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Dangote Cement drives Nigeria’s equities gain, naira appreciates at I&E as Lagos lists bonds on FMDQ

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By Samuel Bankole

Nigeria’s equities ended higher on Monday as gains in the shares of Dangote Cement, the most capitalized stock, First Bank Holding Company, and Nascon pushed up the main market index by 2.48 percent.

The gains in the cement maker and banking stocks outweighed losses recorded in the shares of Nigerian Breweries, International Breweries, Guaranty Trust Bank Holding Company, and Dangote Sugar.

The main index, the All Share Index, increased by 2.48 percent to close at 64,603.69 points, while the market cap of equities listed on the NGX increased to N35.177 trillion from N34.326 trillion when it closed on Friday.

However, the local currency strengthened against the greenback at the official window, while the naira was flat at the parallel market.

Also on Monday, the FMDQ Exchange announced the listing of Lagos State’s N137.33 billion series four bond on its platform.

On the stock market, shares of Dangote Cement rallied by the maximum 10 percent as the cement manufacturing company raised the prices of its products, boosting investors’ confidence in improving returns.

First Bank Holding Company (FBNH) shares also gained 9.85 percent in the wake of a recent large acquisition by a subsidiary of Honeywell Group, majorly owned by a former chairman of the company, Oba Otudeko.

FBNH said last week that Honeywell Group affiliate Barbican Capital Limited bought an aggregate of 4,770,269,843 units of the Holdco.

With the new acquisition, the FBNH said “the equity stake of Barbican Capital Limited In the Company is 13.3 percent.

Also, the stock of Sterling Bank rallied by 9.91 percent, followed by Stanbic IBTC shares, which gained 6.83 percent.

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At the close of trading, the total volume traded closed with an exchange of 1,839.047 million units valued at N22.03 billion traded in 14,584 deals.

The market breadth was positive, with 71 gainers as against 19 losers.

The NGX 30 Index increased by 2.71 percent to close at 2,350.23 points as against 2,288.19 points at the previous close.

Market turnover closed with a traded volume of 814.18 million units.

Nigerian Breweries and International Breweries were the key losers, with the two breweries closing down by 2.5 percent and 1.9 percent, respectively.

On the money market, interest rates on the interbank market closed slightly higher as the Overnight (O/N) rate increased by 0.08 percent to close at 1.33 percent against the previous close of 1.25 percent.

The Open Repo (OPR) rate increased by 0.07 percent to close at 0.93 percent, compared to 0.86 percent on the previous day.

At the I&E FX market, the Naira appreciated as the dollar was quoted at N744.07 against the previous close of 776.90.

On the parallel market, the naira was flat at N795 to the dollar.

(omayowa@globalfinancialdigest.com; Newsroom: +234 8033 964 138

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