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Gains in FCMB shares lift equity market as interbank rate rises on forex exchange auction

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By Samuel Bankole 

The Nigerian equity market closed on a positive note on Friday with the index appreciating marginally by 0.06 per cent, lifted by 7.69 per cent gain in FCMB Group shares.

The All Share Index (ASI) marginally increased by 0.06 per cent to close at 53,201.38 compared with 53,170.73 points the market closed on Thursday.

The market capitalisation of equities listed on the NGX increased to N28.681 trillion from N28.665 trillion as of the previous close.

The total volume traded closed with an exchange of 273.243 million units valued at N2.65 billion traded in 4,584 deals.

However, the market breadth was negative with 14 gainers as against 17 losers.

The NGX 30 Index increased by 0.18 per cent to close at 1,938.49 points as against 1,935.06 points at the previous close.

Market turnover closed with a traded volume of 124.39 million units. FCMB and Presco were the key gainers, while United Capital and Fidelity were the key losers.

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FCMB shares rose 7.69 per cent, while Presco climbed by 2.96 per cent FBNH traded higher by 2.43 per cent while Stanbic IBTC rose 1.19 per cent and Access Bank rose 0.51 per cent.

On the reverse side, the shares in Fidelity Bank fell by 2.09 per cent, that of United Capital declined 2.25 per cent, Sterling Bank dropped by 1.30 per cent, GTCO fell 0.90 per cent while International Breweries declined by 0.68 per cent.

On the money market, the interbank lending went higher than the previous day’s close with the Overnight (O/N) rate increasing by 6.50 per cent to close at 14.00 per cent compared with the last close of 7.50 per cent.

The Open Repo (OPR) also increased by 6.50 per cent to close at 13.75 per cent against the last close of 7.25 per cent.

Traders attributed the increase in the money market rate to the conduct of the FX retail auction by the CBN, which sucked liquidity from the system.

At the I&E foreign exchange market, the Naira appreciated by 0.30 per cent as the dollar was quoted at N421.25 against the last close of N422.50.

Most participants maintained bids between N413.00 and N444.00 per dollar.

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