Nigerian Stock Exchange Records First Weekly Gain Following April Losses

The Nigerian Stock Exchange Limited marked its first weekly gain following a loss of N3.54 trillion in April 2024, as revealed by data from NGX.

 Last week saw a gain of N812 billion after six consecutive weeks of bearish trades, as investors sought improved yields on alternative markets.

This turnaround concluded a bearish trend, notably affecting banking sector stocks, with new entrants to the N1 trillion market capitalization club dropping out due to declines in their market caps.

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

Corporations’ impressive first-quarter financial performances and the commencement of the dividend earnings season contributed to a 1.46% increase in market capitalization to N56.32 trillion over the past week.

 This enhancement resulted in the year-to-date return of the market cap improving to 33.2%.

Trading activity saw a total turnover of 1.941 billion shares worth N32.64 billion in 35,807 deals last week.

This compared to the previous week’s 1.839 billion shares valued at N34.26 billion traded in 37,528 deals.

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