The Nigerian All-Share Index (ASI) opened the week with a modest yet encouraging increase, rising by 24.99 points to close Monday, November 18, 2024, at 97,747.27 points. This represents a 0.03% gain from the previous trading session, marking a continuation of the market’s positive momentum.
Market Activity and Trading Volume
Investor sentiment was largely bullish, as evidenced by a 40% increase in trading volume compared to the previous session. A total of 413 million shares were exchanged across 9,004 transactions, up from 295 million shares in the previous session. This surge in trading activity indicates renewed investor confidence, with market participants eager to capitalize on emerging opportunities.
Top Performers
- JOHNHOLT led the day’s gainers with an impressive 9.97% rise, closing at N8.49.
- EUNISELL and BETAGLAS followed closely, both gaining 9.92% to end the session at N13.18 and N49.85, respectively.
- Other notable gainers included WAPCO (+9.52%, closing at N46.00) and TANTALIZER (+9.33%, closing at N0.82).
Decliners
On the flip side, some stocks faced downward pressure:
- MECURE led the losers’ chart with a 9.65% drop, closing at N11.70.
- TIP followed with a 9.09% loss, settling at N2.30.
- THOMASWY, UPL, and CHAMPION also recorded significant declines.
Most Active Stocks
- JAPAULGOLD dominated the session in terms of trading volume, with 179 million shares changing hands, accounting for a significant portion of the total market activity.
- CONHALLPLC was the second-most traded stock, with 36.8 million shares exchanged.
- Other active stocks included ACCESSCORP (31.6 million shares), UBA (17.3 million shares), and UCAP (10.1 million shares).
Trading Value
In terms of value, ACCESSCORP led with a trading value of N775.5 million, followed by UBA with N580 million. Other top performers in terms of trading value included ZENITHBANK (N422.5 million), ARADEL (N419.9 million), and OANDO (N418.7 million).
Performance of SWOOT and FUGAZ Stocks
- OANDO was the only stock in the SWOOT category (stocks with market valuations over N1 trillion) to show movement, advancing by 2.15%.
- Among the FUGAZ stocks (comprising FBN Holdings, UBA, GTCO, Access Holdings, and Zenith Bank), the performance was mixed:
- GTCO, FBNH, and ACCESSCORP saw declines of 1.16%, 0.72%, and 3.03%, respectively.
- ZENITHBANK and UBA posted modest gains, with ZENITHBANK rising 0.46% and UBA gaining 0.15%.
Market Outlook
The market outlook remains positive, with investor sentiment driving the sustained rally in both mid-cap and large-cap stocks. If the momentum continues, the All-Share Index could soon surpass the 98,000-point mark, further solidifying the current bullish trend. The broader market is expected to attract even more participation, bolstered by strong third-quarter earnings reports and improved economic outlooks across various sectors.
Overall, the Nigerian stock market appears set for further gains, supported by robust trading activity and positive sentiment among investors. If this trend persists, the market may see more upward movement in the coming sessions, potentially unlocking more value for investors.
