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Nigeria’s equity market closes 1.07% higher as interbank lending rates rise to 14%

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By Samuel Bankole

The Nigerian equity market closed on a positive note on Friday as investors’ interest in BUA Cement, United Bank for Africa and other heavy-weight stocks pushed up the index by 1.07 percent.

Shares of BUA Cement rose 9.1 percent followed by Ecobank 3.7 percent, Sterling Bank increased by 1.46 percent while United Bank for Africa’s share rose 1.32 percent and Sterling Bank rose 0.93 percent to drive the market value up.

Consequently, the All Share Index increased by 1.07 percent to close at 48,881.93 points.

The market capitalisation of equities listed on the NGX increased to N26.625 trillion from N26.343 trillion as of the previous close.

The total volume traded closed with an exchange of 100.824 million units valued at N1.14 billion traded in 2,440 deals.

The market breadth was positive with 17 gainers as against 10 losers.

READ ALSO: Nigeria’s total debt rises 2.8% to N44 trln in Q3, says DMO

The NGX 30 Index increased by 1.23 percent to close at 1,768.53 points as against 1,747.10 points at the previous close.

Market turnover closed with a traded volume of 63.18 million units.

Meanwhile, the money market rate rose across the tenor with the Overnight (O/N) rate increased by 3.13 percent to close at 14.13 percent.

The overnight borrowing cost closed at 11.00 percent the previous day, according to date obtained from the FMDQ.

The Open Repo (OPR) rate increased by 2.75 percent to close at 13.63 percent compared to 10.88 percent on the previous day.

At the I&E FX market, Naira depreciated by 0.11 percent as the dollar was quoted at N446.50 against the last close of N446.00.

Traders said most participants maintained bids between N439.98 and N452.00 per dollar.

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