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HomeBusinessNigeria's equities market closes lower as Naira slips in official forex window

Nigeria’s equities market closes lower as Naira slips in official forex window

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By Samuel Bankole

The Nigerian equity market concluded on a negative trajectory on Friday, with the All Share Index dipping by 0.31 percent to settle at 99,539.75 points.

This downturn also saw a reduction in the market capitalization of listed equities on the NGX, declining to N56.269 trillion from the previous close of N56.469 trillion.

Trading activity witnessed a total volume of 257.857 million units valued at N5.40 billion exchanged in 7,168 deals. However, market breadth remained negative, with 14 gainers compared to 20 losers.

The NGX 30 Index mirrored the broader market sentiment, slipping by 0.33 percent to close at 3,688.15 points. Notably, Fidelity emerged as the sole gainer, while FBN Holdings (FBNH) and Stanbic IBTC recorded losses.

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On the financial front, the overnight (O/N) rate saw a decline of 1.05 percent to close at 30.25 percent, while the open repo (OPR) rate decreased by 0.82 percent to 29.39 percent.

In the foreign exchange market, the naira witnessed depreciation, with the dollar quoted at N1,169.99 compared to the previous close of N1,154.08 at the I&E FX market.

The market’s performance underscores ongoing volatility and investor caution amid prevailing economic uncertainties and external pressures.

Analysts continue to monitor key indicators and market dynamics for insights into future trends and investment opportunities.

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

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