By FELIX OLOYEDE
Significant appreciation by stocks of MTN Nigeria and Dangote Cement, the two most capitalized equities drove the Nigerian equity market to increase 6.96 per cent this week.
The All-Share Index (ASI) was up 6.96 per cent to 30,881.29 points on the back of premium board index, which houses blue chips, while Market Capitalization also rose 6.96 per cent to close the week at and N13.602 trillion.
The premium board appreciated 14.09 per cent, led by MTN which increased 28.56 per cent within the week, having just joined the bourse last week.
Due to the long anticipation for the listing of MTN stocks, the mad rush which followed its eventually listing, was responsible the significant upward movement of the market, explained Moses Ojo, Head, Research and Business Development, PanAfrican Capital told BusinessHallmark.
Thomas Wyatt Nigeria led the 30 equities that rallied this week, having appreciated 29.03 per cent and it is closely followed by MTN and Dangote Cement, which was up 28.56 per cent and 13.64 per cent respectively.
Ojo noted the rally by MTN might have impacted Dangote Cement’s appreciation as investors who could not get MTN stocks decided to pick up it.
On the other hand, Consolidated Hallmark Insurance emerged the highest loser among 39 other decliners, shedding -20.69 per cent, followed by Sterling Bank and Academy Press, which lost -17.20 per cent and -16.67 per cent.
Investors traded a total turnover of 1.698 billion shares worth N57.895 billion in 24,328 deals were traded this week, 44.88 per cent lower than the 1.172 billion shares valued at N17.887 billion in 18,380 deals, which exchanged hands the previous week.
The Financial Services Industry led the activity chart in term of volume with 1.121 billion shares valued at N8.708 billion traded in 13,380 deals; thus contributing 66.01 per cent and 15.04 per cent to the total equity turnover volume and value respectively. The ICT Industry followed with 324.332 million shares worth N40.717 billion in 3,330 deals. The third place was Consumer Goods Industry with a turnover of 75.831 million shares worth N2.948 billion in 2,957 deals.
Trading in the Top Three Equities namely, MTN Nigeria Communications, Sovereign Trust Insurance (measured by volume) accounted for 726.103 million shares worth N41.622 billion in 4,972 deals, contributing 42.75 per cent and 71.89 per cent to the total equity turnover volume and value respectively.