The Nigerian Exchange (NGX) commenced the week on a bearish note, with the All-Share Index (ASI) declining by 0.74% on Monday as investors engaged in profit-taking following previous gains. The ASI closed at 98,708.90 points, shedding 740.01 points from its previous close and bringing the index below the 99,000-point threshold.
Market Performance Summary
Trading activity showed a notable slowdown, with a total of 353.18 million shares exchanged across 9,417 deals, marking a 23.36% drop from the previous session’s volume of 460.85 million shares. The overall market capitalization settled at N59.81 trillion, reflecting cautious investor sentiment.
In terms of value, Monday’s trades were valued at N4.55 billion, significantly down by 52.22% from Friday’s total of N9.52 billion, signaling decreased liquidity as traders took profits from prior gains.
Top Gainers and Losers
Despite the market downturn, certain stocks performed well. EUNISELL led the gainers, surging by 10% to N3.85, followed by LIVESTOCK, which rose 9.97% to N3.75. TRANSCORP also made a strong showing with a 9.95% increase to N48.60, while RTBRISCOE and JAIZBANK gained 9.84% and 9.28%, respectively.
On the flip side, BUA CEMENT topped the list of decliners with a 10% drop to N99.00, followed by LASACO and DAARCOMM, which saw declines of 9.79% and 9.38%. REGALINS and JAPAULGOLD also experienced losses, shedding 8.93% and 6.56%, respectively.
Active Trading Stocks
CHAMS emerged as the most actively traded stock, recording 84.61 million shares. UBA followed with a trading volume of 27.00 million shares, while ACCESSCORP recorded 22.22 million shares. Other stocks with notable trading volumes included MCNICHOLS with 16.32 million shares and JAPAULGOLD at 15.20 million shares.
When assessing trades by value, UBA led with N790.18 million in transactions. TRANSCORP closely followed with trades worth N507.98 million, while ACCESSCORP recorded a trade value of N503.63 million. Additionally, ARADEL and ZENITHBANK made significant transactions, valued at N324.54 million and N281.90 million, respectively.
SWOOT and FUGAZ Stock Performance
Among the SWOOT stocks, which comprise significant Nigerian corporations like DANGOTE CEMENT, AIRTEL AFRICA, and SEPLAT, performances were mixed. BUA CEMENT saw a steep 10% drop, while TRANSCORP rose by 9.95%, maintaining strong investor interest.
UBA, which experienced a 3.99% decline, lost its position within the SWOOT stocks as its market capitalization fell to ₦988.36 billion.
In the FUGAZ category, primarily representing large banking institutions, ACCESSCORP was the only stock to record gains, climbing 2.49%. FBN Holdings led the declines in this category, down 6.09%, while UBA and GTCO slipped by 3.99% and 2.12%, respectively. ZENITHBANK remained mostly stable with a slight 0.13% increase.
Market Outlook
The decline in the ASI could be temporary, with upcoming Q3 2024 earnings reports anticipated to influence market sentiment. Additionally, increased activity in Banking, Oil & Gas, and select Consumer Goods stocks is expected as investors seek value in sectors that experienced declines last week.
With these upcoming corporate actions, the market may witness a positive shift, potentially pushing the ASI back toward the 99,000-point mark and closer to the symbolic 100,000-point milestone.
