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Nigerian equity market sees marginal decline, closes on negative note

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By Samuel Bankole

The Nigerian equity market experienced a slight downturn on Wednesday, with the All Share Index (ASI) inching down by 0.004 percent to close at 99,802.08.

This marginal dip brought the market capitalization of equities listed on the Nigerian Exchange (NGX) down to N56.457 trillion from the previous N56.459 trillion.

Trading Activity

The market witnessed a total volume of 935.149 million units traded, valued at N11.84 billion, across 8,610 deals. Despite the slight decline in the ASI, market breadth was positive, with 26 gainers outnumbering 22 losers.

The NGX 30 Index showed a marginal increase of 0.03 percent, closing at 3,690.85 points, up from 3,689.92 points in the previous session.

Market turnover for the NGX 30 Index recorded a traded volume of 818.78 million units. Fidelity Bank and Dangote Sugar emerged as the key gainers, while United Capital and United Bank for Africa (UBA) were notable losers.

Money Market Rates

The overnight (O/N) rate increased by 0.22 percent to close at 32.76 percent, up from 32.54 percent the previous day. Similarly, the open repo (OPR) rate edged up by 0.08 percent to 32.10 percent, compared to 32.02 percent on the previous day.

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Commercial Paper Quotations

In the fixed income market, FMDQ Exchange admitted the quotation of several commercial paper issuances.

Hillcrest Agro-Allied Industries Limited’s N3.57 billion Series 5 commercial paper was listed under its N5.00 billion issuance program.

Additionally, MeCure Industries PLC’s N6.50 billion Series 12 commercial paper was quoted under its N20.00 billion program. Valency Agro Nigeria Limited also received approval for the registration of its N40.00 billion commercial paper issuance program on the FMDQ platform.

Foreign Exchange Market

In the Investors’ and Exporters’ (I&E) FX market, the naira depreciated, with the dollar quoted at N1,561.98, compared to the previous close of N1,532.58.

This depreciation reflects ongoing pressures in the foreign exchange market.

The Nigerian equity market’s slight decline amid positive market breadth and significant activities in the fixed income segment underscores the mixed sentiments among investors.

Market participants will continue to monitor these developments, particularly in the context of global economic conditions and domestic monetary policies.

(Edited by Oludare Mayowa; omayowa@globalfinancialdigest.com; Newsroom: +234 8033 964 138)

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