The Nigerian stock market ended Thursday’s trading session in the red, with the All-Share Index (ASI) dipping by 0.21%, losing 210.15 points to close at 98,081.38. This marked a continued downward trend as the index struggled to maintain positive momentum.
Investor sentiment remained subdued as market volume shrank for the third consecutive day. A total of 239 million shares were traded, representing a 7% decrease from the 257 million shares traded the previous day. The total market capitalization settled at N59.43 trillion after 7,318 deals were concluded.
Top Gainers and Losers
Despite the overall decline, several stocks managed to post gains. GOLDBREW and DEAPCAP were among the top performers, with GOLDBREW gaining 10% to close at N3.74 and DEAPCAP rising by 9.85% to N1.45. CHAMPION also saw a notable increase of 9.97%.
On the losing side, ARADEL suffered the sharpest decline, dropping by the daily limit of 10% to close at N694.80. REGALINS and DAARCOMM also recorded significant losses, falling by 8.82% and 6.78%, respectively.
Market Activity
STERLINGNG led in trading volume with 42.78 million shares exchanged, followed by ZENITHBANK with 20.05 million shares and GTCO with 19.30 million shares traded. In terms of value, ARADEL dominated with transactions worth N1.04 billion, while GTCO recorded N1.00 billion in trades. ZENITHBANK and OANDO also saw high-value trades, with N751.8 million and N526.1 million, respectively.
Performance of Major Stocks
Among the SWOOT (Stocks Worth Over One Trillion) category, which includes companies like AIRTEL, BUA CEMENT, and DANGOTE CEMENT, no significant price movements were recorded. Meanwhile, within the FUGAZ group (FirstBank, UBA, GTCO, AccessCorp, ZenithBank), only GTCO experienced a notable decline, shedding 3.85%.
Market Outlook
Despite the slight dip in the All-Share Index, the broader market trend suggests a recovery from the lows seen in August. However, for the index to maintain upward momentum and potentially breach the 99,000-point mark, an increase in trading volume will be crucial.
The overall market remains cautious, but analysts believe a sustained boost in activity could push the index toward the psychological barrier of 100,000 points.
