By Boluwatife Oshadiya
Key Points
- Market capitalisation rose by N26.2 trillion to N155.99 trillion in April
- All-Share Index gained 20.36% to close at 242,277.81
- Oil price optimism and strong corporate earnings drove investor sentiment
- Banking and oil & gas stocks led the rally
- Trading activity remained bullish, with 18 of 20 sessions closing positive
Main Story
Nigeria’s equities market recorded a significant surge in April, with investors gaining approximately N26.185 trillion amid improved global crude oil prices and robust corporate earnings releases.
Market capitalisation climbed from N129.809 trillion at the start of the month to N155.994 trillion, reflecting a 20.17 per cent increase. Similarly, the All-Share Index (ASI) advanced by 40,990.03 points to close at 242,277.81, representing a 20.36 per cent gain.
Trading sentiment remained firmly positive throughout the period, with 18 out of 20 trading sessions closing in the green, underscoring sustained investor confidence in the market.
The rally was largely driven by gains in oil and gas stocks, buoyed by rising global crude oil prices, alongside renewed investor interest in banking stocks following dividend declarations and strong earnings reports.
Industrial goods equities also contributed to the upward momentum, reflecting broader sectoral participation in the market’s bullish run.
In terms of market activity, investors traded a total of 15.596 billion shares valued at N848.972 billion across 1,113,650 deals during the month.
What’s Being Said
Vice President of Highcap Securities Ltd., David Adonri, described April as a standout period for the equities market.
“April was another fantastic month for the capital market as equities continued its unprecedented rally with non-diminished intensity. The main charge was spearheaded by the banking sector… it was also the tail end of the earnings season, which usually orchestrates activities in the market.”
Adonri added that the rally could extend into May, citing improving crude oil prices and relative stability in the foreign exchange market, although he warned that insecurity and pre-election uncertainties could pose downside risks.
Stockbroker Tajudeen Olayinka noted that the extension of trading hours from 9:00 a.m. to 4:00 p.m. would ultimately deepen market participation.
“The longer trading window will enhance participation, particularly from international investors operating across different time zones.”
Similarly, National Coordinator of the Independent Shareholders Association of Nigeria, Moses Igbrude, attributed the bullish trend to strong corporate earnings and increased liquidity from ongoing bank recapitalisation efforts.
“The positive sentiment was driven by the release of corporate earnings, most of which had been impressive, with only a few underperforming.”
Market Movers
Top gainers during the period included:
- Seplat Energy: N9,099.90 → N11,495
- Aradel: N1,260 → N2,024
- Dangote Cement: +N160 to N970
- MTN Nigeria: +N155 to N915
- Lafarge Africa: +N130 to N350
- Zenith Bank and GTCO also recorded notable gains
On the downside:
- Okomu Oil: -N15 to N1,750
- Conoil: -N10.40 to N194
- Oando: -N3.60
- Eterna: -N2.10
What’s Next
Market analysts expect continued positive momentum in the near term, supported by strong liquidity, dividend reinvestment cycles, and favourable oil price dynamics.
However, macroeconomic uncertainties, including inflationary pressures, security concerns, and political developments ahead of future elections, remain key risk factors that could influence investor sentiment.
