Companies owned by some of Nigeria’s richest businessmen, including Tony Elumelu, Femi Otedola, and Jim Ovia, experiences significant stock market gains throughout the first quarter of 2024.
The companies namely Zenith Bank, United Bank for Africa, FBN Holdings, Transnational Corporation of Nigeria, and Transcorp Hotels, alongside other firms, contributed to the impressive N59.13 trillion capital trade volume on the Nigerian Exchange Limited (NGX) in Q1, 2024.
These companies, owned in part by Elumelu, Otedola and Ovia, saw their capital soar by N2.64 trillion on the NGX by the end of Q1, 2024.
According to a report by Nairametrics, Equities trading on the NGX ended the first quarter of 2024 (January-March), showing shifts in purchasing behavior, resulting in the All-Share Index closing at 104,562.06 index points by the quarter’s end.
Also, the year-to-date (YTD) return of the NGX All-Share Index stands at an impressive 39.84%.
Tony Elumelu’s companies – UBA, Transcorp hotels and Transnational Corporation accumulated a total gain of N542.5 billion during the quarter.
United Bank for Africa (UBA) saw 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 while Transcorp Hotel emerged as one of the top-performing stocks, witnessing a N283.9 billion increase and reaching a valuation of N1.2 trillion. Its share price opened at N70.18 and closed the quarter at N97.90.
Also, Transnational Corporation gained N190.2 billion, with its market capitalization rising from N577.2 billion to N767.4 billion. The company’s share price increased from N9.5 to N14.20 throughout the quarter.
Companies led by Femi Otedola, Geregu power and FBN holdings experienced capital gains totaling N1.92 trillion, marking the highest increase among companies associated with the trio.
Geregu Power, one of his investments, experienced a remarkable surge in its share price by 150.6% during Q1 2024. Its stock price rose from N399.00 to N1000.00 per share, reaching unprecedented levels. This surge propelled Geregu Power’s market capitalization, soaring from N997.5 billion to N2.5 trillion by the end of Q1 2024.
Also, FBN Holdings recorded an increase of N427.15 billion. The company’s share price started at N23.65 and closed at N35.55 by the end of the quarter, translating to a growth in market capitalization from N848.9 billion to N1.27 trillion.
Last but not the least, Jim Ovia’s Zenith Bank observed a market capitalization surge of N172.6 billion, reaching a valuation of N1.39 trillion.
Zenith started January 2024 with a share price of N39, which rose to N44.5 by the end of March..
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