The Nigerian All-Share Index (ASI) sustained its positive trend on Wednesday, closing at 98,987.42 points. This marked a gain of 418.83 points or 0.42% from the previous trading session. The rise was largely driven by significant performance in large-cap stocks, with SEPLAT and FLOURMILL each recording impressive surges of over 9%.
Banking Stocks Dominate Market Volume
Despite the overall upward movement, market volume saw a 20% dip compared to the previous day. A total of 603 million shares were traded at a market value of N12.5 billion, down from 762 million shares. The banking sector played a key role in market activity, with FIDELITY leading the way, followed by FBNH and TRANSCORP.
Top Performers: SEPLAT and FLOURMILL Shine
SEPLAT emerged as the top-performing stock, gaining 10% to close at N4103.10. FLOURMILL followed closely with a 10% surge, ending the day at N60.50. Other notable gainers included ELLAHLAKES, HONYFLOUR, and ABCTRANS, which all posted near double-digit percentage increases.
Market Snapshot
- Current ASI: 98,987.42 points
- Previous ASI: 98,568.59 points
- Day Change: +0.42%
- Year-to-Date Performance: +32.38%
- Volume Traded: 603 million shares
- Deals: 9,723
Top 5 Gainers
- SEPLAT: +10.00% to N4103.10
- FLOURMILL: +10.00% to N60.50
- ELLAHLAKES: +9.97% to N4.08
- HONYFLOUR: +9.87% to N5.01
- ABCTRANS: +9.57% to N1.26
Top 5 Losers
Despite the overall positive trend, a few stocks experienced losses:
- MULTIVERSE: -9.90% to N9.10
- CAVERTON: -9.86% to N3.29
- MANSARD: -6.78% to N5.50
- FBNH: -6.45% to N29.00
- FIDELITYBK: -6.40% to N15.35
Trading Volume Overview
The trading volume for the day reached 603.30 million shares, a decline from the 763.00 million shares recorded on the previous trading day. FIDELITY led the volume with 121 million shares exchanged, followed by FBNH with 108.7 million shares. TRANSCORP, UBA, and MANSARD also saw significant activity with 82.5 million, 41.9 million, and 24.6 million shares traded, respectively.
Trading Value Breakdown
In terms of trading value, FBNH led the market with N3.45 billion worth of transactions. FIDELITYBK followed, contributing N2.06 billion to the total value traded. UBA, TRANSCORP, and ZENITHBANK also recorded notable trading values at N1.08 billion, N919.9 million, and N793.8 million, respectively.
SWOOT and FUGAZ Stocks Performance
Large-cap stocks such as Airtel Africa, BUA Cement, BUA Foods, Dangote Cement, Geregu Power, Seplat Energy, and Transcorp Power exhibited stability. Seplat Energy posted a 10.00% gain, while Oando rose by 4.17%. In the FUGAZ group, FBNH declined by 6.45%, but UBA, GTCO, ACCESSCORP, and ZENITHBANK posted modest gains of 3.94%, 0.85%, 0.78%, and 0.27%, respectively.
Market Outlook: Aiming for the 99,000 Level
The ASI is on track to potentially close above the 99,000-resistance level as the market continues its bullish trend. Positive price movements in the oil & gas and banking sectors, coupled with robust trading volumes, are expected to sustain this momentum.
Source: Nairametrics