Shares of Nigeria’s Diamond Bank drops further after shelving takeover talks

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ABUJA – Nigeria’s Diamond Bank dropped 9.48 percent on Tuesday to a more than one-year low, a day after the mid-tier lender denied media speculation it was in talks to be bought by rival Access Bank.

Shares of Diamond Bank fell for a second straight day to 1.05 naira in late trades.

Diamond has been managing its capital since 2016 to ensure it stays within the minimum regulatory ratio and has said it would consider raising fresh funds after selling some assets to strengthen its balance sheet.

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