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Nigeria’s equities fall 1.24% on banking stock sell-off as naira dips to N773.80/$

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By Samuel Bankole

Nigeria’s equity market declined on Monday, opening the week on a poor note, with the main index losing 1.24 percent, eroding gains in the previous trading week.

The weak performance of equities was driven by sell-offs in tier 1 banking stocks such as Zenith Bank, Guaranty Trust Bank Holding Company (GTCO), and Access Corporation.

For instance, Zenith Bank fell 5.82 percent, GTCO declined 8.62 percent despite its stellar half-year performance, and Access Corporation weakened by 8.57 percent to push down the main index.

Other losers include Dangote Sugar down 9.98 percent, Transcorp 9.70 percent decline, UBA 9.18 percent drop.

Consequently, the All-Share Index (ASI) lost 1.24 percent to settle at 67,296.18 points.

As a result, the year-to-date (YTD) return fell to 31.11 percent, with the market capitalization shedding 463.66 billion to close at N36.83 trillion.

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The NGX 30 Index decreased by 1.40 percent to close at 2,474.05 points as against 2,509.09 points at the previous close.

Analysis of today’s market activities showed trade turnover settled lower relative to the previous session, with the value of transactions down by 0.08 percent.

A total of 520.13 million shares valued at N8.33 billion were exchanged in 9,914 deals.

The shares of the United Bank for Africa (UBA) (-9.18 percent) led the volume chart with 73.93 million units traded, while Zenith Bank (-5.82 percent) led the value chart with deals worth N1.52 billion.

Market breadth closed negative at a 3.40-to-1 ratio, with declining issues outnumbering advancing ones.

NASCON (-10.00 percent) led thirty-three (33) others on the laggard’s log, while Oando (+9.74 percent) topped nine (9) others on the leader’s table.

FMDQ Exchange has approved the quotation of Lagos Free Zone Company’s N4.00 billion series 3 and N3.78 billion series 4 commercial papers under the company’s N30.00 billion commercial paper issuance program on its platform.

Meanwhile, on the money market, the overnight (O/N) lending rate increased by 2.08 percent to close at 20.83 percent compared to 18.75 percent on the previous day, and the open repo (OPR) rate increased by 2.27 percent to close at 20.11 percent compared to 17.84 percent on the previous day.

For foreign exchange, the naira declined at the Investors and Exporters forex window to N773.80 to the dollar, compared with N722.39 per dollar on Friday.

On the parallel market, the local currency closed flat at N930 to the greenback, according to Aboki FX.

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

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