The All-Share Index (ASI) ended the trading session in the red on October 16, 2024, shedding 249.40 points to close at 98,291.53, slipping below its opening value.
This marks a 0.25% decline compared to the previous day’s close of 98,540.93, as the market grappled with waning momentum.
Adding to the bearish sentiment, market volume also contracted, with a total of 257 million shares traded, reflecting a 10% drop from the 286 million shares exchanged the previous day. Trading activity spanned 7,776 deals, culminating in a total market capitalization of N59.55 trillion.
Amid a mixed market performance, DEAPCAP and UACN stood out, recording impressive gains. However, FIDELITYBK, UBA, and GTCO dominated the leaderboard in trading volume.
Leading the rally among the top gainers, CHAMPION posted an impressive surge of 9.97%, with TANTALIZER closely following, rising 9.09%.
In contrast, DEAPCAP emerged as the day’s biggest loser, tumbling by 10.00%. UACN and DANGSUGAR also struggled, posting significant declines of 9.90% and 9.69%, respectively.
Despite the overall downturn, the session featured notable highs and lows, reflecting investors’ mixed reactions amid fluctuating market conditions.
Market Summary
- Current ASI: 98,291.53 points
- Previous ASI: 98,540.93 points
- Day Change: -0.25%
- Year-to-Date Performance: +31.45%
- Volume Traded: 249.40 million shares
- Deals: 7,776
Top 5 Gainers
- DEAPCAP: up 10.00% to N1.32
- UACN: up 9.90% to N21.65
- DANGSUGAR: up 9.69% to N35.10
- CHAMPION: up 9.65% to N3.75
- DAARCOMM: up 9.26% to N0.59
Top 5 Losers
- Customs: down 8.98% to N11.65
- OKOMUOIL: down 6.86% to N338.10
- CONHALLPLC: down 6.62% to N1.41
- ARADEL: down 5.85% to N772.00
- MCNICHOLS: down 4.93% to N1.35
Trading Volume:
Market activity saw a modest dip as trading volume declined to 257 million shares, reflecting a 10% drop from the previous session’s tally of 286 million shares.
FIDELITYBK took the lead on the volume charts, moving 38.30 million shares, followed closely by UBA, which recorded 33.78 million shares.
Other notable performers included GTCO with 16.73 million shares, CHAMPION at 14.44 million shares, and ZENITHBANK trading 11.59 million shares.
Trading Value:
In terms of transaction value, ARADEL emerged at the forefront, posting a significant N3.1 billion in trades.
NESTLE followed with trades worth N985.9 million, while OANDO and GTCO reported values of N865.11 million and N858.2 million, respectively. UBA rounded out the top five with deals amounting to N829.6 million.
SWOOT and FUGAZ Performance:
The SWOOT stocks—comprising AIRTEL, BUA CEMENT, BUA FOODS, GEREGU POWER, SEPLAT, and DANGOTE CEMENT—maintained relative stability throughout the session, showing little price movement.
Among the FUGAZ stocks, only GTCO closed in positive territory, inching up 0.97%. Meanwhile, FIRSTBANK, UBA, ACCESSBANK, and ZENITHBANK experienced minor losses, slipping 0.19%, 0.41%, 0.25%, and 0.13%, respectively.
Outlook:
Looking ahead, the All-Share Index appears poised to sustain its upward momentum, with a potential break above the 99,000-point mark in the coming sessions.
The combination of favorable market fundamentals and the release of upbeat third-quarter results is expected to fuel investor optimism. This positive sentiment could drive continued buying interest, particularly in large-cap stocks, exerting further upward pressure on the index.
