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HomeBusinessNigeria Equities Weaken as Investors Take Profits, Naira Firm

Nigeria Equities Weaken as Investors Take Profits, Naira Firm

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By Samuel Bankole

Nigerian equities concluded trading on Thursday with a decline as investors opted to sell their holdings to capitalize on previous market gains.

Meanwhile, the nation’s currency, the naira, strengthened against the U.S. dollar as the Central Bank of Nigeria (CBN) continued its market interventions. Money market rates also experienced an upward trend in interbank trading, as liquidity began to decrease.

By the close of trading on the equities market, the All Share Index, the main market index, fell by 2.03 percent to settle at 62,748.94 points. The market capitalization of listed equities on the NGX declined from N34.874 trillion to N34.167 trillion compared to the previous close.

Trading volume totaled 798.467 million units, valued at N10.45 billion, in 10,296 deals. Market breadth was negative, with 19 gainers and 57 losers.

The NGX 30 Index closed at 2,285.10 points, reflecting a decrease of 2.27 percent from the previous close at 2,338.19 points. Dangote Sugar and Nascon emerged as the key gainers, while Fidelity and Stanbic IBTC were the key losers.

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Fidelity Bank and Stanbic IBTC stocks topped the laggard list with a maximum loss of 10 percent, followed by Ecobank with a decline of 9.94 percent, Sterling Bank with a drop of 9.92 percent, and First Bank Holding Company with a decrease of 9.82 percent.

Conversely, Dangote Sugar shares rose by 9.94 percent, Nascon by 9.91 percent, and BUA Cement by 2.01 percent.

In the interbank market, the Overnight (O/N) rate increased by 0.08 percent, closing at 1.42 percent compared to the previous close of 1.34 percent.

The Open Repo (OPR) rate also rose by 0.07 percent to settle at 1.00 percent, surpassing the previous day’s rate of 0.93 percent.

At the Investors and Exporters’ Foreign Exchange (I&E FX) market, the naira appreciated as the dollar was quoted at N746.28, strengthening against the previous close of N782.29.

However, on the parallel market, the local currency depreciated to N812 against the dollar, compared to the previous day’s rate of N8.10.

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

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