Lagos- The Association of Stockbroking Houses of Nigeria (ASHON) on Monday ascribed the capital market growth last week to the N3 dividend proposed by Dangote Cement.
Emeka Madubuike, its president, told the News Agency of Nigeria (NAN) in Lagos that by its performance, Dangote Cement now accounted for about 30 per cent of the total market capitalisation.
Madubuike said that this performance was capable of determining the direction of the capital market indices.
Madubuike, who is also the Managing Director, Compass Investment Ltd., projected that the capital market would experience mixed performance this week.
According to him, this will be due to normal trading on Dangote Cement stocks after it had been marked down for dividend payment.
He urged investors to be cautious in their speculation unless in the advent of free funds as this could lead to loss of investment.
Madubuike also called on local investors to invest in equities with antecedents and seek professional advice before investing.
Meanwhile, the NSE’s All-Share Index rose by 1,950.25 points or 5.88 per cent last week to close at 35,109.33 last week against the 33 159.08 achieved in the preceding week.
The market capitalisation also rose by N678 billion or 5.88 per cent to close at N11.225 trillion in contrast to the N10.547 trillion posted in the preceding period.
CAP led on the gainers’ chart by N8.10 or 20.93 per cent to close at N46.80 per share.
A.G. Leventis followed with a gain of 31k or 20.67 per cent to close at N1.81, while WAPIC Insurance rose by 19k or 20.43 per cent to close at N1.12 per share.
On the other hand, RT Briscoe topped the losers’ chart by 38k or 19 per cent to close at N1.62 per share.
Costain West Africa trailed with 18.46 per cent or 24k loss to close at N1.06, while UTC Nigeria dipped by 13.04 per cent or 9k to close at 60k per share.
A turnover of 1.51 billion shares worth N15.87 billion were traded in 20,965 deals last week.
This was in contrast to the 1.76 billion shares valued at N17.89 billion traded in 23,958 deals in the preceding week.
The Financial Services sector remained the toast of investors, accounting for 1.26 billion shares worth N10.86 billion traded in 12,786 deals.
The Consumer Goods Sector followed on the activity chart with 48.20 million shares valued at N3.22 billion exchanged in 3 427 deals.
A total of 1 887 units of NewGold Exchange Traded Funds (ETFs) valued at N4.182 million were executed in four deals.
This was in contrast to the 14 905 units worth N32.68 million traded in 50 deals in the preceding week.