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Equity market capitalisation falls below N28tr, naira depreciates to N421.3 per dollar

By JOHNMARK UKOKO

Nigerian equity market sustained its downward trend on Friday, June 17, 2022, as profit takings dominated transactions in the bourse and capitalisation of listed stocks falling below N28 trillion.

The market’s All Share Index (ASI) declined by 1.21 per cent to close at 51.778.08 points, below the 52.411.09 points it closed with the previous day, just as the market capitalisation of equities listed on the Nigeria Stock Exchange (NGX) fell to N27.914 trillion from N28.255 trillion as against the previous day.

The total volume traded closed with an exchange of 241.191 million units valued at 3.67 billion traded in 5,043 deals as the market breadth closed on the negative note with 10 gainers as against 24 losers.

The NGX index declined by 1.76 per cent to close at 1.880.41 points, as against 1.914.13 points the previous day, while market turnover closed with traded volume of 1.48.47 million units.

Fidelity Bank and Unilever Plc were the only gainers, while International Breweries and Eco Bank Nigeria Limited were the key losers, as International Breweries Stock fell by 9.42 per cent, Eco Bank dropped by 8.6 per cent and MTN Nigeria share dipped by 5.04 per cent.

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First Bank of Nigeria (FBN) Holden fell by 5.37 per cent, Access Bank shares declined by 2.62 per cent, but Fidelity Bank’s shares gained 3.4 per cent, while BUA Food increased by 2.3 per cent.

On the money market, the interbank lending rate declined as overnight (O/N) rate decreased by 3.08 per cent to close at 10.92 and 14.00 per cent.

Also, the Open Repo (OPR) declined by 3.08 per cent to close at 10.92 per cent compared with the 14.00 per cent it closed with previously, just as the OPR decreased by 3.50 per cent to close at 10.33 per cent as against the 13.83 per cent it closed with the previous day.

At the Import, Export (I&E) and Foreign Exchange window, the naira depreciated by 0.20 per cent, as the dollar was quoted at N421.33 against N420.50 at the last trading, while traders said most participants maintained bids between N413.00 and N444.00 to the dollar.

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