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HomeBusinessNigeria's equity market index up 1.04% as interbank lending rates climb

Nigeria’s equity market index up 1.04% as interbank lending rates climb

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By Samuel Bankole 

The Nigerian equity market closed on a positive note on Friday as shares of Unilever and International Breweries gained to lift the market just as interbank lending rate also climbed on the Money Market.

Shares in Unilever Plc grew 6.79 percent to top the chart while that of International Breweries rose 5.88 percent at the close of market on Friday.

Also, GTCO gained 5.43 percent, FCMB increased by 2.80 percent while that of Presco added 2.80 percent to help lift the market.

Consequently, the All Share Index (ASI) increased by 1.04 percent to close at 48,154.65 points against .

The market capitalization of equities listed on the NGX increased to N26.229 trillion from N25.957 trillion it  closed on the previous day.

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The total volume traded closed with an exchange of 159.833 million units valued at N5.05 billion traded in 3,080 deals. The market breadth was positive with 23 gainers as against 14 losers.

The NGX 30 Index increased by 1.08 percent to close at 1,736.30 points as against 1,717.70 points at the previous close.

Market turnover closed with a traded volume of 105.85 million units. Unilever and International Breweries were the key gainers, while Nascon and UBA were the key losers.

On the money market, the interbank lending rate climbed higher with the Overnight (O/N) rate increased by 3.38 percent to close at 13.00 percent against the last close of 9.62 percent.

Also, the Open Repo (OPR) rate increased by 1.88 percent to close at 11.38 percent compared to 9.50 percent on the previous day.

At the I&E foreign exchange market, the Naira appreciated by 0.11 percent as the dollar was quoted at N445.33 as against the last close of N445.83.

Industry players said most participants maintained bids between N422.00 and N447.00 per dollar.

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