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Market Review for the Week Ended March 22, 2024

The equity market on the floor of the Nigerian Stock Exchange recorded a decline for the week ending March 22, 2024, as the All-Share Index ASI was down by 0.42% w/w, but still up by 4.67% m/m and 39.95% y/y
The market closed the trading week on a negative note, as the NGX-ASI declined by 0.42% w/w to close at 104,647.37 points, while market capitalization appreciated by ₦0.247 trillion to close at ₦59.169Trillion

Activity level also declined as the volume traded decreased by 2.14% w/w to 1.735 billion units of shares from 1.773 billion. Also, the value of trade down by 7.78% w/w to N48.755 billion N52.867. however, the number of deals was up by 1.17% w/w to 45,237 deals from 44,713 deals.

The financial services being the most active contributed 73.36% of the total volume of trade and 63.74% of the total transaction value. They were closely followed by the conglomerate and consumer goods sectors respectively.
The 3 most traded stocks in volume are United Bank for Africa (UBA), First Bank of Nigeria Holding (FBNH), and Access Holding These 3 most traded contributed 32.56% and 34.85% of the total volume and value of transactions for the week respectively.

Sectorial Index Performance
Performances across the sectors index for the week are shown below;
Banking                                               4.19%
Insurance                                             8.92%
Consumer Goods                                -0.37%
Oil and Gas                                         0.30%
Industrial Goods                                 0.57%
Conglomerates                                    0.43%

Market Breadth

Investor sentiment though strengthened, but not as fantastic as the week before. The market breadth for the week closed positive. The market reported 50 stocks gained which was a 9.09 % decrease w/w while 32 stocks declined in value which was 33.33% poor compared to last week as reported

Notable Gainers for the week
Juli                                                       43.10%
NEM Insurance                                    45.11%
International Energy Insurance            22.95%
Jaiz Bank                                             20.40%
Thomas Wyatt                                     19.78%
International Breweries                       18.22%

Notable Losers
Julius Berger Nigeria                                      17.15%
Daar Communications                                    14.10%
UPDC REIT                                                    12.73%
Deap Capital                                                   12.50%
MTN Nigeria Communications                        12.35%
Royal Exchange                                              10.13%

Stocks to Watch for the Week
Transcorp Power                                 @ N383.00
UBA                                                     @N27.00
Tantalizers                                           @N0.37
Japaul Gold                                         @N2.23
Access Bank                                       @N24
Transcorp                                            @N15.45
Sterling Bank                                       @ N57
Fidelity Bank                                        @10
FCMB                                                   @ N8.50
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

Corporate Action
The Initiates Plc                          Dividend: 6kobo
                                                    Qualification Date; 05-07-2024
                                                    Closure Date; 08-07-2024
                                                    Payment Date; 26-07-2024

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