Stock market update: ASI drops 0.25% as market volume contracts

Stock market update: The All-Share Index (ASI) slipped by 249.40 points on October 16, 2024, closing at 98,291.53—a 0.25% decline from the previous day’s 98,540.93.

The market’s overall performance weakened, reflecting waning momentum, with trading volume shrinking to 257 million shares, a 10% dip from the prior session’s 286 million.

Despite the bearish trend, DEAPCAP and UACN recorded notable gains. However, FIDELITYBK, UBA, and GTCO dominated trading volumes. CHAMPION surged 9.97%, while TANTALIZER rose 9.09%. On the downside, DEAPCAP dropped 10%, with UACN and DANGSUGAR down 9.90% and 9.69%, respectively.

Market activity was marked by mixed performances, with a total market capitalization of N59.55 trillion across 7,776 deals.

Current ASI: 98,291.53 points
Previous ASI: 98,540.93 points
Day Change: -0.25%
Year-to-Date Performance: +31.45%
Volume Traded: 257 million shares
Deals: 7,776

Top Gainers:

– CHAMPION: up 9.97%
– TANTALIZER: up 9.09%

Top Losers:
– DEAPCAP: down 10%
– UACN: down 9.90%
– DANGSUGAR: down 9.69%

FIDELITYBK led in trading volume with 38.30 million shares, followed by UBA’s 33.78 million shares. High-value transactions included ARADEL with N3.1 billion, NESTLE at N985.9 million, and OANDO at N865.11 million.

SWOOT stocks—AIRTEL, BUA CEMENT, BUA FOODS, GEREGU POWER, SEPLAT, and DANGOTE CEMENT—remained stable. Among FUGAZ stocks, only GTCO gained 0.97%, while others experienced minor losses.

Analysts anticipate a potential rally above the 99,000-point mark in the coming sessions, driven by positive third-quarter results and strong market fundamentals.