The Nigerian equities market in the month of January showed an impressive performance in contrast with the ampule number of delisted companies, surged in price of stocks and companies surpassing a trillion Naira capitalisation was predominant. However wide is the nexus between the performance and the economy stance, we anticipate a converging point between these dynamics as increase in stock prices was a reflection of future value.
The All Share Index (ASI) which opened at the beginning of the year at 74,773.77 basis points closed at 101,154.46 points. The market witnessed a 35.28 per cent growth rate in the first month of 2024 with a market capitalization of N55.357 trillion as at close of trade on Wednesday January 31, 2024. A total turnover of 19.279 billion units of shares worth N325bn in 318,590 deals was traded.

Notable happenings
In other for companies to strengthen their financial position and create opportunities for existing shareholders and to participate in the capital raising process, the underlisted companies issued/ sought from NGX to issue right issues in the month.
Fidelity Bank Limited submitted an application to Nigerian Exchange Limited (NGX) for the approval and listing of a Rights Issue of 3.2 billion ordinary shares of 50 kobo each at N10 per share.

Ellah Lakes Plc: Listing of Ellah Lakes Plc’s Rights Issue of 1,000,000,000 Ordinary Shares of 50 Kobo each at N2.90 Kobo per Share on the Basis of One (1) New Ordinary Share for Every Two (2) Ordinary Shares Held as at the Close of Business on Friday, 10 February 2023 on Nigerian Exchange Limited (NGX)
At the close of trading on January 8, 2024, the share price of United Bank for Africa crossed N29.90,

taking the bank’s market capitalization to N1.02 trillion, making the bank the latest member of the SWOOT category. SWOOT category increases as United Bank for Africa and Transcorp Hotels joined companies like MTN Nigeria, Airtel Africa, Dangote Cement, BUA Foods, BUA Cement, GTCO Holdings, Zenith Bank, and Seplat Energy, Stanbic IBTC.