The stock market showed significant resilience in April and gained N604 billion in spite of the effects of the COVID-19 pandemic as some investors found the Nigerian bourse attractive in anticipation of a rebound.
Market operators and analysts attributed the low valuation of equities, improved first quarter results and liquidity through the payment of dividends by some companies as some of the factors that influenced the positive performance in April. He added that the positive results posted by some companies in the Q1 of 2020, also impacted the growth posted in April.
“Many stocks fell to very low levels and the only way is to appreciate. For instance, Zenith Bank fell to N10.85; GTBank to N16.80; Nigerian Breweries Plc, N22.00; Nestle Nigeria Plc, N760; and Dangote Cement Plc, N117 among others.