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Nigeria’s equity market gains N139 bln as naira weakens to N421 on I&E

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By Samuel Bankole 

Nigeria’s equity market closed on a positive note on Monday, sustaining the rally since last week as the market capitalization rose N139 billion, driven by the rally in the stocks of Ecobank and Okomu oil.

The market capitalisation of equities listed on the NGX increased to N28.014 trillion from N27.875 trillion it closed the previous trading day.

Also, the All-Share Index (ASI) increased by 0.50 per cent to close at 51,962.85 points compared with 51,705.61 points the previous trading day.

The total volume traded closed with an exchange of 266.514 million units valued at N2.60 billion traded in 5,050 deals.

The market breadth was positive with 18 gainers as against 16 losers.

The NGX 30 Index increased by 0.72 per cent to close at 1,892.52 points as against 1,879.05 points at the previous close.

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Market turnover closed with a traded volume of 109.81 million units. Ecobank and Okomu Oil were the key gainers, while Nigerian Breweries and UBN were the key losers.

Shares in the pan=African banking group, Ecobank climbed by 9.79 per cent to lift the market higher while Okomu Oil rose 8.53 per cent.

International Breweries shares also gained 5 per cent while FBN Holdings rose 3.32 per cent while Stanbic IBTC stock gained 3.23 per cent.

On the reverse side, the shares of Nigerian Breweries declined 3.42 per cent, Union Bank lost 2.50 per cent while Access Holdings declined 1.05 per cent and United Bank for Africa fell 0.67 per cent.

On the money market, the Overnight (O/N) rate remained unchanged at 14.00 per cent, while the Open Repo (OPR) decreased by 0.25 per cent to close at 13.75 per cent against the last close of 14.00 per cent.

At the I&E foreign exchange market, the Naira depreciated by 0.21 per cent as the dollar was quoted at N421.00 compared with the last close of N420.13.

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

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