Stock Market Rises as ASI Gains 0.13%, Trading Volume Hits 304m Shares

Samuel Mobolaji

The Nigerian stock market closed on a positive note on October 11, 2024, with the All-Share Index (ASI) gaining 0.13 per cent, adding 129.44 points to close at 97,606.63.

Trading activity saw an increase in volume, with 304 million shares traded, a 9 per cent rise from the previous day’s 277 million shares.

The session witnessed 6,950 deals, bringing the market capitalization to N56.08 trillion. Leading gainers included STERLINGNG, which surged by 9.47 per cent, and CONHALLPLC, up by 9.45 per cent. ACCESSCORP, FIDELITYBK, and UBA dominated trading volumes, with ACCESSCORP leading at 68.25 million shares traded, and followed by FIDELITYBK with 43.15 million shares. UBA, ZENITHBANK, and STERLINGNG were also among the most active.

In terms of trading value, ACCESSCORP topped the charts with N1.3 billion in transactions, while ZENITHBANK followed closely with N739.1 million. UBA and FIDELITYBK posted trading values of N675.9 million and N630.12 million, respectively, with GTCO rounding out the top at N502.61 million.

Among the day’s top losers, DEAPCAP dropped 9.93 per cent, while NEM and DAARCOMM fell by 9.71 per cent and 9.52 per cent, respectively. SWOOT stocks—AIRTEL, BUA CEMENT, BUA FOODS, GEREGU POWER, SEPLAT, and DANGOTE CEMENT—remained steady, while FUGAZ stocks saw mixed results. UBA and ZENITHBANK experienced minor declines, while GTCO, FBNH, and ACCESSCORP recorded gains.

Looking ahead, the All-Share Index is expected to continue its bullish trend, with projections suggesting the index could surpass the 99,000-point mark in the coming weeks, driven by positive sentiment around large-cap stocks.