The market capitalisation of the Nigerian Stock (NGX) recorded a growth of N419 billion in April due to impressive first quarter results declared by some companies.
Specifically, the market capitalisation which closed trading in March at N20.428tn rose by N419bn to close at N20.847tn in April.
Similarly, the All-Share Index inched higher by 789.29 points to close at 39,834.42 in contrast with 39,045.13 recorded in March.
Royal Exchange Assurance emerged the best performing stock for April in percentage terms, growing by 89.29 per cent to close at 58k per share against 28k recorded in March.
Linkage trailed with 41.87 per cent to close at 85k in contrast with 60k posted in the comparative month.
Speaking on the performance of the stock market, Mr Ambrose Omordion, the Chief Operating Officer (COO) of InvestData Ltd, said the 2020 full year and first quarter impressive corporate earnings triggered investors’ buying interest in April.
Malam Garba Kurfi, the Managing Director, APT Securities and Funds Ltd, said the performance of the stock market in April was impressive due to positive Q1 results declared by most companies.
“The performance of the stock market for the month of April, 2021, is far better than April’s performance for 2020 when the ASI closed negative in double-digit year-to-date.”
According to him, the four companies are Dangote Cement, MTN, BUA Cement and Airtel Africa.