The Nigerian All-Share Index (ASI) decreased by 0.33%, dropping 326.40 points to finish at 98,232.39, amidst a 27% decline in market volume, on October 2, 2024.
Noteworthy gains were seen in stocks such as INTBREW and MEYER, both of which surged over 9%, while UBA topped the trading volume chart.
A total of 425 million shares were exchanged, reflecting a significant drop from the 586 million traded the previous day, across 11,954 transactions.
INTBREW stood out as the leading performer, climbing 9.98%, closely followed by MEYER with a rise of 9.93%.
Conversely, ELLAHLAKES faced the steepest decline, falling 9.93%, while CAVERTON and ABCTRANS also reported significant losses of 9.92% and 9.57%, respectively.
Market Snapshot
- Current ASI: 98,232.39 points
- Previous ASI: 98,558.79 points
- Year-to-Date Performance: +31.37%
- Volume Traded: 425 million shares
Top 5 Gainers
- INTBREW: up 9.98% to N4.41
- MEYER: up 9.94% to N8.52
- VERITASKAP: up 9.93% to N1.66
- TRIPPLEG: up 9.91% to N4.99
- DEAPCAP: up 9.84% to N1.34
Top 5 Losers
- ELLAHLAKES: down 9.93% to N3.99
- CAVERTON: down 9.92% to N2.18
- ABCTRANS: down 9.57% to N1.04
- LIVESTOCK: down 9.03% to N2.72
- CONHALLPLC: down 7.24% to N1.41
Trading Volume
Trading volume dropped to 425 million shares, representing a 27% decrease from the 586 million shares reported on Monday.
UBA led the market with a notable 108.02 million shares traded, followed by ZENITHBANK with 35.17 million shares. Other significant trades included VERITASKAP at 30.58 million shares, ELLAHLAKES with 21.61 million shares, and REGALINS, which saw 190.8 million shares change hands.
Trading Value
In terms of trading value, UBA was the frontrunner with N3.01 billion in transactions, while ZENITHBANK followed closely with N1.32 billion.
Other notable contributions came from OANDO with N934.85 million, MTNN at N338.18 million, and ACCESSCORP, which attracted N318.80 million.
SWOOT and FUGAZ Update
- For large-cap stocks such as Airtel Africa, BUA Cement, BUA Foods, Dangote Cement, Geregu Power, and Seplat Energy, share prices remained completely stable, with no movements observed.
- On the other hand, MTNN experienced a modest upward movement, recording a gain of 0.52%. Conversely, TRANSCORP faced a decline, with its shares dropping by 0.88%.
- Turning our attention to the FUGAZ group, we saw a different trend. The stocks of FBN Holdings (FBNH), United Bank for Africa (UBA), GTCO, and Access Bank (ACCESSCORP) all concluded the trading session on a downward note, with respective losses of 4.44%, 4.59%, 0.31%, and 4.13%.
- In stark contrast to these declines, Zenith Bank (ZENITHBANK) managed to hold its ground, closing with no change, reflected in a stable value of 0.00%.
Outlook
Despite the index closing in the negative, it is anticipated to continue correcting from a previous low reached in August.
The oil and gas and banking sectors are expected to play a role in this correction as positive market sentiment increases.