After experiencing a downturn of N3.54 trillion in April, the Nigerian equity market saw its first weekly gain, amounting to N812 billion. This positive movement followed six weeks of bearish trades, as investors sought improved yields in alternative markets.
Despite corporate announcements explaining annual general meetings, many investors remained cautious. Banking stocks took a significant hit during the bearish period, causing all new entrants into the N1 trillion market capitalization club to drop out.
Last week, investors witnessed a gain of N812 billion, with the bulls dominating three of the four trading sessions. The benchmark index rose by 1.46%, reaching 99,587.25 points, driven by buying sentiments in high tickers and blue-chip companies with strong fundamentals.The impressive Q1 financial performance of corporations 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.
Stocks that performed well included FBNH (32.68%), Sterling Financial Holding Company (27.75%), and UAC Nigeria (24.60%), while the worst-performing stocks included NASCON (-17.03%), University Press Plc (-16.67%), and Neimeth Pharma Plc (-14.14%). Analysts anticipate bullish sentiments in the new week, driven by the ongoing earnings season.