Nigerian stock market gains 0.33%, ASI hits 98,541

The Nigerian stock market continued its positive momentum as the All-Share Index (ASI) gained 325.80 points, closing at 98,540.93 points, reflecting a 0.33% increase from the previous close of 98,215.13 points.

This marks another strong session for the market, contributing to a year-to-date performance of 31.78%.

Despite the overall gain, Nigerian stock market volume dropped by 5.9%, with 286 million shares traded, compared to 304.9 million shares on the previous day. Trading activity took place across 9,650 deals, with the total market capitalization reaching ₦59.70 trillion.

This drop in trading volume did not deter market performance, as some key stocks showed substantial upward movement.

Among the standout performers were CHAMPION and TANTALIZER. CHAMPION surged by 9.97%, closing at ₦3.42, while TANTALIZER gained 9.09%, ending the session at ₦0.60. ACCESSCORP, ZENITHBANK, and ARADEL emerged as the leaders in trading volume, showing high investor interest.

However, the day wasn’t favourable for all stocks, as CAVERTON took the hardest hit, dropping by 10% to close at ₦2.34. Other notable decliners included TRIPPLEG, which fell by 9.95% to ₦1.81, and CILEASING, down 9.80% to ₦3.59.

Trading value was dominated by ARADEL, which saw transactions totalling ₦20.7 billion. SEPLAT followed, with trades worth ₦1.17 billion, while ZENITHBANK and ACCESSCORP posted values of ₦1.13 billion and ₦928.50 million, respectively. OANDO rounded out the top five with trades worth ₦773.51 million.

The SWOOT stocks, which include AIRTEL, BUA CEMENT, BUA FOODS, GEREGU POWER, SEPLAT, and DANGOTE CEMENT, remained stable throughout the session.

However, the FUGAZ stocks (First Bank, UBA, GTCO, ACCESSCORP, and ZENITHBANK) experienced mixed results. GTCO and ACCESSCORP dipped by 3.21% and 1.28%, respectively, while ZENITHBANK remained flat. UBA saw a sharp decline of 7.55%, and FBNH slipped slightly by 0.76%.

Looking ahead, the All-Share Index is expected to maintain its bullish trajectory, with projections suggesting it could surpass the 99,000-point mark in the coming sessions. Positive third-quarter results and strong market fundamentals are likely to keep investor sentiment on the buyside, particularly for large-cap stocks, adding further upward pressure on the index.