Stock market sustains N0.288 trillion losses in April
The stock market in the month of April was marked by fierce struggle for supremacy by the Bulls and Bears, resulting in the up and down movement of the major indices.
The month opened for business on April 1, 2016, with market capitalisation of N8.909 trillion and All-share index perching at 25,899.91.
In the first week of the month, which ended on Friday, April 8, the NSE All-Share Index and Market Capitalisation suffered depreciation by 0.70 per cent to close at 25,328.07 and N8.712 trillion respectively.
Similarly, all other Indices finished lower during the week, with the exception of the NSE Oil/Gas Index and the NSE Pension Index that rose by 0.24 per cent and 0.13 per cent respectively, while the NSE ASeM closed flat.
During the second week that ended on Friday, April 15, the non release of the Federal Government budget encourage the Bears to hold sway in the market, pulling down the All-Share Index and Market Capitalisation by 2.40 per cent to close at 24,719.27 and N8.503 trillion respectively.
Similarly, all other Indices finished lower as well, with the exception of the NSE Premium Index, NSE ASeM Index, NSE Banking Index, NSE Insurance Index and the NSE Pension Index that rose by 0.45 per cent, 0.38 per cent, 0.31 per cent, 1.86 per cent and 0.55 per cent respectively.
In the third week, which ended on Friday, April 22, the Bulls made spirited attempt to grab the low priced stocks of some blue chip firms. This pushed up All-Share Index and Market Capitalisation by 0.53 per cent to close at 24,850.11 and N8.548 trillion respectively.
Similarly all other Indices closed higher but the NSE Consumer Goods Index, NSE Oil/Gas Index and The NSE Lotus Index declined by 0.83 per cent, 0.73 per cent and 0.77 per cent respectively.
The last week of the month which ended on April 29, was marked with All-Share Index and Market Capitalization recording appreciation of 0.85 per cent to close at 25,062.41 and N8.621 trillion respectively. All the other Indices closed higher too but NSE Insurance Index, NSE Oil/Gas Index, NSE Lotus Index and the NSE Industrial Goods Index suffered depreciation of 0.28 per cent, 9.69 per cent, 0.85 per cent and 2.03 per cent respectively, while the NSE ASeM Index closed flat.
At last, the Bears sustained their stubborn dominance of the market by dipping the All-Share index with 837.5 basic points and eroding investors’ investments in the market by N0.288 trillion in the month of April.
No comments yet