The Nigeria’s stock market in the first quarter of the year 2020 left investors horrible experiences that made many forget their fingers in-between their lower and upper jaw, after the All share index of the Nigerian Stock Exchange dropped by a massive 20.73% in first quarter, leaving the market with about N2 trillion loss, only in the first quarter of the said year despite the impressive performance recorded in February.
This is far above about 14% loss the market recorded in the entire 2019.
The advent of the novel virus pandemic sent further fears to the global economy and it became so natural to think the stock market would suffer a great deal added to the fact that prices were already at the bottom and all stimulus that should stir the bull would readily be subdued by this pandemic.
On the contrary, performance of equities on the floor of the Nigerian Stock Exchange so far in the second quarter has been unprecedentedly impressive with the market returning about 19% Quarter to date, almost wiping off the entire loss recorded since the inception of this year.
In the month of May alone, the All Share Index and the Market Capitalisation both appreciated by 9.76% and grew by 8.08% in the month of April, leaving the Year to date returns to a marginal negative 5.86%. If the positive vibration that we experience in the month of April and May reoccur in the month of June and July, it is obvious that the market will recover from the losses incurred since the beginning of the year.
In the month of May, the healthcare sector performed excellently well as all quoted companies in this sector grew their share prices significantly, featuring on the top ten gainers chart for the month of May. The pharmaceutical companies performances is premised on the fact that the market is expecting them to be net beneficiaries of any Government action on providing vaccine to covid-19.
These are the Top five gainers among the 67 equities that appreciated in their share prices in the review month