After an initial bullish run in the NGX this year, which saw the introduction of six new stocks into the category of stocks worth over N1 trillion (SWOOTs) namely United Bank for Africa, Access Holdings, Transcorp Hotels, FBN Holdings, Geregu Power, and Dangote Sugar Refinery the number of stocks in the SWOOTs category increased to fourteen.
However, a spell of bearish runs in the NGX since January 29 has seen the market capitalization of some of these stocks fall below the N1 trillion mark, with UBA, Access Holdings, FBN Holdings, Transcorp Hotels, and Dangote Sugar falling below the N1 trillion market cap level. This leaves Geregu Power Plc as the only remaining addition to the SWOOT category this year.
United Bank for Africa started 2024 with a share price of N25.65 and a market cap of N877.2 billion. However, on January 8, 2024, UBA crossed the N1 trillion market cap level, hitting a share price of N29.90 with a market cap of N1.02 trillion.
On January 16, 2024, the share price peaked at N33.95, reaching a market cap of N1.16 trillion. On January 30, the stock’s share price declined to N27.10, with a market cap of N926.8 billion. As of February 8, 2024, UBA’s share price was N24.50, with a market cap of N837.9 billion.
Year-to-date, UBA’s share price has declined by 4.48%.
Access Holdings started 2024 with a share price of N23.15 and a market cap of N822.9 billion. However, its share price peaked at N30.00 on January 19, with a market capitalization of N1.07 trillion. As of February 8, 2024, Access Holdings’ share price was N24.25, with a market cap of N862.0 billion.
Year-to-date, Access Holdings has recorded a share price gain of 4.75%.
FBN Holdings started 2024 with a share price of N23.55 and a market cap of N845.3 billion. However, its share price hit N29.35 and a market cap of N1.05 trillion on January 16. A series of gains and losses led FBNH to a share price of N24.75 and a market cap of N888.4 billion on February 8.
Year-to-date, FBNH has recorded a gain of 5.1%.
Transcorp Hotels started 2024 with a share price of N70.18 and a market cap of N718.8 billion. However, on January 10, the company’s share price hit N100.00, with a market cap of N1.02 trillion. There was a drop below the N1 trillion market cap level on January 30, as the share price dropped to N97.40 and the market cap to N997.6 billion.
Year-to-date, Transcorp Hotels has seen a gain of 38.8%.
Dangote Sugar Refinery crossed the N1 trillion market cap level on January 26, as its share price reached N82.65, reflecting a market cap of N1.004 trillion. However, on January 30, the company’s share price fell by 9.74% to N74.60, thus taking its market cap to N906.2 billion.
As of February 8, Dangote Sugar Refinery closed with a share price of N69.00 and a market cap of N838.1 billion.
What you should know
Geregu Power Plc, the only remaining new addition to the SWOOT category, started 2024 with a share price of N399.00 and a market cap of N997.5 billion.
However, on Monday, January 15, the company’s stock gained 7.52% to reach a share price of N429.00 and a market cap of N1.07 trillion. Geregu Power has since appreciated to a share price of N614.9 as of February 8, hitting a market cap of N1.54 trillion.
In 2024, the NGX has recorded a year-to-date gain of 35.38%, a performance mainly driven by the gains of Dangote Cement with a 139% YTD gain, BUA Cement with a 71.7% YTD gain, and BUA Foods with a 53% YTD gain.