Stocks worth over one trillion (SWOOT) listed in the NGX recorded N17.9 trillion capital gains in the first quarter of 2024.
This represents a 57.4% growth from the N31.2 trillion recorded at the start of the quarter under review.
The biggest gainer in the period under review in terms of value was Dangote Cement, which recorded a capital gain of N6.3 trillion during the quarter, marking a 115% gain in its market cap.
On the other hand, MTN Nigeria was the biggest loser, recording a 12% decline in its market cap from N5.5 trillion to N4.9 trillion.
During the quarter, there were four new additions to the SWOOT category, as their number increased from eight to twelve. The new entrants to the category were Transcorp Hotels Plc, Transcorp Power Plc, Geregu Power Plc, and FBN Holdings Plc.
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Overall Market Performance
In Q1 2024, NGX recorded a 39.84% gain, as the All-Share Index appreciated from 74,773.77 points to close the quarter at 104,562.06 points, representing a 29,788.29-point gain. NGX’s market capitalization also appreciated by N18.21 trillion.
- With a total capital gain of N17.9 trillion, SWOOTs were responsible for 98% of the quarterly
capital gains recorded in the NGX. - They also accounted for 82.9% of the NGX’s total market cap at the end of the quarter, representing a 6.7 percentage-point increase from 76.2% at the start of the quarter.
New Entrants to the SWOOT category
- Transcorp Power Plc – Transcorp Power Plc was the biggest addition to the SWOOT category during the period under review, as the company listed on the NGX with a market cap of N1.98 trillion on March 4, 2024. Since listing, the company’s market cap appreciated by N847.5 billion to close the quarter with a market cap of N2.83 trillion.
- Transcorp Hotels Plc – Transcorp Hotels Plc, another subsidiary of Transnational Corporation Plc also joined the SWOOT category in Q1 2024, as it reached a share price of N100 and a market cap of N1.02 trillion on January 10, 2024. During the quarter, Transcorp Hotels reported a capital gain of N283.9 billion, representing a market cap growth of 39.5%.
- Geregu Power Plc – Geregu Power Plc recorded a 151% growth in Q1 2024, as its market cap appreciated from N997.5 billion to N2.5 trillion. The company recorded a N1.5 trillion capital gain during the quarter.
- FBN Holdings Plc – FBN Holdings joined the Zenith Bank Plc and GTCO as the banking stocks within the SWOOT category. The group reported a- 51% growth in its market cap in Q1 2024, as it posted a capital gain of N430.7 billion to close the quarter with a market cap of N1.28 trillion.
Older members of the SWOOT category are;
- Dangote Cement Plc – gained N6.25 trillion to close Q1 2024 with a market cap of N11.7 trillion.
- BUA Foods Plc – gained N3.36 trillion to close Q1 2024 with a market cap of N6.8 trillion.
- BUA Cement – gained N1.56 trillion to close Q1 2024 with a market cap of N4.8 trillion.
- Seplat Energy – gained N623.75 billion to close Q1 2024 with a market cap of N1.98 trillion.
- Airtel Africa – gained N1.18 trillion to close Q1 2024 with a market cap of N8.27 trillion.
- Zenith Bank – gained N183.67 billion to close Q1 2024 with a market cap of N1.40 trillion.
- GTCO – gained N353.71 billion to close Q1 2024 with a market cap of N1.55 trillion.
- MTN Nigeria – lost N671.86 billion to close Q1 2024 with a market cap of N4.87 trillion.
Top Performing SWOOTs in Q1 2024
The top five SWOOT performers during the quarter were
- Geregu Power Plc – +151%
- Dangote Cement Plc – +115%
- BUA Foods Plc – +96.4%
- FBN Holdings – +51%
- BUA Cement – +48%
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