Stock investors gain over N800bn in one week

Investors in Nigerian stock market gained approximately N885 billion in the trading week to May 24, 2019 following increased demand in the shares of newly listed MTN Nigeria Communications Plc (MTNN) and that of Dangote Cement Plc.

The Nigerian Stock Exchange (NSE) All-Share Index (ASI) and Market Capitalisation appreciated by 6.96percent to close the review week at 30,881.29 points and N13.602trillion respectively from preceding week low of 28,871.93 points and N12.717 trillion.

Thirty (30) equities appreciated in price during the review week, higher than 16 in the preceding week. Forty (40) equities depreciated in price, lower than 42 equities in the preceding week, while 98 equities remained unchanged, lower than 109 equities recorded in the preceding week.

All other indices finished lower with the exception of the -, NSE 30, NSE Premium, NSE Insurance, NSE MERI Growth, NSE Lotus II and NSE Industrial Goods Indices that appreciated by – 0.81percent, 14.09percent, 1.18percent, 1.42percent, 3.45percent and 6.12percent respectively.

The market recorded turnover of 1.698 billion shares worth N57.895 billion in 24,328 deals in contrast to a total of 1.172 billion shares valued at N17.887 billion that exchanged hands in the preceding week in 18,380 deals.

EFCC shuts down MTN Nigeria head office for alleged fraud

By Jumoke Akiyode-Lawanson • May 24, 2019

Iheanyi Nwachukwu

Iheanyi Nwachukwu, is a creative content writer with almost two decades journalism experience writing on banking, finance, capital markets, and tax. The multiple awards winning journalist is Assistant Editor, BusinessDay. Iheanyi holds BSc Degree in Economics from Imo State University; Master of Science (MSc) Degree in Management from University of Lagos. Iheanyi has attended several work-related trainings including (i) Advanced Writing and Reporting Skills (Pan African University, Lagos); (ii) News Agency Journalism (Indian Institute of Mass Communication {IIMC}, New Delhi, India); and (iii) Capital Markets Development and Regulations (International Law Institute {ILI} of Georgetown University, Washington DC, USA). Other trainings Iheanyi attended include: Economic/Political Risk Analysis (By Thomson Reuters Foundation); International Financial Journalism (IFJ) (By PMA Media Training, UK); Effective Business Writing Skills (By Phillips Consulting); Reporting on Corporate Governance (By International Finance Corporation (IFC) & Thomson Reuters Foundation UK); etc. In addition, he has participated in high-level economy & markets events in Dubai, South Africa, Morocco, and other African countries like Zambia, Ghana and Gambia.