The Nigerian stock market shed 1.27 per cent yesterday, following losses by banking stocks.
However, the Nigerian Stock Exchange All-Share Index fell by 1.27 per cent to close at 27,041.03, while market capitalisation shed N181.1 billion to be at N14.1 trillion. According to analysts at Cordros Capital, the decline followed sell-off banking tickers, “amidst expectations of increasing regulatory headwinds, following news surrounding recent statements attributed to the Central Bank of Nigeria at the Banker’s Committee meeting last week.
According to the results of the financial institution, it posted gross earnings rising to N662.3 billion, showing an increase of five per cent from N630.3 billion reported in 2018. Profit before tax increased by five per cent growing from N232 billion to N243 billion in the current year, arising from top-line growth and continued focus on cost optimisation strategies Similarly, profit after tax rose from N193 billion to N208.8 billion, achieving the feat as the first Nigerian Bank to cross the N200 billion mark.
Short the ponzi.
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