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Market Review for the Week Ended February 9, 2024

The bear had the upper hand for the week under review for the first time in 2024 as the All Share Index ASI declined by 2.45% w/w.
Transactions on the floor of the Nigerian Stock Exchange Market for the week closed the All-Share Index ASI down by 2.45% to close at 101,858.37 points, although the ASI is still 36.20% up for the year. The market capitalization also depreciated by ₦1.80 trillion to ₦55.735 trillion.

Activity level when compared to the volume and value recorded in the previous week was equally poor as the volume of trade declined by 36.86% w/w to 2.478 billion units of shares from 3.893 billion. Also, the value of trade declined by 49.70% w/w to N47.856 billion from N97.147 billion. The number of deals also declined by 20.45% w/w to 54,982 deals from 69,117 deals.

The financial services being the most active contributed 68.10% of the total volume of trade and 59.58% of the total transaction value.
The 3 most actively traded stocks in volume for the week are
FBN Holding                                        399.4million
Transcorp                                            150.1million
Jaiz Bank                                             13.7million
while the most actively traded stocks in value for the week are;
FBN Holding                                                   N10.6billion
GTCO                                                             N3.6billion
UBA                                                                 N2.8billion

Sectorial Index Performance
Performance across the sectors index was negative as follows;
Banking                                               -6.86%
Insurance                                             -1.48%
Consumer Goods                                -0.14%
Oil and Gas                                         -0.40%
Industrial Goods                                 -0.040%
Conglomerates                                    -5.55%

Market Breadth
Investor sentiment was negative this week as the market breadth for the week. The market recorded 20 stocks gained which was a 25.93% decline w/w and 68 stocks declined with an increase of 6.25% better w/w

Notable Gainers for the week
Meyer                                                  60.70%
Juli                                                       44.29%
Geregu Power                                    19.00%
Cornerstone Insurance                        17.37%

Notable Losers
Eterna                                                              18.78%
Abbey Mortgage Bank                                   18.39%
Unity Bank                                                      17.79%
Mutual Benefit Assurance                              17.57%
Sterling Financial Holding Company             15.45%

Stocks to Watch for the Week
Tantalizer                                 @ N0.44
Fidelity Bank                           @ N10.95
Jaiz Bank                                @ N2.48
Japaul Gold                             @ N2.80
FCMB                                      @ N9.00
Sterling Bank                          @ N5.58
Wema Bank                            @ N9.80
AIICO                                      @ 1.18
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 entire issued share capital of GlaxoSmithKline Consumer Nigeria Plc were delisted from the daily official list of the Nigerian Stock Exchange on Monday, February 5, 2024

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