Bank of America adjusts results due to legal costs

Bank of America has set aside $400m (£253m) due to rising litigation costs associated with a probe into foreign currency manipulation at the bank.

That more than tripled the size of its previously-reported third-quarter loss to $232m from $70m.

The bank has been engaged in "advanced discussions with certain US banking regulatory agencies to resolve matters", it said in a statement.

Last week, Citigroup was also forced to

Nigeria stocks, bonds fall on naira, oil price worries

Nigerian stocks fell to a four-month closing low of 40,537 points on Tuesday, as a weaker naira hurt by falling global oil prices dampened appetite for equities, dealers said.

The index shed 1.1 percent on the day to its lowest closing level since May 28, dragged down by heavyweight banking and cement stocks.

Shares in Dangote Cement, Nigeria’s most capitalised stock, shed 1.73 percent to 221 naira, while Zenith Bank fell 3.64 percent to 23.80 naira.

Bond yields also rose as offshore funds sold naira assets, dealers said.

“It was a red day for the Nigerian bourse. We think the current negative market sentiment will persist into tomorrow’s session,” Vetiva Capital wrote in a note.

Nigeria 2024 bond yield eases on JP Morgan index inclusion

Yields on Nigeria’s 2024 bond shed 15 basis points to 11.89 percent on Friday, after JP Morgan added it to its Government Bond Index-Emerging Market (GBI-EM), attracting offshore funds, dealers said.

The 10-year benchmark bond opened for trade at 12.04 percent.

Last week JP Morgan said it add Nigeria’s 2024 bond to its emerging market government bond index, in addition to five other bonds already listed, pushing its yield down 22 bps.

Since then, some investors have