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Saturday, November 27, 2021

Nigeria’s equity market gains 1.1% as naira weakens against dollar on I&E window

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By Samuel Bankole

The Nigerian equity market rose more than one percent on Thursday on the back of gains by Nigerian Breweries, BUA Cement and Dangote Sugar Refinery, just as the local currency depreciated on the official window by 0.24 percent against the dollar.

The main market index rose 1.10 percent to close at 41,704.11 points on Thursday compared with 41,249.71 points it closed the previous day, capping its two consecutive day of appreciation.

The market capitalisation of equities listed on the Nigerian Exchange Group (NGX) increased to N21.764 trillion from N21.526 trillion the previous trading day.

Also, the total volume traded closed with an exchange of 216.195 million units valued at N3.38 billion traded in 4,272 deals. The market breadth was positive with 23 gainers as against 19 losers.

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The NGX 30 Index increased by 1.12 percent to close at 1,731.78 points as against 1,712.68 points as on the previous day. Market turnover closed with traded volume of 137.71 million units.

Share in Nigerian Breweries led the gainer’s chat with 7.41 percent increase in value with BUA Cement gaining 6.12 percent while Dangote Sugar Refinery rose 2.27 percent, Ecobank Transnational Inc, up 2.10 percent and local unit of South Africa Telecom giant, MTN Nigeria gaining 1.16 percent.

Meanwhile, the naira weakened against the greenback at the Investors and Exporters’ (I&E) forex window to N415.07 to the dollar compared with N414,07 per dollar the previous day.

Traders said Most participants maintained bids between N405.00 to the dollar and N442.00 per dollar at the market, indicating the future of the value of the local currency.

The naira, however sustained stability at the parallel market, trading within the range of N575 to N580 to the dollar.

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