The Nigerian All-Share Index (ASI) concluded the trading session on December 2, 2024, with a strong rise, advancing by 226.99 points to settle at 97,733.86.
This marked an encouraging gain of 0.23%, signaling a subtle but steady upward momentum in the market.
However, while the ASI enjoyed a mild rally, trading volume showed signs of restraint, falling by 12.49% from the previous day’s 515 million shares to 451 million.
This decrease in volume suggests a slight pullback in market participation, even as the broader index made gains.
Nonetheless, market capitalization remained resilient, holding steady at N59.2 trillion, with 9,329 trades executed, indicating that overall market activity remained relatively stable.
Among the day’s top performers, WAPCO stole the spotlight, surging by 10.00% to clinch the top spot, followed closely by ABBEYBDS, which also posted a 10.00% gain. AFRIPRUD rounded off the top three with a similarly impressive 10.00% increase.
On the downside, ETRANZACT led the losers, shedding 10.00% of its value, while NCR followed closely behind with a decline of 9.92%.
Notably, despite the drop in overall trading volume, JAPAULGOLD and UBA emerged as the most actively traded stocks of the day, signaling sustained investor interest and market engagement amidst the volume dip.
Market Summary
Current ASI: 97,733.86 points
Previous ASI: 97,506.87 points
Day Change: +0.23%
Year-to-Date Performance: +30.71%
Volume Traded: 451 million shares
Deals: 9,329
Top 5 gainers
WAPCO: up 10.00% to N58.00
ABBEYBDS: up 10.00% to N2.64
AFRIPRUD: up 10.00% to N9.90
VFDGROUP: up 9.88% to N44.50
SOVRENINS: up 9.95% to N0.80
Top 5 losers
ETRANZACT: down 10.00% to N6.75
NCR: down 9.92% to N4.27
FTNCOCOA: down 8.29% to N1.77
HONYFLOUR: down 5.92% to N4.45
NPFMCRFBK: down 4.46% to N1.50
Trading volume
The Nigerian equities market experienced a decline in trading activity on December 2, 2024, with trading volume falling by 12.49%. A total of 451 million shares were traded, down from 515 million shares in the previous session.
- JAPAULGOLD emerged as the day’s dominant player, with a robust 72 million shares exchanged, securing its place as the most actively traded stock.
- Close behind, UBA recorded 67.8 million shares traded, while ACCESSCORP followed with 53.6 million shares.
- Other notable contributors included WAPCO, with 21.2 million shares, and GTCO, which rounded out the top five with 20.9 million shares traded.
Trading value
- In terms of trading value, UBA led the charge, driving transactions worth a remarkable N2.2 billion.
- WAPCO followed closely with N1.3 billion in trade value, underscoring sustained investor interest in the stock.
- ACCESSCORP and GTCO also attracted notable attention, contributing N1.2 billion and N1 billion, respectively, to the day’s total value.
- Zenith Bank rounded out the top five, generating N789.6 million in transactions, further highlighting strong investor engagement in key stocks.
SWOT and FUGAZ Stocks
Among the SWOT stocks, which are those with market capitalizations exceeding N1 trillion, OANDO experienced a slight decline of 0.69% in its share price.
The FUGAZ group—comprising FBNH, UBA, GTCO, ACCESSCORP, and ZENITHBANK—witnessed mixed price movements across the board.
- FBNH saw a drop of 3.04%, while GTCO followed with a modest decline of 0.85%.
- On the other hand, UBA, ZENITHBANK, and ACCESSCORP recorded gains of 1.22%, 0.45%, and 3.23%, respectively.
Outlook
The positive price movements in the banking sector, especially among tier-1 banks, are expected to propel the All-Share Index above the 98,000-mark, with the psychological 99,000 level now within reach.
Supported by strong third-quarter earnings from various sectors and continued investor enthusiasm, the Nigerian equities market appears well-positioned to maintain its upward momentum in the coming sessions.
