Lagos: Equities investors raked in N26.185 trillion in April, buoyed by stronger crude oil prices and robust corporate earnings that ignited optimism and fueled a significant market rally across the Nigerian Exchange.
Market capitalisation grew 20.17% in April, rising from N129.8 trillion to N156 trillion. The All-Share Index rose 20.36% to 242,278 points.
The trading remained largely positive during the period, with 18 out of 20 sessions closing higher, reflecting sustained investor confidence.
Vice President of Highcap Securities Ltd., Mr David Adonri, described April as a remarkable month for the market, noting that equities extended their rally on strong momentum.
“April was another fantastic month for the capital market as equities continued their unprecedented rally with non-diminished intensity.
“The main charge was spearheaded by the banking sector, which had been quiet for some time. April was also the tail end of the earnings season, which usually orchestrates activities in the market,” he said.
Adonri stated the rally could continue into May, noting improved crude prices and forex stability.
He said macroeconomic liquidity was strong, but warned that insecurity and pre-election risks remain.
The market also expanded its trading hours during the month from 9.00 a.m. to 4.00 p.m.
A stockbroker, Mr Tajudeen Olayinka, said the extension was a positive development despite initial challenges with the adjustment.
He said longer trading hours would boost participation, especially from global investors.
Also, the National Coordinator of the Independent Shareholders Association of Nigeria, Mr Moses Igbrude, attributed the bullish trend to strong corporate earnings and increased liquidity from bank recapitalisation.
“Positive sentiment stemmed from impressive corporate earnings,” he said.
Igbrude added that recapitalisation funds were expected to support further market growth.
Investors traded 15.6 billion shares worth N849 billion in over 1.1 million deals during April.
The rally was largely driven by gains in oil and gas stocks, supported by rising global crude oil prices and renewed interest in banking stocks following dividend declarations.
Other sectors, such as industrial goods, also played a significant role in supporting the market’s upward momentum, indicating broad-based sectoral growth beyond banking and oil and gas.
Among the top gainers, Seplat Energy rose from N9,099.90 to N11,495, while Aradel advanced from N1,260 to N2,024.
Dangote Cement gained N160 to close at N970, MTN Nigeria increased by N155 to N915, and Lafarge Africa surged by N130 to N350.
Zenith Bank and GTCO also recorded gains, closing at N130.50 and N135, respectively.
On the downside, Okomu declined by N15 to N1,750, Conoil fell by N10.40 to N194, while Oando and Eterna dropped by N3.60 and N2.10, respectively.
