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HomeBusinessNigeria's equity market gains 1.4% as naira depreciates to N429/$ at I&E

Nigeria’s equity market gains 1.4% as naira depreciates to N429/$ at I&E

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By Samuel Bankole

For the first time this week, the Nigerian equity market closed on a positive note on Friday, with the market major index climbing by 1.42 per cent, bucking the trend since Monday.

The All Share Index increased by 1.42 per cent to close at 50,370.25 points against the 49,667.14 points the previous trading day.

Also, the market capitalisation of equities listed on the NGX increased to N27.163 trillion from N26.783 trillion as of the previous close.

The total volume traded closed with an exchange of 254.773 million units valued at N2.81 billion traded in 4,905 deals. The market breadth was positive with 25 gainers as against 13 losers.

The NGX 30 Index increased by 1.76 per cent to close at 1,820.25 points as against 1,788.85 points at the previous close.

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Market turnover closed with a traded volume of 137.96 million units. UBN and United Capital were the key gainers, while Custodian was the only loser.

Union Bank gained the maximum 10 per cent, United Capital advanced by 9.90 per cent, Fidelity Bank rose by 9.66 per cent while Zenith Bank gained 9.52 per cent and International Breweries climbed by 9.18 per cent.

At 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.

At the I&E foreign exchange market, the Naira depreciated by 0.66 per cent as the dollar was quoted at N429.00 against the last close of N426.20.

Traders said most participants maintained bids between N406.00 and N444.00 per dollar.

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