The Nigerian All-Share Index (ASI) closed at 96,567.24 after declining 556.37 points to finish the day negatively.
This represents a reversal from the bullish close of the day before, highlighting a 0.57% drop caused by muted market action.
A 22.63% decline in trading volumes to 418 million shares in 9,021 deals, from 540 million shares the day before, coincided with the index’s downward trajectory, bringing the market’s capitalization to N58.5 trillion.
Highlights of the day’s performance showed that EUNISELL was the biggest gainer, rising 9.87%, followed by REGALINS and VERITASKAP, which advanced 9.30% and 9.17%, respectively.
On the other hand, UBA and OANDO led the losers’ chart, indicating significant sell-offs with respective losses of 9.99% and 9.98%.
Despite the market’s downward trajectory, STERLINGNG and UBA led trading activity with the greatest volumes of the day, indicating considerable investor interest.
Market Summary
- Current ASI: 96,567.24 points
- Previous ASI: 97,123.61 points
- Day Change: -0.57%
- Year-to-Date Performance: +29.15%
- Volume Traded: 418 million shares
- Deals: 9,021
Top 5 Gainers
- EUNISELL: +9.87% to N7.46
- REGALINS: +9.30% to N0.47
- VERITASKAP: +9.17% to N1.31
- DAARCOMM: +8.93% to N0.61
- FCMB: +7.73% to N9.75
Top 5 Losers
- UBA: -9.99% to N31.55
- OANDO: -9.98% to N65.40
- THOMASWY: -9.79% to N1.75
- NASCON: -7.83% to N30.00
- LASACO: -7.50% to N2.22
Volume of Trades
With 418 million shares traded throughout the market, the trading volume for the day decreased by 22.63% from the 540 million shares traded the day before.
With 79.6 million shares traded, STERLINGNG was in the lead, closely followed by UBA with 78.9 million shares.
Among the other heavily traded equities were 44.3 million shares of ACCESSCORP, 43.6 million shares of JAIZBANK, and 25.2 million shares of VERITASKAP.
Value of Trade
UBA dominated in terms of value, with transactions of N2.56 billion. SEPLAT recorded transaction worth N1.3 billion, placing it in second place.
ARADEL and ACCESSCORP, respectively, also reported significant trading values of N1.2 billion and N1.06 billion, while ZENITHBANK’s N881.15 million in trades completed the top five.
FUGAZ and SWOOT Stocks
- AIRTELAFRI saw a 1.96% drop among SWOOT stocks, but the other stocks in the category did not change.
- UBA was the biggest loss in the FUGAZ group, down 9.99%, followed by GTCO and ZENITHBANK, which fell 1.91% and 0.81%, respectively.
- However, FBNH and ACCESSCORP showed some resiliency within the group, with advances of 1.65% and 2.12%, respectively.
Prospects for the Market
The market seems to be going through a correction phase within its larger bullish trend, as evidenced by the All-Share Index reversing into negative territory.
As purchasing momentum increases and market sentiment levels off, a sustained emphasis on consolidation in important large-cap stocks may pave the way for a possible rally in the upcoming weeks.
