The Nigerian stock market has had a tough run since the start of April 2024 with the All-Share Index (ASI) declining by 6.16% and the market capitalisation falling by N3.63 trillion. The Nigerian Exchange Limited (NGX) on April 24, 2024, closed with an ASI of 98,121.3 points, a far cry from the 104,562.06 points by the start of the market in April.
Concerning market capitalisation, on April 24, the NGX closed with a market cap of N55.49 trillion, unlike N59.12 trillion at the start of the month.
Despite the massive loss acquired in the NGX this month, it was offset by impressive gains produced in the market in the first quarter (Q1) of 2024. As of yesterday, the NGX has a year-to-date return of 31.2%.
Also hit by the loss is the banking sector. Since the beginning of April, FBN Holdings has lost 44.4%, Access Holdings has lost 34.5%, GTCO has declined by 31.4%, with Sterling Holdco losing 21.7%.
All the banks except Ecobank Transnational, have a record of major losses in April. UBA has declined by 18.9%, Stanbic slumped by 19.6%, and Zenith Bank fell by 17.8%.
Apart from banking stocks, the loss of some leading stocks has contributed to the market’s loss. MTN Nigeria has so far lost 13.1% this month, Dangote Cement fell by 4.4%, with Transcorp Hotels declined by 10.2%.
