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Post-election trading experience Investors stock market lost N517bn.

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Losses on the Nigerian Stock Exchange extended into the fifth consecutive trading session on Tuesday as the All Share Index declined by 1.02 per cent, dragging the year-to-date return to -0.4 per cent two days after the governorship and House of Assembly polls.



The investors lost N289bn after the presidential and National Assembly elections, and N228bn in two days as the market capitalization of equities listed on the floor of the NSE dropped from N11.998tn on Tuesday last week to N11.978tn on Wednesday and N11.937tn on Thursday.

On Friday, the market capitalisation dropped further to N11.905tn.

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The bearish sentiment persisted as the market opened this week on a bearish note, recording a loss of N108bn on Monday and a further N120bn on Tuesday to close at N11.677tn.

The market recorded positive performance in the first 24 minutes of trading on Tuesday, after which it started to decline at 10:43 am.

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The biggest decline for the day was recorded at 12:37 pm, shedding 102.6 basis points in two minutes.

The banking sector recorded the biggest loss, down by 2.26 per cent on the back of major sell-offs witnessed in Guaranty Trust Bank Plc and Zenith Bank Plc.

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India dismissed 15 top officials

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Source:Reuters

India on Tuesday sacked 15 senior tax officials facing probes in corruption cases, sending across a tough message to bureaucrats taking kickbacks for facilitating tax evasion by companies, a government statement said.

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Last week, the government had dismissed 12 income tax officials who were mainly facing corruption charges.

India improved its ranking, among 180 countries, by three points to 78th on a global corruption index in 2018, according to the annual index of the Transparency International, an anti-graft watchdog.


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Egypt Ranks 2nd Amidst World Emerging Economies.

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Amidst the 21 most flexible emerging economies worldwide, Renowned Bloomberg has listed Egypt’s economy behind Philippines in the face of the global trade war.

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In its analysis, the Bloomberg agency relied on a set of criteria, most important of which being the GDP growth rate, local currency performance against international currencies, foreign exchange reserves, credit rating, and finally current account performance.

The Egyptian cabinet’s Media Center said in a statement on Monday that indicators of the Egyptian economy improved significantly during the recent period, most notably the choice of the Egyptian pound as the second-best performing currency in the world against the US dollar this year so far, according to Bloomberg.

Of these indicators, GDP growth in the third quarter of fiscal year 2018/2019 reached 5.6 percent, alongside a rise in net foreign exchange reserves by the end of May 2019 to US$44.3 billion, with the current account deficit as a percentage of the GDP declined from 6.1 percent in 2016/2017 to 2.4 percent in 2017/2018.

The statement added that the Egyptian credit rating achieved its best level since 2011 after the agencies of Moody’s, Fitch and Standard & Poor’s upgraded Egypt’s credit rating.

-Egyptian Independent


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