Conglomerates, multinationals lose N320bn in 6 months By Emeka Anaeto, Economy Editor
L
AGOS — LOSSES incurred by investors in conglomerates, multinational corporations and other big capitalized
companies quoted on the Nigerian Stock Exchange, NSE, as a result of the delay in the roll out of the new flexible foreign exchange policy has hit
N320 billion as at yesterday. The stock market had recorded a massive rally following the announcement by the
Central Bank of Nigeria, CBN, of its plan to introduce a flexible foreign exchange regime. But the bullish trend gave way to a massive
bear run which brought down total market capitalization to N9.3 trillion, yesterday, from N9.7 trillion as at May 25, 2016, a day after the CBN
Dangote Cement battles pressured margins•P.22
...towards a better life for the people VOL. 25: NO. 63049
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announcement, with the blue chips accounting for about 80 per cent of the total losses. The stock value depreciation was coming against several months of Continues on page 21
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TUESDAY, JUNE 14, 2016
Retirements: Army, 38 officers in war of words Retired officers have no case — Defence Minister Our retirements driven by vendetta — Retired officers We followed due process in all cases — COAS
By Kingsley Omonobi & Emmanuel Elebeke
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BUJA — THE Army high command and 38 senior officers retired last week were, yesterday, locked in a war of words over the latter ’s mode of disengagement. While the Army and Defence Minister, Mansur Mohammed Continues on Page 5
PDP crisis deepens as Sheriff takes over party secretariat 9
Mr & Mrs MEETING: President Muhammadu Buhari (right) receiving a souvenir from the Archbishop of Canterbury, Justin Welby, after a meeting in London, yesterday. Photo: NAN.
HIJAB: Religious crisis looms in Osun COLUMNIST: A’Ibom community bemoans abandoned fishing terminal See inside
Rochas Okorocha and the ragged-trousered philanthropists •P.17
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12 Niger Delta Avengers now ready for dialogue with FG