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The main index of the Nigerian Stock Exchange – the All Share Index – rose for the second consecutive week following the decision of the Central Bank of Nigeria to eliminate its naira peg to the U.S. dollar by reintroducing the flexible interbank foreign exchange market.

At the close of trading on Friday, June 24, the index rose 4.79 percent from 29,247.27 points recorded in the previous week to 30,649.66 points. On a year-to-date basis, the ASI has appreciated by 7.01 percent.

Market capitalization also rose 4.79 percent to N10.527 trillion on Friday as against N10.045 trillion recorded in the previous week.

On the gainer’s chart, the five most appreciated stocks last week were: Glaxo Smithkline, which rose 55.56 percent to close at N22.12; Champion Breweries, which rose 44.35 percent to close at N4.98. Transcorp rose by 31.58 percent to N2, while Neimeth Pharmaceuticals’ stock price appreciated 26.67 percent to close at N1.14. Also, Fidson Healthcare rose 16.84 percent to close at N2.22.

On the loser’s chart, the five most depreciated stocks last week were: NEM Insurance, which fell 13.76 percent to close at 94 kobo; Trans Nationwide Express, which fell 10.19 percent to close at N1.41; DN Meyer, which fell 9.09 percent to close at 90 kobo. The stoke price of Cement Company of Northern Nigeria declined 6.88 percent to close at N7.45; while Vitafoam Nigeria fell 6.32 percent to close at N4.

The Financial Services Industry led the activity chart with 1.951 billion shares valued at N16.832 billion and traded in 17,226 deals. The sector contributed 81.75 percent and 63.80 percent to the total equity turnover volume and value, respectively.

The Conglomerates Industry followed with 223.156 million shares, which were traded in 1,461 deals, at a total value of N477.064 million. In third place was the Consumer Goods Industry with a turnover of 91.705 million shares worth N6.253 billion and traded in 4,433 deals.

The top three most traded equities – United Bank For Africa, Zenith Bank, and Guaranty Trust Bank – accounted for 887.282 million shares valued at N12.894 billion and traded in 7,483 deals. These three equities contributed 37.17 percent and 48.88 percent to the total equity turnover volume and value, respectively.