The Nigerian All-Share Index (ASI) closed on a positive note on November 28, 2024, rising by 487.24 points to settle at 97,783.81, reflecting a modest gain of 0.5% and signalling a subtle but steady upward momentum in the market.
Despite this positive movement in the index, trading volume experienced a decline, dropping by 23.08% from the previous day’s 822 million shares to 632 million shares. This dip in volume suggests a slight pullback in market participation, even as the index rose.
Market capitalization held firm at N59.2 trillion, while the total number of trades executed stood at 8,404, indicating that market activity remained relatively stable.
Among the top gainers, VITAFOAM emerged as the star performer, soaring by 9.81% to claim the top spot. ARADEL followed closely with a 9.23% increase, and FTNCOCOA rounded out the top three, posting a 7.82% gain.
On the flip side, PRESTIGE led the decliners, shedding 10.00% of its value, while UNILEVER closely trailed, dropping 9.97%.
Interestingly, FBNH and HMCALL were the most actively traded stocks of the day, highlighting sustained investor interest despite the overall dip in trading volume.
Market Summary
- Current ASI: 97,783.81 points
- Previous ASI: 97,639.88 points
- Year-to-Date Performance: +30.77%
- Volume Traded: 632 million shares
Top 5 gainers
- VITAFOAM: up 9.81% to N23.50
- ARADEL: up 9.23% to N517.00
- FTNCOCOA: up 7.82% to N1.93
- SOVRENINS: up 6.25% to N0.68
- OANDO: up 5.40% to N65.35
Top 5 losers
- PRESTIGE: down 10.00% to N0.81
- UNILEVER: down 9.97% to N26.65
- AUSTINLAZ: down 9.96% to N2.17
- JOHNHOLT: down 9.90% to N8.82
- ETERNA: down 6.94% to N20.80
Trading volume
The Nigerian equities market saw a notable decline in trading activity on November 28, 2024, with trading volume dipping by 23.08%.
A total of 632 million shares changed hands, a decrease from 822 million shares in the previous session. This drop in volume highlights a slight slowdown in market participation despite the positive movement in the All-Share Index.
- FBNH dominated the day’s trading, with a commanding 166.7 million shares exchanged, securing its position as the most actively traded stock.
- Close behind, HMCALL recorded 119.2 million shares traded, while GUINEAINS followed with 41.3 million shares.
- Other notable contributors included CUTIX with 38.5 million shares and ACCESSCORP, which completed the top five with 20.5 million shares traded.
Trading value
- In terms of trading value, FBNH once again led the pack, driving transactions worth an impressive N4.1 billion.
- OANDO followed with N1.2 billion in trade value, signaling sustained investor interest in the stock.
- WAPCO and HMCALL also garnered significant attention, contributing N827.6 million and N669.8 million to the day’s total value, respectively.
- ZENITHBANK rounded out the top five, generating N647.5 million in transactions, further reflecting strong investor engagement in key stocks.
SWOOT and FUGAZ stocks
Among the SWOOT stocks—those with market capitalizations above N1 trillion—ARADEL and OANDO emerged as strong performers, rising by 9.23% and 5.34%, respectively.
- Meanwhile, the FUGAZ group, which includes FBNH, UBA, GTCO, ACCESSCORP, and ZENITHBANK, saw positive price movements across the board.
- FBNH led the group with a 2.20% increase, followed by UBA with a 1.56% rise.
- ZENITHBANK added 1.15% to its value, while ACCESSCORP gained 0.43%. GTCO, however, remained unchanged, showing no price movement during the session.
Outlook
- Positive price action in the banking sector, particularly among tier-1 banks, is expected to propel the All-Share Index above 98,000, with the psychological 99,000 mark now within reach.
- Supported by solid third-quarter earnings from various sectors and sustained investor interest, the Nigerian equities market is likely to maintain its upward trajectory in the sessions ahead.
