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HomeBusinessNigeria's equities down for second consecutive day as naira gains at I&E

Nigeria’s equities down for second consecutive day as naira gains at I&E

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By Samuel Bankole

For the second consecutive trading day, Nigerian equities closed southward as investors took profits from the shares of the local units of South Africa’s telecom firm, MTN Nigeria, Zenith, and Dangote Sugar.

The shares of MTN Nigeria fell 1.53 percent, Dangote Sugar declined by 9.96 percent, FCMB was down by 7.66 percent, Fidelity Bank declined 5.88 percent, Access Corporation was down by 4.06 percent, and Zenith Bank’s shares fell 3.45 percent.

Consequently, the main market index, the All Share Index (ASI), fell 0.80 percent to close at 66,760.20 points, while the ASI’s year-to-date (YTD) return fell to 30.26 percent.

The market cap of equities listed on the NGX decreased to N36.538 trillion from N36.832 trillion at the previous close.

The total volume traded closed with an exchange of 645.541 million units valued at N11.01 billion traded in 10,554 deals. The market breadth was negative, with 16 gainers as against 45 losers.

On the flip side, the shares in Lafarge Africa, Energy Firm, Oando, Okomu Oil, and Sterling Bank Holding Company recorded gains at the close of trading on Tuesday, but not enough to upturn the losses in the market.

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Okomu Oil gained 5.20 percent, Sterling Financial Holdings rose 2.78 percent, Lafarge Africa was up 0.52 percent, and Oando Plc’s 9.47 percent was not sufficient to turn the market into positive territory.

Analysis of today’s market activities showed trade turnover settled higher relative to the previous session, with the value of transactions up by 32.16%. A total of 645.54 million shares valued at 11.01 billion were exchanged in 10,554 deals.

Transcorp (-0.66 percent) led the volume chart with 87.82 million units traded, while GTCO (-1.41 percent) led the value chart with deals worth 1.33 billion.

Market breadth closed negative at a 3.27-to-1 ratio, with declining issues outnumbering advancing ones. REGALINS (-10.00 percent) led thirty-five (35) others on the laggard’s log, while VITAFOAM (+9.78%) topped ten (10) others on the leader’s table.

Meanwhile, money market interbank lending rates increased as liquidity thinned out, with the overnight (O/N) rate increasing by 1.97 percent to close at 22.80 percent, compared with 20.83 percent on the previous day.

The open repo (OPR) rate increased by 1.89 percent to close at 22.00 percent, compared with 20.11 percent on the previous day.

Also, the local currency appreciated on the I&E forex window, with the dollar quoted at N742.10 as against the previous close of N773.50.

On the parallel market, the naira closed flat at 930 to the dollar, the level it has maintained since last Friday.

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

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