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Market Review for the Week Ended January 26, 2024

Bullish runs were sustained for the 12th day and fourth week consecutive as transactions on the floor of the Nigerian Stock Exchange Market closed the All-Share Index ASI up 8.32% w/w, and 36.95% m/m and y/y.

The market closed the trading week on a positive note, as the NGX-ASI rallied 8.32% w/w to close at 102,401.88 points, while market capitalization appreciated by ₦4.030 trillion to ₦56.038 trillion.

Activity level slowed down compared to the volume and value recorded last week as the volume traded declined by 42.44% w/w to 2.981 billion units of shares from 5.179 billion. Also, the value of trade declined by 25.61% w/w to N77.797 billion from N57.873 billion. The number of deals declined by 13.98% w/w to 67,962 deals from 79,012 deals.

The financial services being the most active contributed 62.50% of the total volume of trade and 46.26% of the total transaction value.
The most actively traded stocks in volume for the week are
Transcorp                                273.5 0million units
UBA                                         178.80billion units
Access Corp                           128.90 billion units

while the most actively traded stocks in value for the week are
UBA                                                   ₦5.4 billion
Dangote Sugar                                  ₦5.1 billion
Transcorp                                          ₦4.7 billion

Sectorial Index Performance

Performance across the sectors index was also very positive as shown below;
Banking                                               -1.63%
Insurance                                             -4.10%
Consumer Goods                                5.29%
Oil and Gas                                         11.57%
Industrial Goods                                   23.20%
Conglomerates                                    1.37%

Market Breadth

Investor sentiment was negative this week as the market breadth for the week. The market recorded 35 stocks gained which was a 57.79% decline w/w and 65 stocks declined with an increase of 12.07% poorer w/w

Notable Gainers for the week

Tripple Gee and Company                  32.24%
Dangote Cement                                  28.82%
Sunu Assurances Nigeria                    25.00%
Japaul Gold and Ventures                   23.20%
Seplat Energy                                       21.00%
BUA Cement                                         20.98%

Notable Losers

Veritas Kapital Assurance                              23.38%
The Initiate                                                       21.77%
Cadbury Nigeria                                              20.86%
Deap Capital Management & Trust                19.19%
McNichols                                                       17.78%

Stocks to Watch for the Week
Tantalizer                                 @ N0.47
NASCON                                  @ N76.50
Jaiz Bank                                 @ N2.93
Japaul Gold                             @ N3.08
FCMB                                       @ N11.10
Transcorp                                @ N16.50
Dangote Sugar                        @ N82.65
Sterling Bank                           @ N6.60
Unity Bank                               @ N2.92
AXA Mansard                          @N22.95
Wema Bank                             @ N12.30
Fidelity Bank                            @ 12.50
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


The shares of Glaxo SmithKline Consumer Nigeria Plc have been suspended from trading activities following the approval of the Scheme of Arrangement Glaxo SmithKline Consumer Nigeria Plc and holders of its fully paid ordinary shares by the Securities and Exchange Commission and sanctioning of the Scheme of Arrangement by the Federal High Court, trading in the Shares of the Company was suspended on the Nigerian Exchange Limited on Monday, 22 January 2024.

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