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Gains in Zenith, GTCO lift Nigeria’s equity market as naira falls to N451.50/$

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By Samuel Bankole

The Nigerian equity market closed on a positive note on Friday with the main index up 0.17 percent and lifted by gains in mainly banking sector stocks and a brewery firm at the close of the week’s trading.

Shares in Zenith Bank rose 2.55 percent followed by GTCO, the holding company of Guaranty Trust Bank with 1.95 percent gain.

Also, the shares in Fidelity Bank increased by 1.19 percent, that of International Breweries was up by 1.18 percent while Ecobank rises 0.45 percent.

Consequently, the All Share Index (ASI) increased by 0.17 percent to close at 49,316.29.

The market cap of equities listed on the NGX increased to N26.861 trillion from N26.816 trillion as of the previous close.

The total volume traded closed with an exchange of 103.710 million units valued at N2.01 billion traded in 3,280 deals.

READ ALSO: Nigeria distributes N902 bln in Nov revenue among three tiers

The market breadth was positive with 17 gainers as against 11 losers.

The NGX 30 Index increased by 0.10 percent to close at 1,785.70 points as against 1,783.97 points at the previous close.

Market turnover closed with a traded volume of 67.77 million units. The shares of FCMB and Nigerian Breweries were the only losers at the close of market.

FCMB share fell 2.86 percent while that of Nigerian Breweries closed transactions lower by 1.30 percent.

On the money market, interbank lending rates dropped across the two tenors.

The Overnight (O/N) rate decreased by 1.25 percent to close at 10.50 percent against the last close of 11.75 percent.

The Open Repo (OPR) rate decreased by 2.00 percent to close at 9.63 percent compared to 11.63 percent on the previous day.

At the I&E foreign exchange market, the Naira depreciated by 0.04 percent as the dollar was quoted at N451.50 against the last close of N451.33.

Traders said most participants maintained bids between N426.00 and N452.00 per dollar.

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