NGX makes gain after losing N3.53tn in April

The Nigerian Stock Exchange Limited recorded its first weekly gain after losing N3.54 trillion in April 2024.

This is according to last week’s data from NGX.

The equity market recorded an N812 billion gain last week after ensuring six weeks of bearish trades as investors looked for improved yields on alternative markets.

The development ended a bearish run as banking sector stocks had taken a major hit, with all the new entrants into the N1 trillion market capitalisation club dropping out as their market caps declined.

Accordingly, the benchmark index surged by 1.46 per cent week-on-week to 99,587.25 points, driven by buying sentiments in some high tickers and blue-chip companies with strong fundamentals.

Corporations’ impressive first quarter of financial performance and the beginning of the dividend earnings season have resulted in a 1.46 per cent increase in market capitalisation to N56.32 trillion over the past week.

Consequently, the year-to-date return of the market cap improved to 33.2 per cent.

A total turnover of 1.941 billion shares worth N32.64 billion in 35,807 deals was traded last week, compared to 1.839 billion units of shares valued at N34.26bn that exchanged hands in 37,528 deals in the previous week.

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