by10.00%. LASACO and DAARCOMM also posted significant losses, falling 9.79% and 9.38%, respectively.
Market Summary
- Current ASI: 98,708.90 points
- Previous ASI: 99,448.91 points
- Day Change: -0.74%
- Year-to-Date Performance: +32.01%
- Market Cap: N59.81 trillion
- Volume Traded: 353.18 million shares
- Value Traded: N4.55 billion
- Deals: 9,417
Top 5 Gainers
- EUNISELL: up 10.00% to N3.85
- LIVESTOCK: up 9.97% to N3.75
- TRANSCORP: up 9.95% to N48.60
- RTBRISCOE: up 9.84% to N3.35
- JAIZBANK: up 9.28% to N2.59
Top 5 Losers
- BUACEMENT: down 10.00% to N99.00
- LASACO: down 9.79% to N2.58
- DAARCOMM: down 9.38% to N0.58
- REGALINS: down 8.93% to N0.51
- JAPAULGOLD: down 6.56% to N2.28
Top Traded Stocks
Market activity slowed as trading volume decreased to 353.18 million shares, reflecting a 23.36% drop from the previous session’s total of 460.86 million shares. Total trade value was worth N4.55 billion, a 52.22% decline from the previous trading day N9.52 billion.
CHAMS emerged as the most actively traded stock, leading the volume charts with 84.61 million shares exchanged. UBA followed with 27.00 million shares, while ACCESSCORP recorded 22.22 million shares. Other notable performers included MCNICHOLS, which traded 16.32 million shares, and JAPAULGOLD, with 15.20 million shares.
In terms of value traded, UBA led the list recording trades worth N790.18 million. TRANSCORP followed closely, registering trade valued at N507.98 million, following that is ACCESSCORP recording trade value worth N503.63 million, ARADEL and ZENITHBANK also made substantial transactions worth N324.54 million and N281.90 million respectively.
Performance of SWOOT and FUGAZ Stocks
The SWOOT stocks, which include DANGOTE CEMENT, AIRTEL AFRICA, BUA CEMENT, BUA FOODS, SEPLAT, GEREGU, OANDO, TRANSCORP POWER, and TRANSCOHOT, exhibited mixed performance during the trading session. Notably, BUA CEMENT saw a 10% decline, while TRANSCORP surged by 9.95%.
UBA, which recorded a 3.99% drop and no longer holds its place among the SWOOT stocks, with its market cap falling to ₦988.36 billion.
The FUGAZ category saw mostly bearish performances. ACCESSCORP was the only stock to record a gain, rising by 2.49%, while FBN Holdings led the declines, dropping by 6.09%. UBA followed with a 3.99% dip, GTCO slipped by 2.12%, and ZENITHBANK remained relatively flat with a marginal 0.13% uptick.
Market Outlook
- The recent decline in the ASI may be short-lived, with upcoming corporate actions, including Q3 2024 earnings releases, likely to influence market sentiment.
- Increased activity is also expected in Banking, Oil & Gas, and select Consumer Goods stocks, particularly those that experienced declines last week.
- These factors could create favorable conditions for a rebound, possibly steering the ASI back toward the 99,000 mark and closer to the 100,000-point.
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