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Nigeria’s equity cap gains N96 bln as naira weakens to N420.25/$ on I&E

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By Samuel Bankole 

The Nigerian equity market closed on a positive note on Monday with the index increasing by 0.34 per cent while the capitalization gained N96 billion.

The rise in the market was driven by Fidelity Bank, Julius Berger and Union Bank, which was recently taken over by its new owner, Titan Trust Bank.

The All Share Index increased by 0.34 per cent to close at 53,086.46 points compared with 52,908.24 points the previous trading day.

The market cap of equities listed on the NGX increased to N28.619 trillion from N28.523 trillion as on the previous close.

The total volume traded closed with an exchange of 755.624 million units valued at N8.90 billion traded in 4,297 deals.

The market breadth was positive with 19 gainers as against 13 losers.

The NGX 30 Index increased by 0.39 per cent to close at 1,929.99 points as against 1,922.43 points at the previous close.

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Market turnover closed with a traded volume of 669.50 million units.

Fidelity and Julius Berger were the key gainers, while Unilever and Ecobank were the key losers.

Shares in Fidelity Bank gained 3.64 per cent, Julius Berger gained 2.67 per cent, Union Bank gained 2.40 per cent, FBN Holdings rises 2.27 per cent and MTN Nigeria rises 1.56 per cent.

Conversely, the share of Unilever declined by 4.01 per cent, Ecobank fell 1.27 per cent, Flour Mills was down 0.43 per cent, Zenith 0.43 per cent and GTCO fell 0.22 per cent.

On the money market, the interbank lending rate rose with the Overnight (O/N) rate increased by 0.08 per cent to close at 7.08 per cent compared with the last close of 7.00 per cent.

Also, the Open Repo (OPR) decreased by 0.33 per cent to close at 6.33 per cent compared with the last close of 6.66 per cent.

At the I&E foreign exchange market, the Naira depreciated by 0.12 per cent as the dollar was quoted at N420.25 against the last close of N419.75.

Traders said most participants maintained bids between N410.00 and N444.00 per dollar.

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