Market Review for the Week Ended February 16, 2024
The market recovered from last week’s bearish result and returned to bullish for the week under review for the first time in 2024 as the All Share Index ASI appreciated by 3.79% w/w.
Transactions on the floor of the Nigerian Stock Exchange Market for the week closed the All-Share Index ASI by 3.79% appreciation for the week to close at 105,722.78 points, while the ASI is 39.99% up for the year. The market capitalization also appreciated by ₦2.115 trillion for the week to close at ₦57.850 trillion.
Activity level when compared to the volume and value recorded last week remained poor as the volume of trade declined by 37.08% w/w to 1.559 billion units of shares from 2.478 billion. Also, the value of trade declined by 23.74% w/w to N36.497 billion from N47.856 billion. The number of deals also declined by 22.62% w/w to 42,54 deals from 54,982 deals.
The financial services being the most active contributed 72.27% of the total volume of trade and 51.81% of the total transaction value.
The 3 most actively traded stocks in volume for the week are
Veritas Kapital Assurance 108.9million
United Bank for Africa (UBA) 104.1million
Transcorp 98.8million
while the most actively traded stocks in value for the week are;
Geregu Power N4.7billion
Guaranty Trust Bank Holding (GTCO) N3.9billion
United Bank for Africa (UBA) N2.6billion
Sectorial Index Performance
Performance across the sectors index closed as follows;
Banking -1.34%
Insurance 2.66%
Consumer Goods 10.96%
Oil and Gas 5.25%
Industrial Goods -1.83%
Conglomerates -0.18%
Market Breadth
Investor sentiment was negative this week as the market breadth for the week. The market recorded 35 stocks gained which was a 75% better w/w and 51 stocks declined with an increase of 25% better w/w
Notable Gainers for the week
Juli 45.54%
Geregu Power 33.30%
BUA Foods 20.82%
Royal Exchange 20.00%
Airtel Africa 10.00%
Notable Losers
Meyer 18.96%
Morison Industries 18.69%
Deap Capital Management & Trust 14.29%
Flour Mills Nigeria 12.25%
Unilver Nigeria 10.81%
Stocks to Watch for the Week
Tantalizer @ N0.42
Axa Mansard @ N6.35
Jaiz Bank @ N2.52
Japaul Gold @ N2.80
Unity Bank @ N2.53
Transcorp @ N13.20
Access Bank Holding @ N22.50
UBA @ 24.90
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
Price Adjustment
Vitafoam Nigeria adjusted to N24.44 from N26.00 for a dividend of N1.56 on 13/02/2024
Listing
Federal Government of Nigeria (FGN) Bond was listed on the Nigerian Exchange Limited (NGX) on Tuesday, 13 February 2024.