Fidson, Meyer, and Caverton lead gains as All-Share Index rises by 0.25% 

The Nigerian All-Share Index (ASI) continued its upward momentum in another trading session, gaining 244.24 points, supported by a significant increase in trading volume.

All-Share rose by 0.25%, closing at 98,247.99 points, up from Thursday’s close of 98,003.75 points.

The market experienced a notable 17% surge in trading activity, with volume increasing from 473.09 million shares to 554.22 million shares on September 19, 2024.

FIDSON and MEYER were among the top performers of the session, posting strong gains that boosted the market’s overall positive sentiment. FIDSON led the gainers, climbing 10.00%, reflecting robust investor confidence.

Conversely, FBNH topped the list of decliners, shedding 9.98% of its share value. Other significant losers included NNFM, which fell by 9.96%, and NIDF, which dropped 9.93%.

Market Snapshot 

Current ASI: 98,247.99 points

Previous ASI: 98,003.75 points

Day Change: +0.25%

YTD Performance: +31.39%

Volume Traded: 554.22 million units

Top 5 Gainers 

FIDSON: up 10.00% to N15.95

MEYER: up 9.98% to N7.05

CAVERTON: up 9.82% to N3.69

PZ: up 9.81% to N17.35

ACADEMIC PRESS: up 9.69% to N3.17

Top 5 Losers 

FBNH: down 9.98% to N27.50

NNFM: down 9.96% to N35.25

NIDF: down 9.93% to N101.60

FLOURMILL: down 9.91% to N50.45

JOHNHOLT: down 9.74% to N2.78

Trading Volume   

The total volume of shares traded surged to 554.22 million units, up from Friday’s 473.09 million. FBNH led in volume, trading 151.90 million shares, followed by JAPAULGOLD with 150.07 million shares. Other notable trades included FIDELITYBK (27.23 million), UACN (26.03 million), and AIICO (14.68 million).

Trading Value   

FBNH also led in trading value, recording N4.36 billion in transactions. OANDO followed with N691.22 billion. UACN, ZENITHBANK, and MTNN saw significant trading values of N537.91 billion, N532.45 billion, and N444.07 million, respectively, indicating a strong bullish trend in these stocks.

SWOOT and FUGAZ Update   

Large-cap stocks such as Airtel Africa, BUA Cement, BUA Foods, Dangote Cement, Geregu Power, Seplat Energy, and Transcorp Power remained stable. In the banking sector, GTCO and Zenith Bank advanced by +2.70% and +2.43%, respectively, while First Bank, Access Bank, and UBA declined by -9.98%, 3.06%, and 1.62%.

Outlook   

The Nigerian stock market continues its corrective recovery, rebounding from the retracement that began in April, which brought the index to a low of 96,580 points in August.

With the recent surge in trading volume and sustained bullish sentiment, further positive price movements are anticipated as the index approaches the 100,000-point mark.