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Market Review for the Week Ended January 19, 2024
Bullish runs were sustained for the third week consecutive as transactions on the floor of the Nigerian Stock Exchange Market closed the All-Share Index ASI up 13.84% w/w, and 26.43% m/m and y/y. This gain represents the highest gain in a single week in 13 years.
The market closed the trading week on a positive note, as the NGX-ASI rallied 13.84% w/w to close at 94,538.12 points, while market capitalization appreciated by ₦6.293 trillion to ₦51.735 trillion.
Activity level was not as high as recorded last week as the volume traded decreased by 9.44% w/w to 5.179 billion units of shares from 5.719 billion. Also, the value of trade decreased by 12.42% w/w to N77.797 billion from N88.828 billion. The number of deals decreased by 1.31% w/w to 79,012 deals from 80,064 deals.
The financial services being the most active contributed 61.60% of the total volume of trade and 42.95% of the total transaction value.
The most actively traded stocks in volume for the week are
Transcorp                               362.9 billion units
Jaiz Bank                               338.8 billion units
AIICO Insurance                    251.9 billion units
while the most actively traded stocks in value for the week are
Transcorp                                                      ₦6.3 billion
NASCON                                                      ₦5.2 billion
Zenith Bank                                                   ₦4.8 billion

Sectorial Index Performance
Performance across the sectors index was also very positive as shown below;
Banking                                               -0.12%
Insurance                                             14.94%
Consumer Goods                                8.18%
Oil and Gas                                          8.82%
Industrial Goods                                 46.88%
Conglomerates                                    4.06%

Market Breadth
Investor sentiment was weakened this week as the market breadth for the week though positive but not as strong as recorded last week. The market recorded 81 stocks gained which was an 8.00% increase w/w and 58 stocks an increase of 152.17% poor w/w

Notable Gainers for the week
The Initiate                                       59.78%
Dangote Cement                              53.94%
Honeywell Flour Mill                         50.77%
May and Baker                                 50.46%
McNichols                                        46.34%
BUA Cement                                    45.80%
Veritas Kapital Assurance                45.28%

Notable Losers
Royal Exchange                                          22.45%
Ikeja Hotel                                                   10.57%
Linkage Assurance                                      8.16%
Multiverse Mining and Exploration               6.59%

Stocks to Watch for the Week
Tantalizer                                 @ N0.55
NASCON                                 @ N70.50
Jaiz Bank                                 @ N3.45 
Japaul Gold                             @ N2.50
FCMB                                      @ N10.60
Transcorp                                @ N18.65
Dangote Sugar                       @ N80.00
Sterling Bank                          @ N6.97
Unity Bank                              @ N3.50
Eterna                                     @N22.95
Oando                                     @ N12.30
Please note: The value of shares and investments can go down as well as up, leading to investors not getting back the amount invested. Past performance is not a guide to future performance. Always consult an expert before making an investment decision


Sovereign Trust Insurance Plc listed an additional 2,863,673,469 units of ordinary shares of 50kobo each were listed Thursday, January 18, 2024.

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