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HomeBusinessNigeria's equities rise N992 bln on naira depreciation, anticipation of FPI flows

Nigeria’s equities rise N992 bln on naira depreciation, anticipation of FPI flows

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By Samuel Bankole

Nigeria’s equities sustained their gaining streak for the second consecutive day, with banking stocks, energy stocks, and breweries leading the pack, driving up the main market index by 3.13 percent on Wednesday.

The market capitalization also rose by N992 billion, driven by gains in the stocks of MTN Nigeria, Sterling Bank, Seplat, International Breweries, and Dangote Sugar.

The All Share Index increased by 3.13 percent to close at 59,985.10 points.

The market cap of equities listed on the NGX increased to N32.662 trillion from N31.670 trillion at the previous close.

The total volume traded closed with an exchange of 1,296.656 million units valued at N21.08 billion traded in 11,947 deals.

The market breadth was positive, with 70 gainers as against 13 losers.

The NGX 30 Index increased by 9.81 percent to close at 2,311.50 points as against 2,104.96 points at the previous close.

Market turnover closed with a traded volume of 904.24 million units. Sterling, Seplat, International Breweries,

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Dangote Sugar and MTNN were the key gainers, while BUA Cement and Julius Berger were the key losers.

Shares of MTN Nigeria, Sterling Bank, Seplat, International Breweries, and Dangote Sugar gained the maximum of 10 percent each to drive up all market indices.

News of the Central Bank of Nigeria (CBN) allowing the naira to float at the official foreign exchange window, leading to a wide depreciation in the value of the local currency, has excited the market, with investors taking positions on bellwether stocks.

Nigeria’s top 10 banking index jumped 134.8 points to 706.86 points by 1008 GMT to lift the all-share index up 1.86 percent.

Other gainers include the United Bank for Africa (UBA) and Access Corporation, which climbed more than 9 percent.

Traders attributed the rise in the value of stocks at the local bourse to the suspension of the Governor of the CBN and the floating of the local naira.

They believed that with the suspension of Emefiele and the floating of the naira , the market could witness positive inflow of foreign capital in the short to middle term.

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

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