Nigerian Stock Market Ends Week on a High, ASI Gains 0.13% Amid Increased Trading Activity

The Nigerian stock market closed on a positive note on Friday, October 11, 2024, with the All-Share Index (ASI) advancing by 0.13%, adding 129.44 points to settle at 97,606.63 index points.

The market recorded a total of 6,950 deals with a market capitalization of N56.08 trillion.

Trading activity saw a notable uptick, rising by 9% as the volume of shares traded increased from 277 million shares the previous day to 304 million shares.

The good performance in the market was driven by gains in the shares of FBNHoldings, Fidelity Bank, Fidson, Sterling Bank, Nigerian Breweries, United Capital, Mecure and 24 others.

As a result, year-to-date return went up to 30.54 percent as the number of companies closed in green stood at 31 against 17 firms that closed in red.

An analysis of the investment showed that Sterling Bank and Conhall Plc led gainers table with 9.45% to close at N4.98 and N1.39 per unit respectively, Mecure followed with a gain of 9.19% to close at N10.10 per unit, Regal Insurance added 9.09% to close at N0.72 per share while Fidson health care gained 8.24% to close at N15.10 per unit.

On the contrary, Deap Capital topped losers chart, dropping by 9.93% to close at N1.36 per share, NEM Insurance trailed with a loss of 9.71% to close at N7.90 per share, Daar Communications dipped by 9.52% to close at N0.57 per unit, Tantalizer down by 9.09% to close at N0.60 per unit while Dangote Sugar went down by 3.13% to close at N31.00 per share.

The volume of trades also went up by 26.685 million; representing 9.60% as investors traded 304.430 million Shares valued at N5.599 billion in 6950 deals against 277.745 million shares valued at N4.653 billion exchanged hands the previous day in 7091 deals.

Transactions in the shares of Access Holding Company led market activities with 68.257 million shares valued at N1.339 billion, Fidelity Bank followed with account of 43.156 million shares worth N630.123 million, and United Bank for Africa traded 25.437 million shares cost N67.593 million.

Others include Zenith Bank which traded 19.733 million shares valued at N739.183 million, Sterling Bank exchanged 12.451 million shares cost N60.075 million.

Market analysts note that the All-Share Index is projected to maintain its bullish momentum, with expectations of breaking above the 99,000-point mark in the coming weeks.

However, the wider Nigerian market environment may dent the market with inflation numbers for September 2024 due next week. The number has slowed in the last months and if it falls further, it could help drive favorable price trends.