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Nigerian stocks slip slightly as naira gains at official window

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By Samuel Bankole

The Nigerian Exchange (NGX) witnessed a subdued trading session on Friday, with the All Share Index (ASI) dipping marginally by 0.03% to close at 98,125.73 points.

Market capitalization also contracted slightly, falling from N55.525 trillion to N55.508 trillion.

Trading activity remained moderate, with a total volume of 140.772 million units valued at N9.42 billion exchanged across 6,934 deals. Notably, the market displayed a negative sentiment, with only 15 gainers compared to 24 losers.

The NGX 30 Index, which tracks the performance of the blue-chip companies, mirrored the broader market trend, closing marginally lower at 3,633.28 points, down 0.07% from yesterday’s close.

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Sterling Bank and FCMB emerged as the key gainers, while Transcorp Hotels and Guaranty bucked the trend and closed in the red.

Meanwhile, the overnight lending rate (O/N) edged slightly higher by 0.03% to settle at 30.68%, while the open repo (OPR) rate climbed 0.10% to close at 29.96%.

FMDQ Exchange approved the listing of Dufil Prima Foods’ N2.65 billion Series 6 and N17.22 billion Series 7 commercial papers, a move seen as bolstering access to short-term financing for the company.

The foreign exchange market (I&E Window) provided some relief, with the naira appreciating against the dollar.

The dollar closed at N1,497.33, a significant improvement compared to yesterday’s close of N1,533.99.

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

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