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Market Review for the Week Ended March 1, 2024

The week under review marks the end of the month of February 2024 and the beginning of the month of March 2024. The market declined by 1.16% for the month of February. This is the first time in the last five months that the index has returned negative for a month.
Also, the week under review closed negative as the all-share index declined by 3.27% to close at 98,751.98 from 102,088.30 points.  The release of the MPR by the CBN Monetary Committee that raised the benchmark rate by 400 basis points from 18.75% to 22.75% largely responsible for the week’s negative outlook.

The market capitalization declined by N1.834 trillion to N54.027 from it closed last week’s N55.861 trillion. The all-share index despite the decline for the month of February and for the week under review, is still up by 33.26% Year to Date (YTD).
Activity level increased when compared to the volume and value recorded last week as the volume traded grew by 36.67% w/w to 1.882 billion units of shares from 1.377 billion. Also, the value of trade grew by 8.12% w/w to N34.149 billion from N31.584 billion. The number of deals also grew by 15.28% w/w to 48,464 deals from 42,060 deals.

The financial services being the most active led the activity chart trading about 1.275 billion shares 67.78% of the total volume of trade translating to about N20.427 billion 59.82% of the total transaction value. The Conglomerates Industry followed with 227.237 million shares worth N2.972 billion, while in third place was the Oil and Gas Industry, with a turnover of 115.327 million shares worth N746.959 million worth N10.155 in value.

Sectorial Index Performance

Performance across the sectors index week is shown as below;
Banking                                               -0.69%
Insurance                                             -3.40%
Consumer Goods                                -2.62%
Oil and Gas                                         -1.55%
Industrial Goods                                 -3.87%
Conglomerates                                    -4.51%

Market Breadth

Investor sentiment was negative this week as the market breadth for the week. The market recorded 27 stocks gained which was 92.85% better w/w and 54 stocks declined with an increase of 18.18% better w/w

Notable Gainers for the week

Juli                                                                   60.26%
PZ Cussons Nigeria                                        27.36%
Sterling Financial Holding Company             14.94%
Universal Insurance                                        14.29%
Consolidated Hallmark Holding                     12.00%

Notable Losers

MTN Nigeria Communications                                              18.91%
Sunu Assurances Nigeria                                                        18.18%
Nestle Nigeria                                                                         18.18%
CWG                                                                                       11.76%

Stocks to Watch for the Week
Tantalizer                                 @ N0.50
Cadbury                                  @ N20.00
FBNH                                     @ N26.20
Japaul Gold                             @ N3.07
FCMB                                     @ N10.25
Transcorp                                @ N15.40
Sterling Bank                          @ N6.60
Wema Bank                            @ N10.85
AIICO                                     @ 1.24
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

Corporate Action

Multiverse Mining and Exploration Plc         Dividend: 5kobo
                                                       Qualification Date; 18-04-2024
                                                       Closure Date; 19-04-2024
                                                       Payment Date; 10-05-2024

Lafarge Africa Plc                         Dividend: N1.90
                                                       Qualification Date: 01-04-2024
                                                       Closure Date: 02-04-2024
                                                       Payment Date: 26-04-2024

BUA Cement Plc                      Dividend: N2.00
                                                Qualification Date: 09-08-2024
                                                Closure Date: 12-08-2024
                                                Payment Date: 29-08-2024

Dangote Cement Plc.             Dividend: N30.00
                                                Qualification Date: 15-04-2024
                                                Closure Date: 16-04-2024
                                                Payment Date: 29-04-2024

Seplat Energy Plc.            Dividend: 6cents
                                          Qualification Date: 26-04-2024
                                          Closure Date: 29-04-2024
                                         Payment Date: 29-05-2024

Mark Down: Geregu Power was marked down on February 28, 2024 to 997.00 Naira for a dividend of 8Naira per share.

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