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Investors Lose N191bn As Nigeria’s Equities Market Declines by 0.49%

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The All-Share Index (ASI) dropped by 0.49 percent at the close of trading on Thursday.

This represented a 350.7 basis points drop in the ASI to 71,457.92 from 71,808.64 posted by the bourse the previous day.

Investors also lost N191 billion after five hours of trading.

Twenty-four equities gained while 29 others declined in share prices as the number of deals hit 7,096.

Multiverse Mining and Exploration topped the gainers’ chart with 9.91% growth in share price to close at N8.54 from its previous price of N7.77 per share.

SCOA Nigeria, Axa Mansard Insurance, and Infinity Trust Mortgage BankPlc with 9.76%, 9.76%, and 9.52% rice share prices are other gainers in today’s trading.

FBN Holding led the losers table after it shed 9.86% off its share price to close at N26.50 from the previous N29.40 per share.

Secure Electronic Technology, Deap Capital, and Champion Breweries Plc with 9.64%, 9.46%, and 7.04% dip in share prices completed the list of losers for today.

In terms of volume, UNIVINSURE led with 52.73 million shares followed by VERITASKAP with 44.57 million shares.

Others are – NB (37.46 million), Access Corp (34.65 million), and Zenith Bank (31.62 million).

On the value index, NB led with N1.388 billion worth of traded stocks followed by Zenith Bank with N1.121 billion.

GTCO, Seplat, and Access Corp with N834.21 million, N832.45 million, and N705.85 million completed the top five in this category.

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Business

CBN Revokes Heritage Bank Operating Licence

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The Central Bank of Nigeria (CBN), on Monday, announced the revocation of the operating licence of Heritage Bank Plc with immediate effect.

In a statement issued by CBN acting Director, Corporate Communications, Mrs. Hakama Sidi Ali, the apex bank said the move was in accordance with its mandate to promote a sound financial system in Nigeria and in exercise of its powers under Section 12 (1l of the Banks and Other Financial Act (BOFIA) 2020.

This followed a period during which the CBN engaged with the bank and prescribed various supervisory steps intended to stem the decline.

Sidi Ali said, “Regrettably, the bank has continued to suffer and has no reasonable prospects of recovery, thereby making the revocation of the license the next necessary step.”

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Naira Appreciates, Trades at N1,339/$ in Official Window

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The Naira has recorded its biggest gain in a couple of weeks against the American dollar to trade at N1, 339/$1, according to data from the Nigerian Autonomous Foreign Exchange Market (NAFEM).

At the end of trading on Monday, the Naira gained N143 against the dollar compared to the previous exchange rate of N1,482/$1 on Friday, May 24, 2024.

The intra-day high and low recorded during the day were N1,501/$1 and N1,310/$1 respectively, representing a lean spread of N191/$1.

However, the Naira slumped against the dollar at the parallel section of the market, to trade at N1,520/$1 representing a loss of N10 compared to the N1,510/$1 it traded the previous trading day

Similarly, the Naira slumped against the British Pound to trade at N1,920/£1 as against the previous trading price of N1,900/£1 representing a loss of N20 for the local currency,

The Canadian dollar closed flat against the Naira to trade at N1,200/CA$1, same as the previous trading day rate of N1,200/CA$1.

The Naira also slumped against the Euro to trade at N1,600/€1 as against the rate of N1,580/€1 the previous trading rate, representing a loss of N20 in the local currency.

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Business

CBN Directs BDC Operators to Apply for New Licences

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The Central Bank of Nigeria has directed all existing Bureau De Change Operators to re-apply for new licences in their preferred category.

This was announced on Wednesday in a circular issued by the apex bank which was signed by the Director, Financial Policy and Regulation Department, Haruna Mustafa.

The BDCs were also required to meet the capital requirements for their licence category within six months.

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