The recent crypto mania has provided investors nervous about the stock market with important opportunities to capitalize on alternative investments in cryptocurrencies.
The related effect caused the total market capitalization of Bitcoin, Ethereum, Litecoin, XRP and other crypto assets to surpass the $ 400 billion mark in the fourth quarter of 2020 to more than $ 2 trillion in recent times – the Total market capitalization of all cryptocurrencies is valued at approximately $ 1.74 trillion at the time of this writing.
Despite the profits that Bitcoin, Ethereum and Cardano have brought their owners, the market performance of these digital assets has been comparatively unimpressive since the beginning of April. Of the three cryptocurrencies, only Ethereum maintains monthly gains of more than 15%, while monthly losses in other currencies are more than 12%.
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The performance of these digital assets so far in April
Data collected on Binance, a cryptocurrency exchange that provides a platform for trading various cryptocurrencies, showed that Ethereum’s monthly gains to date are around 15% in April, while Bitcoin and Cardano’s monthly loss is around 15% 16% and 12%, respectively.
NSE stocks delivered decent returns in April, outperforming some cryptos. Some stocks on the Nigerian Stock Exchange made impressive returns for their holders in April, despite the recent weakness of key stocks listed on the stock exchange.
According to data on the Nigerian Stock Exchange, the stocks of the following companies have outperformed Bitcoin, Cardano, Ethereum and some other cryptocurrencies so far this month.
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Japaul Gold and Ventures Plc
(JAPAUL GOLD), MtD gains: 46.83%
Renamed and restructured mining company, with a focus on exploration for gold and other solid minerals, is the top performing stock on NSE this month, with monthly earnings of approximately 46.83%.
Despite the fact that the stock is currently trading slightly below its opening price of N0.62 per share for the year, it has recently risen from an annual low of N0.41 to its current price of N0.60 per share. This results in a profit of 46.8% for its owners.
Meyer Plc (MEYER)
MtD gains: 29.16%
Shares in the major player in the paint and decoration industry rose from N0.41 per share at close of trading that month to N0.53 per share at the time the market opened this morning, to print monthly earnings of 29.16% so far.
The paint manufacturer’s share is currently 6% above the opening price of N0.50 per share for the month of April.
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University Press Plc (UPL)
MtD gains: 19.77%
Shares of one of the leading Nigerian editors of educational and general reading materials, University Press Plc, rose from N 1.07 per share at the close of trading on March 31 to N 1.28 per share at the close of trading on March 31, the Nigerian Stock Exchange today.
The recent surge in the company’s stock was sparked by buying interest on the floor, and that renewed interest in the publisher’s stock has resulted in investors’ stocks posting an impressive 19.77% month-to-date gains since that price began Month.
What you should know
- The all-share index of the Nigerian stock exchange “NGX ASI” is well on the way to achieving its first weekly gains after weeks of consistent devaluation of the market index and capitalization.
- That decent performance can be linked to renewed buying interest in stocks of a few key companies with impressive fundamentals as the financial results for the first quarter of 2021 gradually flow in.