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Stock market kicks off September within the red: ASI slips 0.15% amid declining trading quantity 

The All-Portion Index (ASI) closed the first week of September 2024 with a 0.15% decline, falling from 96,580 aspects to 96,433 aspects.

The index dropped by 0.15%, falling from its opening cost of 96,580 aspects to discontinuance at 96,433 aspects, marking the birth of September on a bearish cloak.

Unlike the previous week, the keep 56 equities recorded designate increases, handiest 36 equities experienced features this week.

Market Performance: 

Market quantity also witnessed a principal tumble, lowering by 80% to 2.1 billion shares traded, in contrast to 10.62 billion shares exchanged the previous week.

Out of the five trading days, handiest Monday and Friday recorded bullish exercise. The index noticed downward tension on Wednesday and Thursday, which dragged it decrease.

Within the birth, the ASI shed 0.4% all around the week, however a unhurried rally in stocks love Oando, Berger Paints, and others on Friday helped offset the loss, cutting back the weekly decline to 0.15%.

Other Highlights: 

The NGX Top charge Index fell by 0.37% within the first week of September, driven by some SWOOTs love Zenith Bank which ended within the red, and Oando that shed some features from Monday and Tuesday.

NGX 30 and NGX Most fundamental Board Index fell by 0.28% and 0.04%, respectively, mirroring the final market construction.

NGX Oil and Gasoline Index outperformed, closing within the green with a 1.52% operate from the previous week.

Whereas the NGX Insurance coverage index (-4.forty five%), NGX User Goods Index (-1.17), NGX Industrial Goods (-0.17), and NGX Banking Index (-0.12) all ended the week negatively.

A crammed with 46 equities depreciated in designate, whereas 69 remained unchanged.

Top Gainers: 

INDUSTRIAL AND MEDICAL BASES NIGERIA PLC led the gainer, hiking by 32.58% to form the no 1 tell on the desk. BERGER PAINTS evolved by 31.12% whereas E-TRANSACT INTERNATIONAL PLC closed by 20.59%.

Other principal gainers consist of: 

  • UACN: +19.77%, closing at N20.90.
  • C & I LEASING PLC: +18.75%, closing at N4.15.
  • UNIVERSITY PRESS: +16.09%, closing at N2.67.
  • CAVERTON OFFSHORE SUPPORT GROUP PLC: +13.75%, closing at N1.59.
  • GUINEA INSURANCE PLC: +13.04%, closing at N0.52.
  • MEYER PLC: +10.00%, closing at N5.83.
  • SFS REAL ESTATE INVESTMENT TRUST: +9.97%, closing at N148.35.

Top Losers:

RT BRISCOE led the losers desk, falling by 27.61% to discontinuance within the red. FTN COCOA PROCESSORS PLC and OMATEK VENTURES PLC also witnessed a decline, shedding 18.8% in part designate, respectively.

Other principal losers consist of: 

  • THE INITIATES PLC: -13.8%, closing at N1.91.
  • CORNERSTONE INSURANCE PLC: -12.59%, closing at N2.36.
  • SECURE ELECTRONIC TECHNOLOGY PLC: -10.61%, closing at N0.59.
  • ABBEY MORTGAGE BANK PLC: -9.96%, closing at N2.53.
  • LIVESTOCK FEEDS PLC: -9.60%, closing at N2.26.
  • PZ CUSSONS NIGERIA PLC: -9.53%, closing at N19.00.
  • CHAMPION BREWERIES PLC: -9.20%, closing at N2.96.

Company Bulletins: 

The week featured several principal corporate announcements:

  • INTERNATIONAL BREWERIES PLC launched its 2024 AGM resolutions.
  • OANDO PLC known as for the immediate end of libelous verbalize material within the media.
  • STANBIC IBTC HOLDINGS PLC launched its Q2 2024 financial statements.
  • NOTORE CHEMICAL INDUSTRIES PLC announced the resignation and appointment of a unique company secretary.

Outlook: 

The All-Portion Index, which has fallen by 7.8% from its March 2024 high, is anticipated to strive a correction. Buy tension within the oil and gas sector, along with some banking stocks, may possibly push the index relief into bullish territory within the upcoming weeks.

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