Dangote Sugar Hit 10% daily gain, ASI Slips for Fourth Consecutive Session Despite Banking Gains
The Nigerian Exchange Group (NGX) closed trading on September 24 with the All-Share Index (ASI) extending its losing streak to four consecutive sessions. The ASI dropped by 213.5 points, or 0.15%, to settle at 140,716.1. This negative sentiment was mirrored by the market capitalization, which slipped to N89.06 trillion from N89.19 trillion the previous day.
Trading activity significantly weakened, reflecting reduced market participation, as the volume traded plummeted to 442.55 million units from 759.05 million units recorded previously.
Market Performance at a Glance
Top Gainers and Losers
Despite the overall market decline, certain stocks posted significant gains. DANGOTE SUGAR (DANGSUGAR) and MECURE led the gainers, both closing near the daily maximum allowable increase:
DANGSUGAR surged by 10.00% to N59.40.
MECURE advanced by 9.95% to N23.75.
On the losing side, DEAPCAP and LEGEND INTERNET (LEGENDINT) led the decline, shedding 9.42% and 9.26%, respectively.
Volume and Value Dominated by Banking Giants (FUGAZ)
The banking sector, particularly the FUGAZ stocks (FirstBank, UBA, GTCO, Access, Zenith), demonstrated strong trading volume, although this did not prevent the overall index from falling.
In terms of volume traded, five banks dominated the top positions:
ZENITH BANK: 68.9 million shares
ACCESSCORP: 47.3 million shares
FIRSTHOLDCO: 46.1 million shares
FIDELITY BANK: 42.3 million shares
GTCO: 22.8 million shares
In terms of value traded, ZENITH BANK again led the market with trades worth N4.7 billion. The value table also saw other large-cap stocks like MTNN (N2.1 billion) and GTCO (N2.07 billion) feature prominently.
Sectoral & Market Outlook
The performance of the key banking and large-cap stocks was mixed but generally positive:
FUGAZ Stocks: The major banking stocks closed mostly in the green, with UBA up 1.74%, ZENITH BANK rising 1.33%, and ACCESSCORP up 0.40%.
SWOOTs (Stocks Worth Over One Trillion Naira): This segment showed mixed results, with INTERNATIONAL BREWERIES gaining 1.91% and LAFARGE advancing 1.75%.
The market closed in the red due to the broader weak participation and selling pressure in other sectors. However, the mild gains in the banking sector suggest underlying strength. The market outlook indicates that if trading activity in large-cap stocks picks up momentum, the ASI could attempt to breach the 141,000 level in subsequent trading sessions.
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