Despite the tense political environment and lingering macroeconomic challenges, the Nigerian equities market consolidated gains made in the previous year, as investors’ wealth rose by N2.54 trillion in the first quarter.Despite the tense political environment and lingering macroeconomic challenges, the Nigerian equities market consolidated gains made in the previous year, as investors’ wealth rose by N2.54 trillion in the first quarter.
The top three performing stocks were Geregu, BUAFoods and Oando, increasing by 116.8 per cent, 56.9 per cent and 45.4 per cent while the top losers were Nigerian Breweries, Airtel Africa and Ardova shedding 9.8 per cent, 9.5 per cent and 7.3 per cent. They noted that the local investors have dominated the market with increased buying interest due to anticipations of robust earnings and dividend payout for the 2022 financial year.
“Despite the challenge, equities showed remarkable resilience by closing positively. However, the turnover of stocks traded for the quarter was abysmally low.