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HomeBusinessNigerian equity declines on losses by Lafarge, Ecobank as interest rate mixed

Nigerian equity declines on losses by Lafarge, Ecobank as interest rate mixed

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By Samuel Bankole

The Nigerian equity market closed on a negative on Friday with both index and capitalisation declining in response to losses in Lafarge Africa and pan-African banking Group, Ecobank.

The All Share Index decreased by 0.27 per cent to close at 51,979.92 points compared with 52,122.00 points on Thursday.

The market capitalisation of equities listed on the NGX decreased to N28.031 trillion from N28.107 trillion from the previous close.

The total volume traded closed with an exchange of 205.055 million units valued at N3.06 billion traded in 3,600 deals. The market breadth was negative with 9 gainers as against 18 losers.

READ ALSO:   Nigeria’s currency depreciates vs dollars on parallel market to N658, at I&E to N430

The NGX 30 Index decreased by 0.32 per cent to close at 1,885.02 points as against 1,891.11 points at the previous close.

Market turnover closed with a traded volume of 179.80 million units. International Breweries and FBNH were the key gainers, while Lafarge Africa and Ecobank were the key losers.

Lafarge Africa led the loser’s chart with 7.31 per cent, Ecobank was down 5.66 per cent, Zenith Bank declined by 5.47 per cent, Custodian Insurance fell 4.11 per cent and Flour Mills dropped by2.94 per cent.

On the flip side, International Breweries gained 9.09 per cent, FBHN climbed 0.45 per cent and Fidelity Bank gained 0.32 per cent.

The lending rate on the money market was mixed as the Overnight (O/N) rate remained unchanged at 15.00 per cent, while the Open Repo (OPR) rate increased by 0.08 per cent to close at 14.83 per cent against the last close of 14.75 per cent

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