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HomeBusinessNigeria's equity loses N137 bln in value as investors sustain profit taking

Nigeria’s equity loses N137 bln in value as investors sustain profit taking

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By Samuel Bankole

The Nigerian equity market sustained its negative trends in Wednesday with all indicators closing in the red closed on a negative note as the value of stock listed on the Nigerian Exchange Limited (NGX) dropped N137 billion.

The All Share Index (ASI) also declined by 0.50 per cent to close at 50,188.55 points against 50,442.37 points the previous day.

The market capitalisation of equities listed on the NGX decreased by N137 billion to N27.065 trillion from N27.202 trillion as of the previous close.

The total volume traded closed with an exchange of 829.511 million units valued at N4.11 billion traded in 4,977 deals. The market breadth was negative with 3 gainers as against 34 losers.

The NGX 30 Index decreased by 0.56 per cent to close at 1,809.12 points as against 1,819.33 points at the previous close.

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Market turnover closed with a traded volume of 110.89 million units. FCMB and Nascon were the key gainers, while Custodian and United Capital were the key losers.

Custodian Insurance fell by the maximum 10 per cent, United Capital declined by 9.09 per cent, Sterling Bank fell 5.23 per cent, Access Corporation declined 4.49 per cent and GTCO dropped3.94 per cent.

On the flipside, FCMB Group rose 3.33 per cent, Nascon followed by 0.91 per cent and Nigerian Breweries climbed by 0.42 per cent.

On the money market, the Overnight (O/N) rate remained unchanged at 15.00 per cent, while the Open Repo (OPR) rate decreased by 0.25 per cent to close at 14.75 per cent compared to 15.00 per cent on the previous day.

Also, at the I&E FX market, the Naira appreciated by 0.23 per cent as the dollar was quoted at N430.00 as against the last close of N431.00.

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

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