April Equity Rally Adds ₦26.2 Trillion to Nigerian Market Value
Nigeria’s equities market posted a striking rally in April, driving market value up by ₦26.2 trillion amid higher oil prices and robust corporate earnings. Market capitalisation jumped from ₦129.8 trillion to ₦155.99 trillion, while the All-Share Index rose 40,990 points to close at 242,277.81. Investor confidence held strong, with 18 of 20 trading sessions ending in gains. The Vice President of Highcap Securities Ltd. called April an exceptional month, led by banking stocks and the tail end of the earnings season. He expects the bullish momentum to continue into May, backed by stabilising exchange rates. Extended trading hours from 9 a.m. to 4 p.m. are deepening participation, especially from international investors. The Independent Shareholders Association of Nigeria cited impressive earnings and liquidity from bank recapitalisation as further fuel for the rally. A total of 15.6 billion shares valued at ₦848.97 billion were traded across 1.1 million deals. Oil and gas, banking and industrial goods stocks drove the rally, though a few counters like Okomu Oil Palm and Conoil posted modest losses.
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