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HomeBusinessNigeria's equity value drops N35 bln on losses by Access Corp, UBA,...

Nigeria’s equity value drops N35 bln on losses by Access Corp, UBA, others as interbank rates close higher

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By Samuel Bankole

Nigeria’s equity market closed on a negative trend with major buying interests and sell-offs on shares of some banking giants, dragging down the value of the market by 0.13 per cent.

Shares in Access Corporation, United Bank for Africa (UBA), Stanbic IBTC and FBNH and Sterling all closed on negative territory on Friday.

Subsequently, the All-share Index (ASI) depreciated by 0.13 per cent to close at 49,475.42 points compared with the 49,540.48 points it closed the previous trading day.  

The market capitalisation of equities listed on the NGX decreased to N26.686 trillion from N26.721 trillion as of the previous close.

The has produced returns over about 15.82 per cent for investors from January to September 16.

The stock market has also advanced by 6,764.98 basis points since the start of the year.   

The total volume traded closed with an exchange of 107.495 million units valued at N1.15 billion traded in 3,303 deals. The market breadth was negative with 9 gainers as against 13 losers.

The NGX 30 Index decreased by 0.19 per cent to close at 1,763.67 points as against 1,767.01 points at the previous close.

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Market turnover closed with a traded volume of 68.71 million units. United Capital and Zenith were the only gainers, while Access and UBA were the key losers.

Shares of Access Corporation were down by 5.14 per cent, followed by UBA, which fell 4.70 per cent and Stanbic IBTC traded down by 1.67 per cent.

Also, the shares of FBNH, the holding company of First Bank Limited declined by 1.48 per cent while that of Sterling Bank fell by 0.66 per cent.

On the flip side, the shares of United Capital rose 0.84 per cent while that of Zenith Bank gained 0.51 per cent at the close of the market.

On the money market, the interbank interest rate increased as the Overnight (O/N) rate rose by 2.92 per cent to close at 10.17 per cent as against the last close of 7.25 per cent.

The Open Repo (OPR) rate increased by 2.67 per cent to close at 9.67 per cent as against the last close of 7.00 per cent.

Traders said money market rates increased by an average of 280 bps following the FX retail auction by the CBN.

At the I&E FX market, the Naira appreciated by 0.02 per cent as the dollar was quoted at N436.25 against the last close of N436.33. Most participants maintained bids between N420.50 and N438.45 per dollar.

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