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Market Review for the Week Ended May 3, 2024

The week under review marks the end of the April 2024 and the beginning of the May 2024. The market declined by 6.06% for the month of April. The decline was largely due to the prevailing external and domestic macroeconomic challenges that have continued to weigh in on the Nigerian economy at a broad level, including high inflation, high-interest rate, volatile FX market.
However, the week under review closed positive as the all-share index appreciated by 1.46% to close at 99,587.25 from 98,152.91 points it closed in the preceding week. The market capitalization appreciated by N0.811 trillion to N56.323 from it closed last week’s N55.512 trillion. The all-share index despite the decline for the month of April, is still up by 31.27% Year to Date (YTD).

Although the market traded for only 4 days because of the workers day holiday on May 1st, 2024, activity level increased when compared to the volume and value recorded last week as the volume traded grew by 5.55% w/w to 1.941 billion units of shares from 1.839 billion. The value of trade however declined by 4.71% w/w to N32.644 billion from N34.258 billion. The number of deals also grew by 4.59% w/w to 35,807 deals from 37,528 deals.

The financial services being the most active led the activity chart trading about 1.496 billion shares 77.08% of the total volume of trade translating to about N22.453 billion 68.78% of the total transaction value.

Sectorial Index Performance

Performance across the sectors index week is shown as below;
Banking                                               9.42%
Insurance                                             1.54%
Consumer Goods                                1.34%
Oil and Gas                                         -0.32%
Industrial Goods                                 -0.36%
Conglomerates                                    6.57%

Market Breadth

Investor sentiment was positive for the week as the market breadth for the week recorded more gainers than losers. The market recorded 42 stocks gained which was higher than 27 recorded last week and 36 stocks declined which was lower than 43 recorded last week.

Notable Gainers for the week

FBN Holdings                                                  32.68%
Sterling Financial Holding Company               27.75%
UAC Nigeria                                                    24.60%
Julius Berger Nigeria                                       23.76%
Flour Mills Nigeria                                            20.66%
Sovereign Trust Insurance                              16.67%
Jaiz Bank                                                         16.34%

Notable Losers

Nascon Allied Industries                                                     17.03%
University Press                                                                 16.67%
Neimeth International Pharmaceutical                               14.14%
Berger Paints                                                                      9.87%

Stocks to Watch for the Week

Tantalizer                                                      @ N0.36
UCAP                                                           @ N20.00
Fidelity Bank                                                 @ N9.05
Japaul Gold                                                   @ N1.90
FCMB                                                            @ N7.50
Transcorp                                                       @ N14.10
Sterling Bank                                                 @ N4.88
Access Bank                                                  @ N14.40
Zenith Bank                                                    @ N34.70                        GTCO                                                             @ N38.10
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

FCMB Plc                         Dividend: 50kobo
                                          Qualification Date; 13-05-2024
                                          Closure Date; 14-05-2024
                                          Payment Date; 24-05-2024

Presco Plc                         Dividend: N24.30
                                          Qualification Date: 30-05-2024
                                          Closure Date: 31-05-2024
                                          Payment Date: 06-06-2024

Mark Down

1. Seplat Energy Plc was marked down on April 29, 2024 to 3,291.40 Naira for a dividend of 78.60 Naira per share.
2. Guaranty Trust Holding Company (GTCO) Plc was marked down on April 29, 2024 to 32.80 Naira for a dividend of 2.70 Naira per share.
3. Fidelity Bank Plc was marked down on April 29, 2024 to 8.80 Naira for a dividend of 60 Kobo per share.
4. Meyer Plc was marked down on April 29, 2024 to 5.30 Naira for a dividend of 30 Kobo per share.
5. Unilever Plc was marked down on April 29, 2024 to 14.35 Naira for a dividend of 75 Kobo per share.

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