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Losses in MTN Nigeria, others drag local bourse down by 1.1% as naira gains vs dollar

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By Samuel Bankole and Ifeyinwa Ezeokoli 

The local bourse declined on Monday by more than one per cent as Nigeria’s unit of South Africa’s telecom giant MTN Nigeria and United Capital took a big hit from investors, who sold down their holdings.

MTN Nigeria stocks shed 6.99 per cent while United Capital shares declined 5.51 per cent and United Bank for Africa (UBA) fell 2.74 per cent at the close of transactions on Monday.

Consequently, the All Share Index (ASI) dropped by 1.11 per cent to close at 51,400.53 points compared with 51,979.92 points on Friday.

Also, the market capitalisation of equities listed on the NGX decreased to N27.718 trillion from N28.031 trillion at the previous close.

The total volume traded closed with an exchange of 98.852 million units valued at N2.51 billion traded in 4,314 deals.

The market breadth was negative with 13 gainers as against 17 losers.

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The NGX 30 Index decreased by 1.33 per cent to close at 1,859.99 points against 1,885.02 points at the previous close.

Market turnover closed with a traded volume of 63.96 million units. Zenith and International Breweries were the key gainers, while MTNN and United Capital were the key losers.

Shares of FBNH, the holding company of First Bank Limited was down by1.79 per cent while that of Access Corporation, the holding company of Access Bank dropped 1.10 per cent.

On the positive side, Zenith Bank led the gainer’s chart with 4.58 per cent, International Breweries climbed 2.78 per cent, FCMB Group share shed2.65 per cent, Sterling Bank gained 0.67 per cent and Lafarge Africa closed higher by 0.41 per cent.

On the money market, the Overnight (O/N) rate remained unchanged at 15.00 per cent, while the Open Repo (OPR) rate remained unchanged at 14.83 per cent.

At the I&E FX market, the Naira appreciated by 0.66 per cent as the dollar was quoted at N427.17 against the last close of N430.00.

Traders said most participants maintained bids between N406.90 and N444.00 per dollar.

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