The Nigerian All-Share Index (ASI) maintained its upward trajectory on Monday, closing the day with a gain of +138.61 points, as bullish sentiment in the market continued.
The ASI advanced by 0.14%, rising to 98,386.60 points from the previous close of 98,247.99 points, building on the prior day’s 0.25% increase.
Market activity saw a notable surge in trading volume, with 810.42 million shares exchanged, a 71% increase from Friday’s 473.09 million shares.
Leading the charge among the top performers were FCMB and MCNICHOLS, both posting strong gains.
FCMB was the top gainer, rising 10.00%, as it surged with bullish price action. Fidelity Bank, also posted gains suggesting their successful positive offers is driving market momentum. At one point during trades over 50 million shares of Fidelity Bank was on full bid (more buyers on waiting list) with no offers to sell.
On the downside, BERGER topped the list of decliners, shedding 9.83% of its share value. Other significant losers included DAARCOMM, which dropped 9.33%, and DEAPCAP, which fell by 9.09%.
Market Snapshot
Current ASI: 98,386.60 points
Previous ASI: 98,247.99 points
Day Change: +0.14%
Year-to-Date Performance: +31.58%
Volume Traded: 810.42 million shares
Top 5 Gainers:
FCMB: 10.00% to N8.80
MCNICHOLS: up 10.00% to N1.87
FIDELITYBK: up 9.93% to N14.95
TANTALIZER: up 9.84% to N0.67
FLOURMILL: up 9.81% to N55.40
Top 5 Losers:
BERGER: down 9.83% to N21.10
DAARCOMM: down 9.33% to N0.68
DEAPCAP: down 9.09% to N0.90
NSLTECH: down 7.46% to N0.62
HONYFLOUR: down 5.12% to N4.63
Trading Volume
The day’s trading volume surged to 810.42 million shares, up from 473.09 million on Friday. MECURE led in volume with 400.79 million shares traded, followed by TRANSCORP with 66.80 million shares.
Other significant trades included FIDELITYBK (43.12 million shares), ACCESSCORP (25.08 million shares), and NPFMCRFBK (24.61 million shares).
Trading Value
MECURE also topped the trading value charts, recording N2.7 billion in transactions.
TRANSCORP followed with N726.7 million. FIDELITYBK, OANDO, and ACCESSCORP saw substantial trading values of N640.1 million, N582.6 million, and N474.2 million, respectively, reflecting strong bullish interest in these stocks.
SWOOT and FUGAZ Update:
- Large-cap stocks such as Airtel Africa, BUA Cement, BUA Foods, Dangote Cement, Geregu Power, Seplat Energy, and Transcorp Power remained stable.
- However, Oando dropped by 2.50%. In the banking sector, GTCO and Zenith Bank declined by 1.26% and 1.06%, respectively, while First Bank and UBA posted gains of 2.55% and 0.21%.
- Access Bank remained unchanged.
Outlook
The Nigerian stock market continues its corrective recovery from the retracement that began in April, which had brought the index down to a low of 96,580 points in August.
With the recent increase in trading volume and sustained bullish momentum, further upward movement is expected as the index approaches the 100,000-point mark.
