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Gains in Inter Brew, FBNH lift Nigeria stock market, Naira strengthens to N420.13/$

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By Samuel Bankole

The Nigerian equity market on Thursday closed on a positive note, lifted by gains in International breweries and FBN Holdings stocks.

The All Share Index increased by 0.17 per cent to close at 51,705.61 points from 51,618.73 points the previous trading day.

The market capitalisation of equities listed on the NGX increased to N27.875 trillion from N27.828 trillion as on the previous close.

The total volume traded closed with an exchange of 156.088 million units valued at N1.83 billion traded in 4,312 deals.

However, the market breadth was negative with 12 gainers as against 18 losers.

The NGX 30 Index marginally increased by 0.04 per cent to close at 1,879.05 points as against 1,878.23 points at the previous close.

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Market turnover closed with a traded volume of 74.39 million units. International Breweries and FBNH were the key gainers, while FCMB and Nigerian Breweries were the key losers.

International Breweries shares rose 5.20 per cent, FBN Holdings climbed 4.46 per cent, United Capital ticks up 3.67 per cent while Sterling Bank rose 0.66 per cent and MTN Nigeria ticks up 0.20.

On the flip side, FCMB Group was down 5.71 per cent, Nigerian Breweries fell 4.00 per cent, Dangote Sugar dropped 0.93 per cent while Flour Mills declined 0.70 per cent and GTCO fell 0.24 per cent.

On the money market, the interbank lending rate was flat as the Overnight (O/N) rate remained unchanged at 14.00 per cent.

The Open Repo (OPR), however, increased by 0.17 per cent to close at 14.00 per cent compared with the last close of 13.83 per cent.

At the I&E FX market, the Naira appreciated by 0.01 per cent as the dollar was quoted at N420.13 against the last close of N420.17.

Currencies traders said most participants maintained bids between N410.00 and N444.00 per dollar.

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