ALERT: These Nigerian Stocks Outperformed Bitcoin And Ethereum This Month

The month of April has had a lot of investors taken aback, underlining the need for diversified investments as the "underdog" Nigerian stock market produced bigger winners than major cryptocurrencies.

The crypto markets seem to be at the peak of a frenzy, with several major cryptocurrencies reaching new all-time highs such as bitcoin ($64,829) and Ethereum ($2,645). However, a lot of these digital assets have given back their gains for the month, and are even currently trading below their month's open.

On the other hand, several Nigerian stocks, which have often been overlooked by investors, posted fantastic results this month — beating several cryptocurrencies including forerunner bitcoin.

Here are the best-performing Nigerian stocks for the month of April 2021:

1. Japaul Gold Plc.

This rebranded mining company is the best-performing stock in the Nigerian stock market this month, currently up 43.6 percent month-to-date to 60kobo per share from its opening price of 41kobo.

2. Meyer Plc.

The paint production giant has rallied this month to deliver a 29.2 percent month-to-date gain after it opened the month at 41kobo per share and closed on Friday at 53 kobo.

3. University  Press Plc

Leading publisher University Press Plc broke out of a flat trading period to give outstanding gains surging 19.63 percent this week to become the second top gainer and the month's third top gainer.

PZ Cussons is also a notable mention as it was this week's best-performing stock, gaining 21.11 percent as it began the week trading at N4.50 and climbed all the way to a week's closing price of N5.45.

This week was a good ride overall for the Nigerian stock market as the All-share index posted its first weekly gain of 1.27 percent, buoyed by investor interests being rekindled as various companies posted their first-quarter financial statements.

Bitcoin was consolidating the $50,000 region as of report time, down about 14 percent month-to-date from its opening of $58,764 according to data from coindesk.com.