The Nigerian stock market has seen a bullish trend since the start of 2024, with significant capital gains observed for companies affiliated with notable entrepreneurs such as Tony Elumelu, Femi Otedola, and Jim Ovia during the first quarter.
Key Players and Market Performance
Several companies, including Zenith Bank, United Bank for Africa, FBN Holdings, Transnational Corporation of Nigeria, and Transcorp Hotels, contributed to the impressive N59.13 trillion capital trade volume on the Nigerian Exchange Limited (NGX) in Q1, 2024. These companies, partly owned by Elumelu, Otedola, and Ovia, collectively experienced a N2.64 trillion increase in capital on the NGX by the end of Q1, 2024.
Performance Overview
Tony Elumelu’s Companies
- United Bank for Africa (UBA) witnessed a capital increase of N68.3 billion, reaching N957.5 billion by the end of the quarter, with its share price rising from N26 to N28.
- Transcorp Hotel saw a significant increase of N283.9 billion, reaching a valuation of N1.2 trillion, while Transnational Corporation gained N190.2 billion, with its market capitalization rising from N577.2 billion to N767.4 billion.
Femi Otedola’s Investments
- Geregu Power experienced a notable surge in its share price, rising from N399.00 to N1000.00 per share, resulting in a market capitalization increase from N997.5 billion to N2.5 trillion.
- FBN Holdings recorded an increase of N427.15 billion, with its share price rising from N23.65 to N35.55, leading to a growth in market capitalization from N848.9 billion to N1.27 trillion.
Jim Ovia’s Zenith Bank
- Zenith Bank observed a market capitalization surge of N172.6 billion, reaching a valuation of N1.39 trillion, with its share price rising from N39 to N44.5 by the end of the quarter.
Overall Market Performance The equities trading on the NGX concluded the first quarter impressively, with the All-Share Index closing at 104,562.06 index points, reflecting noticeable shifts in purchasing behavior. Additionally, the year-to-date (YTD) return of the NGX All-Share Index stood at an impressive 39.84%, highlighting its resilience amidst market dynamics.
Source: Nairametrics