FUGAZ Banks Drag Nigerian All-Share Index Down 0.23% Despite Surge in Trading Volume

The Nigerian stock market faced a modest downturn on Tuesday, 19th November, as the All-Share Index (ASI) slipped 340.50 points to close at 144,646.01. This represents a 0.23% decline from Monday’s finish of 144,969.30, reflecting lingering weakness across the market. Analysts noted that all FUGAZ banks ended the session in the red, exerting significant pressure on the broader index.

Despite the decline, market activity surged, signaling robust investor interest. Trading volume more than doubled to 892 million shares, up from 381 million the previous day. The spike in transactions highlighted continued liquidity in the market, suggesting that investors remain active even amid short-term downward pressure.

Market capitalization also softened slightly, falling to N92.0 trillion from N92.2 trillion, recorded across 20,225 deals. Among individual stocks, NCR and CAVERTON led the gainers with increases of 9.85% and 9.71%, respectively, while UNIVINSURE and ABCTRANS experienced the steepest losses, dropping 10.00% and 9.95%. ACCESSCORP and TANTALIZERS dominated trading volumes, with ACCESSCORP alone accounting for 488.3 million shares.

In the FUGAZ sector, heavyweights such as ZENITHBANK, UBA, and ACCESSCORP recorded declines of 2.46%, 2.31%, and 1.59%, respectively. GTCO and FIRSTHOLDCO also slipped, reinforcing bearish sentiment among top-tier banks. Meanwhile, select mid-cap stocks like INTERNATIONAL BREWERIES gained modestly, offering pockets of optimism in an otherwise cautious market.

Looking ahead, the Nigerian All-Share Index faces continued pressure, with further downside possible if market sentiment remains weak. However, analysts suggest that a rebound in mid- and large-cap stocks could help the ASI regain the 150,000-point level in the near term, offering investors opportunities for recovery in a volatile market environment.

source: nairametrics