The Nigerian stock market ended on a negative note on Tuesday, October 8, 2024, as the All-Share Index (ASI) dipped by 0.12%. The ASI fell by 121.89 points, closing at 97,584.81, despite a surge in trading activity, with 719 million shares traded—more than double the 308 million shares from the previous trading session.
While stocks like REGALINS and PZ saw notable gains, others such as GUINNESS and AFRIPRUD posted significant losses. REGALINS emerged as the top performer, rising by 10%, followed closely by PZ, which climbed by 8.78%. In contrast, GUINNESS experienced the sharpest drop of the day, plunging by 10%, with AFRIPRUD and INTBREW also falling by 9.86% and 9.07%, respectively.
Market Overview**
– **Current ASI**: 97,584.81 points
– **Previous ASI**: 97,706.70 points
– **Daily Change**: -0.12%
– **Year-to-Date Performance**: +30.51%
– **Volume Traded**: 719 million shares
– **Deals**: 9,435
Top Gainers**
– **REGALINS**: +10.00% to N0.55
– **PZ**: +8.78% to N19.20
– **CUTIX**: +5.60% to N2.64
– **DEAPCAP**: +5.59% to N1.51
– **TIP**: +5.26% to N2.00
Top Losers**
– **GUINNESS**: -10.00% to N6.80
– **AFRIPRUD**: -9.86% to N9.60
– **INTBREW**: -9.07% to N4.01
– **CWG**: -6.98% to N6.00
– **UPDC**: -5.95% to N1.58
Trading Volume Surge**
WAPIC led trading activity with 402.25 million shares exchanged. Other heavily traded stocks included FIDELITYBK (49.92 million shares), ACCESSCORP (25.42 million shares), UBA (23.06 million shares), and VERISTASKAP (13.92 million shares).
Top Trading Values**
In terms of trading value, SEPLAT led with N2.24 billion worth of transactions. FIDELITYBK followed with N760.21 million in trades. OANDO and UBA also contributed significantly, with N758.78 million and N648.21 million, respectively. GUINNESS saw trading worth N630.22 million despite its sharp decline.
Performance of Large-Cap Stocks (SWOOT and FUGAZ)**
Among the SWOOT stocks, most remained stable, with AIRTEL, BUA CEMENT, BUA FOODS, GEREGU POWER, and DANGOTE CEMENT recording no price changes. SEPLAT was the standout performer, gaining 5.09%, while MTNN experienced a slight decline of 0.58%.
In the FUGAZ category, FBNH and ACCESSCORP saw modest gains of 2.36% and 1.02%, respectively. However, GTCO, UBA, and ZENITH BANK registered minor declines, falling by 3.67%, 1.79%, and 2.25%.
Market Outlook**
Despite the slight downturn, market analysts predict a recovery in the ASI, with expectations of surpassing the 99,000-point threshold in the coming weeks. The market is likely to see positive momentum driven by large-cap stocks, which could fuel further growth.
