NGX | Nigerian Exchange - Monthly Equities Report - March 2024 : Sustained bullish sentiments across markets

    Global Markets 

    For the third consecutive month this year, the MSCI World Index sustained its bullish trend, growing by 3.0% MoM following the 2.1% and 4.1% MoM gains recorded in January and February, respectively. This performance was buoyed by positive investor interest in top tickers such as NVIDIA (+14.2%) and ALPHABET (+17.9%) as the AI drive continued to garner momentum. Similarly, the MSCI Emerging Markets and MSCI Frontier Markets indices also recorded gains of 2.2% and 3.7% MoM, respectively.  


    Nigerian Equities

    In March, the Nigerian equities market rebounded as the benchmark index advanced by 4.6% to settle at 104,562.06 points, while the market capitalisation added N4.4 trillion (+8.07%) to close at N59.1 trillion. Accordingly, YTD return printed at 39.8% as of March 2024. The market rebound was primarily driven by the resurgence of banking tickers, buoyed by positioning for dividend announcements and the gradual return of FPIs into the market. Specifically, the tier-1 banks benefitted the most, all recording double-digit returns – GTCO (+32.58%), ACCESSCORP (+27.94%), FBNH (+27.42%), ZENITHBANK (+27.14%), and UBA (+24.17%).


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    CardinalStone is a full service investment banking firm with a vision to build a world class investment banking firm of African origin; operating out of Lagos, Nigeria. The firm was incorporated in April 2008 and began operations in June 2008. CardinalStone is duly registered with the Securities & Exchange Commission in Nigeria to carry on business as an Issuing House, Fund Manager and Broker/Dealer The Firm's activities are carried out across five business units: Asset Management, Investment Banking, Private Equity, Securities Trading and the Business Support Group.
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