*Insist proposed legislation may reduce banks’ ratings, deter foreign investors
Nume Ekeghe and Kayode Tokede
Some banking stocks depreciated on the floor of the Nigerian Exchange Limited (NGX), yesterday following the Senate move to retroactively amend the Finance Act 2023, and impose a one-time windfall tax on banks’ foreign exchange gains realised in their 2023 financial statements.
A check by THISAY showed that leading banks – Zenith Bank Plc, Guaranty Trust Holding Company Plc (GTCO), United Bank for Africa Plc (UBA), and FBN Holdings Plc recorded decline in stock prices on NGX.
As at the close of trading yesterday, Zenith Bank dropped by 0.54 per cent to close at N37.00 per share, while GTCO dipped by 0.77 per cent to close at N44.95 per share.
Also, the United Bank for Africa (UBA) was down by 1.93 per cent to close at N22.85 per share as FBN Holdings depreciated by 3.29 per cent to close at N22.05 per share.
However, with a 3.25 per cent gain,…
Source: Thisday Newspaper
