The Nigerian stock market continued its bullish trend for the third consecutive trading day with the All-Share Index (ASI), which measures the performance of the market, increasing slightly by 0.05% to close at 98,944.42. This means the market is still moving upwards but at a slow pace.
Market Capitalization and Trade Activity
The total market capitalization, which represents the overall value of all companies listed on the NGX, increased by N29B to reach N59.95T. However, both the trading volume (number of shares traded) and trading value (monetary value of trades) dropped sharply, almost causing the market to end negatively.
Although the market showed a positive increase in ASI and market capitalization, the value of trades dropped significantly by 66.63%. The value of trades fell from N24.84B to N8.29B, meaning less money was exchanged in the market. The trading volume also fell, with fewer shares being traded (from 581M to 283.7M shares).
Certain stocks performed well during the day, with EUNISELL, OANDO, and UNILEVER leading the gainers, each increasing by 10%. Other companies like REGALINS and OMATEK also saw good gains at 9.62% and 8.06%, respectively.
On the other hand, some stocks dropped in value, with ARADEL and NNFM both falling by 9.99%, followed by CONHALLPLC, UPDC, and ELLAHLAKES, which also recorded declines; CONHALLPLC at 6.12%, UPDC at 5.81%, and ELLAHLAKES, down at 4.31%.
Read Also: Understanding the Nigerian Government FGN Dollar Bond.
Market Summary
The All-Share Index closed at 98,944.42, marking a small 0.05% change. Year-to-date, the market is up by 32.32%. A total of 283.72M shares worth N8.29B were traded across 7,966 deals.
The top gaining stocks were EUNISELL (up 10% to N3.19), OANDO (up 10% to N89.65), and UNILEVER (up 10% to N20.90). Meanwhile, the biggest losers were ARADEL (down 9.99% to N562.90) and NNFM (down 9.93% to N34.00).
Top Traded Stocks
There was a significant drop in trade value, declining by 66.63% or N16.55 billion, resulting in a total value traded of N8.29 billion. UBA led in both trade volume and value, with N3.8 billion in trades and 66.03 million shares. Other notable companies were OANDO, NB, and ZENITHBANK; OANDO with N2.5B, NB with N2.1B, ZENITHBANK with N2.0B and the SEPLAT with N2.0B.
SWOOT And Fugaz Stocks
SWOOT refers to specific large-cap stocks, including DANGOTE CEMENT, AIRTEL, BUA CEMENT, and others, which remained stable during the session. ZENITHBANK saw a 4.66% increase, and OANDO was one of the top gainers with a 10% rise. ARADEL declined by 9.99%. FUGAZ stocks (key financial institutions) had mixed performances. UBA saw a 5.19% gain, while FBN Holdings led with a 6.49% increase.
Final Thoughts
Although the ASI rose slightly, the significant drop in traded volume and value is a concern. If these numbers don’t improve in the next session, the market might experience a bearish trend.
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