ASO Savings Leads Gainers as Nigerian All-Share Index Falls Below 149,000 Points

The Nigerian stock market closed lower on Monday, November 10, as the All-Share Index (ASI) slipped by 742.91 points to close at 148,781.90, marking a 0.5% decline from Friday’s close of 149,519.6. The drop pushed the benchmark index below the 149,000 mark, signaling renewed selling pressure among investors after weeks of mixed performance.

Trading activity slowed, with a total of 364 million shares exchanged—down sharply from 527 million in the previous session. Market capitalization also declined, falling to ₦94.5 trillion across 32,564 deals, compared to ₦94.9 trillion previously. Despite the dip, the market’s year-to-date return remains positive at +44.55%, reflecting resilience amid short-term volatility.

ASO Savings and Loans Plc emerged as the day’s top performer, climbing 10% to ₦0.99, followed by Deap Capital, which gained 9.83% to ₦1.90. On the downside, Link Assurance and RT Briscoe both shed 10%, leading the list of losers. Other notable fallers included NAHCO, Mutual Benefits, and AIICO Insurance, each dropping close to 10%.

Banking giants dominated market activity, with AccessCorp and Zenith Bank trading 22.8 million and 21.9 million shares, respectively. Dangote Cement led in transaction value at ₦2.15 billion, followed by Zenith Bank (₦1.3 billion) and WAPCO (₦1.02 billion). Among large-cap stocks, or SWOOTs, the mood was bearish as International Breweries fell 8.33% and Nigerian Breweries lost 2.69%, while members of the FUGAZ group—such as UBA, GTCO, and AccessCorp—also traded in negative territory.

Market analysts noted that the index remains in a retracement phase, with potential to test the 145,000 level if current selling momentum persists. However, sentiment could turn positive as investors continue to digest strong Q3 earnings, which may renew interest in large-cap stocks and spark a short-term rebound across the Nigerian equities market.

source: Nairametrics