Weekly Market Wrap: ASI climbs to 97,722 as John Holt soars 60.5%, Oando and DAAR Communications lead decliners 

This represents a 0.50% increase from the previous week’s finish at 97,236.19, as the index edges closer to the notable 98,000-point psychological zone.

However, trading activity took a hit despite the upward price movement, as trading volumes slumped by 54%, dropping from 3.2 billion shares in the preceding week to 1.4 billion during the week under review.

Market breadth showed a mixed performance this week, with 39 equities appreciating in value, an increase from the 31 gainers seen the previous week.  In contrast, 46 equities declined, up from 42 in the prior week.

Despite bullish price movements across several sectors of the Nigerian stock market, trading volume saw a sharp decline, dropping by 54% compared to the activity levels recorded the previous week.

The week began on a positive note, with the All-Share Index (ASI) edging higher on Monday before retreating slightly on Tuesday, followed by a modest recovery on Wednesday and another dip on Thursday.

However, a strong surge on Friday propelled the index to a weekly close, anchoring the market’s capitalization at an impressive N59.2 trillion and securing the week’s overall gains.

Leading the pack of gainers, JOHN HOLT PLC surged by 60.50%, followed by EUNISELL INTERLINKED PLC, which rose by 46.22%. Other notable gainers included:

On the losing side, DAAR Communications PLC led the decline, plunging by 12.12%, followed by OANDO PLC and VFD Group PLC, which fell by 10.44% and 10.00%, respectively.

Other significant decliners included:  

The past week saw several significant corporate developments across various sectors of the Nigerian market.

The All-Share Index appears well-positioned to maintain its upward momentum, bolstered by strong price action in individual stocks and supported by favourable Q3 results.

Should the index maintain the upward trajectory seen in Friday’s trading, it could very well break through the significant 98,000-point barrier in the weeks ahead.