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HomeBusinessNigeria's equity market cap falls below N28 trln mark as naira depreciates...

Nigeria’s equity market cap falls below N28 trln mark as naira depreciates to N421.33 vs dollar

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By Samuel Bankole

The Nigerian equity market sustained its downward trend on Friday as profit booking dominated transactions on the local bourse with the capitalisation of the listed stock falling below N28 trillion mark.

The market’s main index, the All Share Index (ASI) declined by 1.21 per cent to close at 51,778.08 points, below the 52,411.09 points it closed the previous trading day.

Also, the market capitalisation of equities listed on the NGX decreased to N27.914 trillion from N28.255 trillion as of the previous close.

The total volume traded closed with an exchange of 241.191 million units valued at N3.67 billion traded in 5,043 deals.

The market breadth was negative with 10 gainers as against 24 losers.

The NGX 30 Index decreased by 1.76 per cent to close at 1,880.41 points as against 1,914.13 points at the previous close.

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Market turnover closed with a traded volume of 148.47 million units. Fidelity and Unilever were the only gainers, while International Breweries and Ecobank were the key losers.

International Breweries stock fell 9.42 per cent, Ecobank dropped by 8.6 per cent, MTN Nigeria share was down by 5.64 per cent, FBN Holdings fell 5.37 per cent while Access Bank declined by 2.62 per cent.

However, Fidelity Bank’s share gained 3.4 pper cent, Unilever was up 0.67 per cent while Bua Food climbed 2.3 per cent.

On the money market, the interbank lending rate declined as the Overnight (O/N) rate decreased by 3.08 per cent to close at 10.92 per cent compared with the last close of 14.00 per cent.

Also, the Open Repo (OPR) decreased by 3.50 per cent to close at 10.33 per cent against the last close of 13.83 per cent.

At the I&E FX market, the Naira depreciated by 0.20 per cent as the dollar was quoted at N421.33 as against the last close of N420.50.

Traders said most participants maintained bids between N413.00 and N444.00 per dollar.

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