Business

NGX records N419bn growth in April

Published

on

By Chinyere Joel-Nwokeoma

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 N20.428 trillion rose by N419 billion to close at N20.847 trillion 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.

Also, Japaul Gold came third with 36.36 per cent growth to close at 60k against 44k achieved in March.

Conversely, NCR was the worst performing stock in percentage terms in April with a loss of 18.64 per cent to close at N2.27 against N2.79 it opened with in March.

Unity Bank dipped 17.33 per cent to close at 62k from 75k recorded in March.

Caverton also dipped 14.98 per cent to close at N1.75 per share compared with N2.07 per share posted in March.

Speaking on the performance of the stock market, Mr Ambrose Omordion, the Chief Operating Officer, InvestData Ltd., said the 2020 full year and first quarter impressive corporate earnings triggered investors’ buying interest in April.

Omordion said the stock market made history in April by halting two months’ downward trend posted in February and March, to confirm the month as position taking period in the nation’s bourse.

Commenting on the First Bank of Nigeria and Honeywell saga, he said the development would be a lesson to other corporates on their insider dealings.

On factors that would shape the stock market in May, Omordion said economic fundamentals were still mixed and dicey with expectations of Q1 GDP, April inflation and the outcome of this month’s Monetary Policy Committee meeting.

“We expect a mixed trend and outlook in May. Just as the ongoing vaccination and economic recovery support market recovery in the midst of rising inflation and yields in fixed income space,” he added.

Also speaking, 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 result declared by most companies.

“The performance of the stock market for the month of April 2021 is far better than April performance for 2020 when the ASI closed negative in double digit year-to-date.

“This has to do with positive Q1 results declared by most of the companies and at the same the big four companies that control 50 per cent of the market capitalisation posted gains,” Kurfi said.

According to him, the four companies are Dangote Cement, MTNN, BUA Cement and Airtel Africa. (NAN)

(NAN)

Short Link: https://wp.me/pcj2iU-3zpy

NNN

NNN: :is a Nigerian online news portal that publishes breaking news in Nigeria, and across the world. Our journalists are honest, fair, accurate, thorough and courageous in gathering, reporting and interpreting news in the best interest of the public, because truth is the cornerstone of journalism and they strive diligently to ascertain the truth in every news report. Contact: editor @ nnn.ng

WAPA reiterates commitment to vulnerable women in Lagos Coronavirus – Daily update on the status of COVID-19 statistics in Zambia (May 5, 2021) EU moots military training mission to Mozambique – Official Vaccine shortage increases risk of COVID-19 resurgence NECO releases 2020 SSCE results Rugby Africa Mulligrubbers #AfricaAsOne with the launch of the men’s seven-a-side solidarity camp China ready to discuss COVID-19 vaccine patents within WTO Energy Capital & Power, Equatorial Guinea partner for an investor report, a documentary and an American event Insecurity: Lawyers back creation of state police Niger: the new government should investigate the massacres Popular OAP Lolo 1 and her children survive car accident Burna Boy’s ‘Ye’ certified Gold in the U. S. Airport flyover rehabilitation begins, FG awards contract WHO publishes recommendation on maximum salt levels in foods Lagos places 4,000 unemployed graduates on N40,000 monthly salary FIFA and Gianni Infantino welcome the decision of the Swiss Federal Criminal Court to challenge the extraordinary federal prosecutor NDLEA arrests grandma, granddaughter with 192kg cocaine in Ondo Engineers laud FG, Lagos Govt. high on infrastructure delivery AstraZeneca Africa PUMUA Initiative celebrates World Asthma Day with delivery of the first PUMUA nebulization stations in 4 countries UK to support 30 Nigerian female GreenTech entrepreneurs Energy Capital & Power, CNBC Africa Partner for Africa Energy series documentaries Gov. Bello seeks FG collaboration in tackling insecurity in Niger Basketball Africa League and the French Development Agency to advance education and inclusion in Africa FEC approves N6.2bn for power projects As West Africa begins vaccine deployment, what role should technology play? Animated films are the stars of the 8th edition of the NollywoodWeek film festival Youth football and unity in central Côte d’Ivoire Germany bans Islamist organisation, Ansaar International Bybit launches mining na nuvem to democratize Ethereum mining TCN to boost power supply to 10 LGAs in Kano State Why Presidency’s claim on Mbaka is a monumental distraction Vertiv Launches Next Generation Midsize UPS System For Mission Critical Applications FG, BPE partner to partially commercialise 4 river basin authorities –Minister TOP AFRICA NEWS reporter from Rwanda among 50 journalists to participate in “Fight against the climate crisis through the virtual tour of reports on American innovations” Nepal’s hospitals face oxygen supply shortage Coronavirus – Kenya: COVID-19 update (May 4, 2021) IRC extremely concerned for the safety of migrants and refugees returned to Libya HIV/AIDS: Ogun Unveils Plan To Reduce Mother-To-Child Transmission India records 3,780 COVID-19 deaths in 1 day WAPA impacts 48,000 Lagos residents in two years Minister expresses concern over new paediatric HIV infections Coronavirus – Ethiopia: COVID-19 cases reported in Ethiopia (May 4, 2021) World Asthma Day: 339 million people affected globally Coronavirus – Nigeria: COVID-19 case update (May 4, 2021) Wealth Migrate, an African leader in licensing to offer crowdfunding services to investors COVID-19: NCDC confirms 34 new cases Coronavirus – Eritrea: Ministry of Health announcement (May 4, 2021) Coronavirus – Daily Update on the State of COVID-19 Statistics in Zambia (May 4, 2021) Baba Ijesha lands in trouble for allegedly abusing minor sexually 2023: APGA says no more platform for political party gamblers