July 25 (Lagos) - Banking shares were hit after the tax on windfall gains due to Naira devaluations was increased to 75% and the banks will have to pay this tax when they are raising capital to meet the increased capital requirements of the CBN also due to devaluation of Naira.
The bank that bucked the trend and rose was
UCAP while the industry giants
GTCO ,
FBNH and
ZENITHBANK were down.
The most traded stock on the day was
TOURIST which was heavily traded today with 973 million units almost 1000X more than its average 90 day trading volume of 16 million units a day.