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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.

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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.

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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.

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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

Boeing Shares Continue To Slide As Countries Ground 737 MAX Planes

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Boeing Shares Continue To Slide As Countries Ground 737 MAX Planes

Boeing shares have continued to slide on Tuesday as a growing list of countries move to ground the aircraft manufacturer’s 737 MAX model jets after the crash of an Ethiopian Airlines flight on Sunday killing a hundred fifty-seven persons.

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Boeing’s stock price has fallen nearly twelve percent since the accident, erasing roughly twenty-eight billion dollars in value amid concerns the accident could have links to last October’s crash of a 737 MAX 8 operated by Indonesia’s Lion Air. A hundred eighty-nine persons died in that one.

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Although experts warn that it’s too early to know what caused the Ethiopian Airlines crash, both crashes occurred shortly after takeoff. Experts say, that suggests a possible connection.

Bloomberg reports the Boeing 737 is the best selling aircraft in history.  The MAX is its newest version, with more fuel-efficient engines.  It is also generates almost one-third of the airline maker’s operating profit.

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Business News

SA Banks Stop Supply Of US Dollars To Zimbabwe

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SA Banks Stop Supply Of US Dollar To Zimbabwe

South African banks have stopped supplying Zimbabwe with U.S Dollar notes saying they want to avoid risk. They cite Zimbabwe`s loss of a hundred correspondent banking relationships in the past few years because of the country`s high risk rating.

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South African banks have been the major sources of U.S dollars for Zimbabwe since 2009.

Zimbabwe Reserve Bank Director, William Wanimanzi says the development is a result of the country`s failure to follow proper dollarization procedures, signs of which he said are now catching up with the country`s fragile economy. He said the country is not officially dollarized because it does not have an agreement with the United States government to use its currency. He says this will make it difficult to take in cash into the economy.

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African News

Zimbabwe Central Bank Abandons Quasi Dollar

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Zimbabwe Central Bank Abandons Quasi Dollar

Zimbabwe Central Bank has abandoned the quasi dollar it introduced in 2016.  The peg of one Zimbabwe dollar to one US dollar has not worked as the black market rate has been in the range of three and a half to four Zimbabwe dollars to one U.S. dollar.

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Economists say this move could lead to jitters in countries that hold the peg, including Saudi Arabia and Hong Kong.

Zimbabwe has long been dealing with currency instability that in 2009, it introduced the US dollar, euro, and the South African rand as legal tenders it thought would stem the wild round of hyper-inflation.

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