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Nigeria’s equities decline marginally, drag down by losses in Sterling Bank, Flour Mills

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By Samuel Bankole

Nigeria’s equities declined marginally on Wednesday, dragged down by losses in the shares of Sterling Bank, United Bank for Africa, and Flour Mills.

The main market index, the All Share Index, marginally decreased by 0.01 percent to close at 63,757.23 points, compared with 63,766.72 points it closed the previous day.

The market cap of equities listed on the NGX decreased to N34.716 trillion from N34.722 trillion at the previous close.

The total volume traded closed with an exchange of 473.492 million units valued at N10.08 billion traded in 7,403 deals. The market breadth was negative, with 24 gainers as against 27 losers.

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The NGX 30 Index decreased by 0.16 percent to close at 2,323.52 points as against 2,327.35 points at the previous close. Market turnover closed with a traded volume of 209.16 million units. UBN and Nigerian Breweries were the key gainers, while Sterling and UBA were the key losers.

Sterling Bank’s share declined by 8.22 percent, United Bank for Africa (UBA) dropped by 4.35 percent, Flour Mills of Nigeria declined 3.23 percent, Zenith Bank fell 1.68 percent, and Fidelity Bank’s share closed low by 1.33 percent.

In contrast, the shares of Union Bank rose by 9.52 percent, followed by Nigerian Breweries by 4.47 percent, MTN Nigeria by 1.85 percent, Unilver by 1.49 percent, and GTCO by 0.87 percent.

Meanwhile, on the interbank market, lending rates closed up by 8.88 percent as the Overnight (O/N) rate increased by 8.88 percent to close at 12.30 percent as against the previous close of 3.42 percent.

The Open Repo (OPR) rate increased by 8.54 percent to close at 11.25 percent, compared to 2.71 percent on the previous day.

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

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