Academy Press Tops Gainers as Nigerian Stock Market Inches Up Despite Slower Trading

The Nigerian stock market showed a slight upward movement on Wednesday, July 23, with the All-Share Index (ASI) adding 105.70 points to close the day at 132,557.43. This translates to a modest gain of 0.08%, showing that the market is still maintaining a bullish trend—even as trading activity dipped compared to the previous day.

While the market has been on a strong upward trajectory for most of the year, Wednesday’s performance reflected a pause in momentum. Investors appeared to take a breather, possibly in anticipation of second-quarter earnings reports, which are expected to shape trading sentiment going forward.

The total volume of shares exchanged on Wednesday fell to 681.2 million units, a noticeable decline from the 771.6 million shares traded on Tuesday. Despite this slowdown, the market’s total capitalization nudged slightly higher, rising to ₦83.8 trillion from the previous ₦83.7 trillion. This increase indicates that, while fewer shares changed hands, price gains in certain key stocks helped support the market’s overall value.

Trades were executed in nearly 27,000 transactions across different segments, pointing to an active but cautious market mood.

Leading the charge among the day’s top performers was Academy Press Plc (ACADEMY), which impressed investors with a full 10% surge, closing at ₦7.70 per share. Close behind was The Initiates Plc (TIP), also enjoying strong momentum, with a 9.98% gain that pushed its share price to ₦13.34.

Other standout performers included Ikeja Hotel (IKEJAHOTEL), Enamelware Plc (ENAMELWA), and Nigerian Aviation Handling Company (NAHCO), all of which posted significant gains. These stocks collectively reflect investor appetite for mid-tier and growth-oriented companies that may be poised for better returns in the near term.

Here’s a snapshot of the top five gainers:

• ACADEMY: Up 10.00% to ₦7.70

• TIP: Up 9.98% to ₦13.34

• IKEJAHOTEL: Up 9.95% to ₦21.00

• ENAMELWA: Up 9.84% to ₦24.55

• NAHCO: Up 9.65% to ₦117.00

On the losing end, Austin Laz & Company Plc (AUSTINLAZ) saw the sharpest drop of the day, falling 10% to close at ₦2.34. Tripple Gee & Company Plc (TRIPPLEG) also recorded a steep loss, with its stock price declining by 9.95% to ₦3.89.

Others that joined the red zone included Omatek Ventures (OMATEK), DAAR Communications (DAARCOMM), and Multiverse Mining and Exploration Plc (MULTIVERSE). These losses may reflect a mix of profit-taking activity and concerns about future performance.

Top five losers:

• AUSTINLAZ: Down 10.00% to ₦2.34

• TRIPPLEG: Down 9.95% to ₦3.89

• OMATEK: Down 9.72% to ₦1.30

• DAARCOMM: Down 9.64% to ₦0.75

• MULTIVERSE: Down 9.09% to ₦9.00

While overall market volume was down, some stocks still saw impressive activity. Access Holdings Plc (ACCESSCORP) led the way in both volume and value traded. With nearly 99 million shares exchanged and a total trade value of ₦2.7 billion, it was clearly in focus for many investors.

Ellah Lakes, an agricultural company, also recorded high activity with over 61 million shares traded, showing rising interest in non-bank and non-industrial sectors. Japaul Gold, Royal Exchange, and Universal Insurance rounded out the list of top-volume trades.

In terms of value traded, the top companies were:

• ACCESSCORP: ₦2.7 billion

• Dangote Cement (DANGCEM): ₦1.2 billion

• Aradel Holdings (ARADEL): ₦1.2 billion

• Guaranty Trust Holding Company (GTCO): ₦1.1 billion

• Lafarge Africa (LAFARGE): ₦1.03 billion

Among the large-cap giants—those often referred to as SWOOTs, or Stocks Worth Over One Trillion Naira—performance was uneven. Aradel Holdings posted a modest gain of 0.4%, while Dangote Cement also moved slightly higher by 0.2%.

However, there were a few notable losers in this category. Lafarge Africa dropped significantly, down by over 4%, while International Breweries and Nigerian Breweries also ended the session in negative territory. These declines may be linked to ongoing sector pressures and inflationary challenges affecting the manufacturing and consumer goods sectors.

With the ASI holding steady above the 132,000 mark, the market seems to be signaling confidence—though a cautious one. This level represents a key psychological threshold, and staying above it suggests that investor optimism remains intact.

However, the recent slowdown in volume and the mixed performance of large-cap stocks could be early signs of a cooling-off period. Many investors may now be positioning themselves based on anticipated second-quarter earnings reports, which are expected to begin rolling in soon. These earnings will likely play a major role in shaping the next phase of market direction.

In summary, while Wednesday’s trading session may not have been filled with fireworks, it still showed underlying strength in the Nigerian equities market. The strong performance of certain mid-cap stocks and continued investor interest in key financial and industrial names suggest that opportunities remain—even as the broader market takes a moment to catch its breath.