Stock market rises by 0.13% in April

Nigeria’s stock market rose by 0.13 percent in the month of April despite recent negative closes seen at the local bourse due to activities of profit-takers.

Consumer goods stocks fueled the market’s record positive despite major profit taking in banking, insurance, industrial and oil & gas counter.

While stocks value rose by N239 billion in April, the market’s year-to-date (YtD) return stood at 2.79 percent as at close of trading on April 30.

- Advertisement -

The Nigerian Exchange Limited (NGX) All-Share Index (ASI) and equities market capitalisation which opened the review month at 105,660.64 points and N66.257trillion respectively increased to 105,800.85 points and N66.496 trillion.

Ahead of Wednesday, April 30 trading session which though saw a dip by 0.12 percent, analysts at Lagos-based Vetiva Research anticipated a mixed session, “as recent gains in the banking sector may continue to attract interest”.

“However, signs of profit-taking in the consumer goods space could temper broader market momentum. Earnings season remains the key driver of investor positioning, with selective buy-side activity expected to persist”, they noted.

TAGGED:bdothernews Nigeria's stock market

Share This Article

ByIheanyi Nwachukwu

Follow:

Iheanyi Nwachukwu, is a creative content writer with almost two decades journalism experience writing on banking, finance, capital markets, and tax. The multiple awards winning journalist is Assistant Editor, BusinessDay. Iheanyi holds BSc Degree in Economics from Imo State University; Master of Science (MSc) Degree in Management from University of Lagos. Iheanyi has attended several work-related trainings including (i) Advanced Writing and Reporting Skills (Pan African University, Lagos); (ii) News Agency Journalism (Indian Institute of Mass Communication {IIMC}, New Delhi, India); and (iii) Capital Markets Development and Regulations (International Law Institute {ILI} of Georgetown University, Washington DC, USA). Other trainings Iheanyi attended include: Economic/Political Risk Analysis (By Thomson Reuters Foundation); International Financial Journalism (IFJ) (By PMA Media Training, UK); Effective Business Writing Skills (By Phillips Consulting); Reporting on Corporate Governance (By International Finance Corporation (IFC) & Thomson Reuters Foundation UK); etc. In addition, he has participated in high-level economy & markets events in Dubai, South Africa, Morocco, and other African countries like Zambia, Ghana and Gambia.