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HomeBusinessNigeria's equity market increases by N1 bln as naira depreciates 0.26% against...

Nigeria’s equity market increases by N1 bln as naira depreciates 0.26% against dollar

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By Ifeyinwa Ezeokoli 


The Nigerian equity market on Tuesday traded with mixed sentiments as gains in Dangote Sugar, Zenith Bank and Fidelity Bank tilted the scale against the losses in FBNH and international Breweries to lift up the value of the market marginally.

The nation’s currency, however, declined against the greenback at the Investor’s and Exporter’s (I&E) foreign exchange window by 0.26 percent.

Thus, the All-Share Index traded flat at 49,416.18, with the month-to-date and year-to-date returns unchanged at 3.7 percent and 15.7 percent, respectively.

Also, investors gained N1 billion in value as the market capitalisation cap of equities listed on the NGX increased to N26.916 trillion from N26.915 trillion as of the previous close.

The upturn was impacted by gains recorded in medium and large capitalised stocks, amongst which are; Vitafoam Nigeria, Ardova Plc, Zenith Bank, UPDC Real Estate Investment Trust (UPDCREIT) and Dangote Sugar Refinery.

On market outlook, GTI Securities Limited said “we expect sustained positive sentiments given the renewed attractiveness of the financial sector.”

However, market breadth closed negative with 11 gainers in contrast with 16 losers.

UPDC Real Estate Investment Trust drove the gainers’ chart in percentage terms by 8.62 percent to close at N3.15 per share.

Royal Exchange followed with 5.95 percent to close at 89k, while Ardova Plc went up by 4.19 percent to close at N17.40 per share.

Vitafoam grew by 3.57 percent to close at N21.75, while Custodian Investment appreciated by 2.75 percent to close at N5.60 per share.

On the other hand, Neimeth Pharmaceutical led the losers’ chart in percentage terms with 9.66 percent to close at N1.31 per share.

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SCOA trailed with 9.41 percent to close at 77k, while UACN Property Development Company (UPDC) went down by 7.07 to close at 92k per share.

R.T. Briscoe Nigeria lost 6.90 percent to close at 27k, while Chams shed 4.55 percent to close at 21k per share.

The total volume traded increased by 30.4 percent to 100.09 million shares, worth N1.29 billion and traded in 3,186 deals.

Transactions in the shares of Guaranty Trust Holding Company (GTCO) topped the activity chart with 16.44 million shares valued at N354.75 million.

Consolidated Hallmark Insurance followed with 9.260 million shares worth N5.45 million, while United Bank for Africa traded 7.12 million shares valued at N52.46 million.

FTN Cocoa processors traded 7.09 million shares valued at N2.01 million, while Access Holdings transacted 5.266 million shares worth N45.16 million.

The naira depreciated by 0.26 percent as the dollar was quoted at N452.67 as against the last close of N451.50.

Traders said most participants maintained bids between N439.99 and N452.67 per dollar.

On the Interbank rates, lending rates among banks were flat at the close of transactions, which indicated sufficient liquidity in the market to stay below the Monetary Policy Rate (MPR) of 15.5 percent.

The Overnight (O/N) rate remained unchanged at 10.25 percent, while the Open Repo (OPR) rate decreased by 2.00 percent to close at 7.50 percent compared to 9.50 percent on the previous day.

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