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Nigeria’s equity market closes lower as naira gains marginally on I&E fx window

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By Samuel Bankole 

The Nigerian equity market round-up this week with 0.5 per cent decline, further pushing the year-to-date gain in the market lower.

The main market index dropped four of the five trading days in the week with Thursday’s transaction being the exception.

On Friday the All Share Index marginally decreased by 0.01 per cent to close at 51,557.41 points.

The market capitalisation of equities listed on the NGX decreased to N27.803 trillion from N27.807 trillion the previous close.

The total volume traded closed with an exchange of 115.130 million units valued at N1.78 billion traded in 3,479 deals. However, the market breadth was positive with 13 gainers as against 12 losers.

The NGX 30 Index marginally decreased by 0.08 per cent to close at 1,878.56 points as against 1,879.99 points at the previous close.

Market turnover closed with a traded volume of 68.64 million units. UBA and Zenith were the key gainers, while Access and United Capital were the key losers.

READ ALSO: Nigerian equities record strong H1-2022 performance, is there still value in the market?

Accordingly, the Year-To-Date return of the market improved to 20.7 per cent. Across market indices, performance was largely bearish with all indices declining.

The insurance index was the biggest loser, down 250bps w/w, followed by the Consumer Goods Index, down 140bps w/w, Oil and Gas Index, down 40bps w/w, Banking Index, down 30bps w/w and Industrial Goods, down 20bps w/w.

The NGX 30 Index marginally decreased by 0.08 per cent to close at 1,878.56 points as against 1,879.99 points at the previous close.

Market turnover closed with a traded volume of 68.64 million units. UBA and Zenith were the key gainers, while Access and United Capital were the key losers.

The United Bank for Africa (UBA) gained 1.34 per cent at the end of transactions on Friday, followed by Zenith with 0.69 per cent gain and Sterling Bank with 0.65 per cent.

On the flipside, Access Bank, United Capital, Fidelity Bank and Lafarge Africa were the main loser on Friday.

On the money market, the Overnight (O/N) rate remained unchanged at 14.00 per cent, while the Open Repo (OPR) decreased by 0.17 per cent to close at 13.83 per cent against the last close of 14.00 per cent.

At the I&E forex market, the Naira appreciated by 0.48 per cent as the dollar was quoted at N426.13 against the last close of N28.16.

Traders said most participants maintained bids between N413.50 and N444.00 per dollar.

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