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NSE: Dangote Leads Gainers’ Table For Second Consecutive Day

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Dangote

Trading activities on the Nigerian Stock Exchange (NSE) sustained a positive growth on Friday, with Dangote Cement leading the gainers’ table for the second consecutive day.

The News Agency of Nigeria (NAN) reports that the crucial market indices appreciated further with 0.63 per cent growth, following gains by some blue chips.

Specifically, the market capitalisation inched N81 billion or 0.63 per cent to close at N12.933 trillion against N12.852 trillion recorded on Thursday.

Also, the All-Share Index rose by 220.05 points or 0.63 per cent to close at 35,426.21 compared to 35,206.16 posted on Friday.

Dangote Cement led the gainers’ table during the day, gaining N5 to close at N235 per share.

Flour Mills followed with a gain of N1 to close at N21.50, while Ecobank Transnational added 60k to close at N20 per share.

Air Service improved by 46k to close at N5.30, while NEM Insurance appreciated by 15k to close at N3 per share.

On the other hand, International Breweries topped the losers’ chart, shedding N2 to close at N32 per share.

Africa Prudential Registrars trailed with a loss of 35k to close at N3.70 while Guaranty Trust Bank declined by 30k to close at N37.50 per share.

UPL was down by 23k to close at N2.07, while NASCON lost 10k to close at N19.90 per share.

Similarly, the volume of shares traded rose by 139.11 per cent, while value of shares transacted increased by 79.05 per cent.

NAN reports that investors traded a total of 527.74 million shares valued at N4.53 billion in 3,313 deals.

This was against the 220.71 million shares worth N2.53 billion exchanged in 3,287 deals on Thursday.

United Bank for Africa was the most active stock, exchanging 235.66 million shares worth N1.89 billion.

NEM Insurance followed with an account of 93.09 million shares valued at N279.19 million, while ETI traded 21.91 million shares worth N438.03 million.

Regence Insurance sold 18.812 million shares valued at N4.19 million, while FBN Holdings exchanged 17.94 million shares worth N172.67 million.

NAN

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Business News

US Ambassador Advises Nigeria To Diversify Economy

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US Ambassador Advises Nigeria To Diversify Economy

U.S. Ambassador to Nigeria, Stuart Symington, has advised Nigeria to diversify its economy to experience deeper growth and development.

The ambassador gave the advice at the annual dinner of the Nigeria-American Chamber of Commerce annual dinner in Lagos on Sunday.

In a statement delivered by Ebuka Igochukwu, the chamber’s communication manager, Symington said Nigeria should reduce its dependence on crude oil.

Another speaker at the event, Chief Olusegun Osunkeye, a former Nestle Foods Chairman, said Nigeria has to unearth the golden opportunities for economic growth and development. To do that, he recommended Agriculture and ICT which he said are viable alternatives to crude oil.

Honeywell chairman, Oba Otudeko, expressed concern bout the low performance of non-oil nigerian businesses in taking advantage of African Growth and Opportunity Act, AGOA.

NACC president, Otunba Oluwatoyin Akomolafe, said the Chamber was committed to improving trade relations between Nigeria and the U.S.

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Business News

Diamond Bank Merges With Access Bank

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Diamond Bank Merges With Access Bank

Diamond Bank has confirmed it has agreed on a proposed merger with Access Bank PLC.

According to a statement from Diamond Bank, there will be a sharing of both banks’ strengths with Diamond Bank’s technological drive set to be in a combination with Access Bank’s high flying full-service commercial banks.

”There is a clear strategic rationale for the proposed merger and strong complementarities between the two institutions,” Diamond Bank said.

Diamond Bank has stated its delight in the proposed merger of the two banks as they look forward to being Africa’s largest retail institutions.

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African News

Cameroon Separatists Launch Crypto-currency

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Cameroon Separatists Launch Crypto-currency

Separatists in Cameroon’s English-speaking regions have launched their own crypto-currency called “Ambacoin.”

They want to create a breakaway state called Ambazonia, and this currency is the latest symbol of nationhood that rebels have attempted to adopt, along with their blue-and-white flag and anthem.

The currency said to be conceived and built by a group of anonymous anglophone separatist scholars, technocrats and developers, is currently on pre-sale ahead of the “main initial coin offering” scheduled for next week.

Cameroon’s official currency is the Central African Franc (CFA), which is linked to France’s national treasury. Some Cameroonians have called for the cfa to be scrapped because it is considered a “colonial currency.”

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