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HomeBusinessNigeria's equity market gains 1.7% on a day inflation rate jumps 18.6%,...

Nigeria’s equity market gains 1.7% on a day inflation rate jumps 18.6%, Naira weakens 1.34%

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By Samuel Bankole 

Nigeria’s equity market closed on a positive note on Friday on the back of gains recorded in the stocks of International Breweries and Flour Mills Nigeria.

The gain in the market index came on the heel of the latest report which put the country’s inflation rate in June at 18.60 per cent, up 0.89 per cent compared with the 17.71 per cent recorded in May 2022.

The Core inflation, which excludes volatile agricultural produce prices, stood at 15.75 per cent in June 2022, up by 0.85 per cent compared to 14.90 per cent in May 2022. The composite food index rose by 20.60 per cent year-on-year in June 2022 compared to 19.50 per cent year-on-year in May 2022.

However, the All Share Index increased by 1.71 per cent to close at 52,215.12 points compared with 51,339.01 points it closed on Thursday.

Also, the market capitalisation of equities listed on the NGX increased to N28.158 trillion from N27.685 trillion compared with the previous close.

The total volume traded closed with an exchange of 190.095 million units valued at N4.13 billion traded in 3,893 deals.

However, the market breadth was negative with 20 gainers as against 22 losers.

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The NGX 30 Index increased by 1.24 per cent to close at 1,895.62 points as against 1,872.33 points at the previous close.

Market turnover closed with a traded volume of 74.29 million units. International Breweries and Flour Mills were the key gainers, while Stanbic IBTC and Dangote Cement were the key losers.

Shares in the International Breweries closed higher by 5.45 per cent, followed by Flour Mills of Nigeria, which was up2.15 per cent, GTCO up 1.21 per cent, Zenith Bank ticks up 0.45 per cent and United Capital closed up by 0.40 per cent.

Conversely, Stanbic IBTC shares declined 5.96 per cent, Dangote Cement was down by 3.64 per cent, Sterling Bank fell 1.94 per cent, United Bank for Africa was down 1.33 per cent and FCMB Group was down by 0.99 per cent.

On the money market, the Overnight (O/N) rate remained unchanged at 14.00 per cent, while the Open Repo (OPR) declined by 0.04 per cent to close at 13.83 per cent against the last close of 13.87 per cent.

At the I&E foreign exchange market, the Naira depreciated by 1.34 per cent as the dollar was quoted at N430.33 against the last close of N424.63.

Traders said most participants maintained bids between N414.00 and N444.00 per dollar.

The CBN has announced the fourth Monetary Policy Committee (MPC) meeting for 2022, which is scheduled to be held on July 18 and 19, with analysts projecting another round of rate hike by the regulatory bank

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