The Nigerian stock market has experienced a bullish trend since the beginning of the year, witnessing significant capital gains for companies affiliated with some of Nigeria’s prominent entrepreneurs, including Tony Elumelu, Femi Otedola, and Jim Ovia, throughout the first quarter of 2024.
These companies are Zenith Bank, United Bank for Africa, FBN Holdings, Transnational Corporation of Nigeria, and Transcorp Hotels, which, alongside other firms, contributed to the impressive N59.13 trillion capital trade volume on the Nigerian Exchange Limited (NGX) in Q1, 2024.
Collectively, these companies, owned in part by the trio, saw their capital soar by N2.64 trillion on the NGX by the end of Q1, 2024.
While Otedola, Elumelu, and Ovia may not be the sole shareholders of their respective companies, their capital gains are intricately linked to the overall performance of the NGX.
Equities trading on the NGX concluded the first quarter of 2024 (January-March), showing noticeable shifts in purchasing behavior, resulting in the All-Share Index closing impressively at 104,562.06 index points by the quarter’s end.
Furthermore, the year-to-date (YTD) return of the NGX All-Share Index underscores its resilience, standing at an impressive 39.84%.
Tony Elumelu’s companies experienced significant growth, accumulating a total gain of N542.5 billion during the quarter.
Companies led by Femi Otedola, one the prominent Nigerian oil magnates, witnessed remarkable capital gains totaling N1.92 trillion, marking the highest increase among companies associated with the trio.
Zenith Bank observed a market capitalization surge of N172.6 billion, reaching a valuation of N1.39 trillion.