The All-Share Index (ASI) rose by 0.47%, gaining 456.12 points to reach 97,520.54 on October 4, 2024, marking a positive close in the Nigerian stock market. Additionally, this was supported by a 20% increase in trading activity, as the traded shares volume surged to 320 million.
Key Highlights: Top Performers
Rising by 10% to close at N4,964.70, SEPLAT led the top performing assets, continuing its strong performance from earlier in the week. Following closely was ABCTRANS, with a 9.92% increase to N1.23. Livestock, CAVERTON, and FTNCOCOA were other notable gainers which rose by 9.70%, 9.62%, and 9.29% respectively.
Top Losers
Dropping by 10% to N27.00, ETERNA had the largest loss. Also, PZ and REGALINS saw notable declines, losing 9.49% and 8.89% respectively.
Trading Volume
Up to 320M shares were traded, showing a heightened trading activity in the Market. Compared to the previous day’s 268M shares traded, this was a significant increase. UBA had the highest traded shares with 36.73M shares traded, STERLING NG followed closely behind with 23.56M shares and ELLAHLAKES with 23.30M shares.
Trading Value
UBA led the pack with transactions worth N991.43M. While OANDO followed with N746.38M, SEPLAT contributed N708.54M in value.
Read Also: Understanding the Nigerian Government FGN Dollar Bond.
Sector Performance
Boosting the market with its 10% rise, SEPLAT led the energy sector. UBA and GTCO led the banking sector with modest gains, while Zenith Bank dropped slightly by 0.53%.
Major SWOOT (Significant Weight on the Overall Index) stocks like AIRTEL, BUA CEMENT, MTN NG, and DANGOTE CEMENT remained largely stable.
Market Outlook
There is optimism that the index could break above the 99,000-point mark in the coming weeks as the ASI bounced back from a recent dip. The strength in the banking, oil and gas, and insurance sectors is speculated to be the drive for this expected break.
In summary, the Nigerian stock market has demonstrated strong momentum, which could prove pivotal for both investors and the country’s financial system. This upward trend may signal new opportunities for growth and stability in the market.
Discover more from DiutoCoinNews
Subscribe to get the latest posts sent to your email.
