The Nigerian All-Share Index (ASI) continued its upward trend, closing Wednesday on a positive note with a gain of 545.28 points, reflecting sustained bullish sentiment in the market.
The ASI advanced by 0.56%, closing at 98,230.92 points, up from the previous day’s close of 97,685.64 points, building on the prior day’s 0.23% rise.
Despite the positive movement in the index, market volume declined by 23%, with 361 million shares traded compared to 471 million shares on the previous day.
However, strong performances were seen in stocks like SFSREIT and HONYFLOUR, both of which recorded significant price gains of over 9%.
SFSREIT led the gainers, surging by 9.99%, while NNFM topped the losers’ chart, dropping 10.00%. Other notable decliners included BERGER, which fell by 9.81%, and DEADCAP, down 9.68%.
A total of 9,627 deals were executed, marking a slight uptick from the 9,624 transactions recorded the previous day.
The market recorded a trading volume of 361.30 million shares, down from 417.29 million shares on Wednesday.
JAPAULGOLD led in volume with 64.04 million shares, followed by FBNH with 26.67 million shares. Other significant trades included UBA (25.71 million shares), UPDC (18.22 million shares), and TRANSCORP (17.81 million shares).
Despite the lower trading volume, the total value of transactions for September 18, 2024, reached N7.56 billion.
GEREGU topped the value chart with N1.34 billion, followed by FBNH (N840.67 million), OANDO (N661.05 million), and ZENITHBANK (N620.28 million).
Outlook: The Nigerian All-Share Index is expected to continue its bullish trajectory, eyeing the 100,000-point technical zone.
As the banking sector shows signs of breaking out of stagnation, increased positive sentiment and higher trading volumes are anticipated to support further upward momentum in the index.