Connect with us

Finance

Ecobank, Seplat, 16 Others Lift Stock Market

Published

on

NSE mobile trading

Gains recorded by Ecobank Transnational Incorporated, Seplat Petroleum Development Company Plc and 16 others on Thursday helped to end a two-day rout in the equities market of the Nigerian Stock Exchange.

After six consecutive days of closing higher, the market had retreated on Tuesday as key market indices declined by about 1.3 per cent followed by a 1.9 per cent slide on Wednesday.

The NSE All-Share Index rose to 24,261.69 basis points on Thursday from 24,056.12 basis points, while the market capitalisation of listed equities was up by N71bn to close at N8.34tn.

All other indices finished higher on Thursday, with the exception of the NSE Insurance Index, NSE Lotus Islamic Index and NSE Industrial Index, which increased, while the NSE ASeM remained unchanged.

Ecobank and Seplat saw their share prices increase by five per cent each to close at N15.75 and N288.08.

Glaxo Smithkline Consumer Nigeria Plc, Nigerian Aviation Handling Company Plc and Transnational Corporation of Nigeria Plc rose by 4.97 per cent, 4.86 per cent and 4.50 per cent to close at N23.02, N3.88 and N1.16 per share, respectively.

Other gainers on Thursday include Nigerian Breweries Plc, Tiger Branded Consumer Goods Plc, Learn Africa Plc, FBN Holdings Plc and Total Nigeria Plc.

The losses recorded by 23 stocks led by Eterna Oil Plc were unable to prevent the market from closing on a positive note.

Eterna Oil shed 8.38 per cent to close at N1.75 per share, while Mobil Oil Nigeria Plc was down by 6.02 per cent to close at N150 per share.

Dangote Sugar Refinery Plc lost 5.64 per cent to close at N5.19 per share; Portland Paints & Products Nigeria Plc depreciated by 4.87 per cent to close at N3.71 per share, and AIICO Insurance Plc.

CEO/Founder Investors King Ltd, a foreign exchange research analyst, contributing author on New York-based Talk Markets and Investing.com, with over a decade experience in the global financial markets.

Continue Reading
Comments

Banking Sector

Access Bank South Africa Begins Operation

Published

on

Access Bank South Africa- Investors King

Following Access Bank Acquisition of African Banking Corporation (BancABC Mozambique), Access Bank South Africa officially opened its door for business yesterday.

The bank described the development as another step in engraving Access Bank Plc into the continent’s history.

Noting the enthusiasm of all parties leading up to this day, Access Bank CEO, Herbert Wigwe said the SADC region represents the strongest economy on the African continent.

“This means Access Bank SA is firmly seated in one of the principal geographical areas apart from Nigeria, in terms of the size of the economy, and unlocks the gateway to the entire Southern African region,” he was quoted to have said in a statement.

Wigwe highlighted Access Bank’s solid presence in Zambia too, saying the opening of the South African subsidiary cements the Bank’s commitment to sub-Saharan Africa as a portal for exceptional banking opportunities across the continent.

Building on the organisation’s vision of delivering a robust banking operation that connects key African markets, the CEO of Access Bank SA, Bennie van Rooy, described the development as, “an exciting event for the South African banking industry,” as well as the provision of sustainable support to existing customers while appealing to new clients with a business presence across Africa.

“As part of the robust Access Bank family, the South African operations look forward to contributing meaningfully to the achievements and ambitions of the Group. In offering a full suite of financial service products to a market we understand in-depth, Access Bank SA is delighted to grow the family footprint,” he added.

Continuing, Wigwe said the Group would continue to focus on building relationships, as a partner in both businesses and in communities it serves.

“It’s vital that our banking solutions give clients the advantage they need to grow sustainably, with access to smart solutions that help them reach greater goals,” he added.

With its transactional account and online banking, commercial and asset finance, offshore investments and Forex requirements or deposit solutions, Access Bank puts the power of choice in clients’ hands.

“Partnerships with all our clients mean power for them to achieve their aspirations, while Access Bank’s growth brings greater advantages in the financial sector. Like Bennie, I am excited to be on this path with the knowledge and experience of the continent that we share,” said Wigwe.

“We look forward to the opportunities that present themselves with opening doors for individuals and businesses, and growing possibilities as we go.”

Continue Reading

Banking Sector

Stanbic IBTC’s Upgraded USSD Platform Offers “Bigger And Better” Functionalities

Published

on

Stanbic IBTC - investorsking.com

Stanbic IBTC Bank, a member of Standard Bank Group, has upgraded its USSD platform with innovative features and capabilities to improve customer experience.

The upgraded USSD banking platform tagged “bigger and better” will enable customers to make seamless transactions continually.

Some of the new features on the upgraded platform include the bill payment gateway for billers such as the DISCO companies, which will enable customers to pay their electricity bills without stress; auto-airtime top-up, which allows customers to set up a mandate for airtime top-up whenever their balance drops below a set benchmark; as well as direct data top-up.

Speaking on the rationale behind the USSD platform upgrade, Remy Osuagwu, Executive Director, Personal and Business Banking, Stanbic IBTC Bank, said, “We are dedicated to meeting the banking needs of our customers. Improving customers’ experiences at every touchpoint with the brand is critical. We are optimistic that the new features added to our USSD platform will indeed give our customers a bigger and better banking experience.”

Offering customers easy, fast and secure financial transactions, the Stanbic IBTC USSD platform works on any mobile phone. It can be used to purchase airtime, transfer funds, check account balance, request account statements, make bills payment, view transaction history, link a debit card to a wallet and more.

To onboard, customers should dial *909*11*1# to register and enter the last four (4) digits of their debit cards to create an authentication PIN that will be used to approve transactions anytime and anywhere. Existing users on the platform have access to the upgraded functionalities by just dialing *909# and following the prompt.

Remy Osuagwu assured the Bank’s esteemed customers of the organisation’s commitment to continually develop digital banking solutions to meet their needs as they evolve.

Continue Reading

Finance

ITFC Signs a US$ 250 Million Framework Agreement to Support The Gambia

Published

on

Institute of Chartered Shipbrokers

The International Islamic Trade Finance Corporation (ITFC), a member of the Islamic Development Bank (IDB) Group, has signed a new 5-Year Framework Agreement in favour of the Government of The Gambia that target to provide up to US$ 50 million to the country on an annual basis.

The agreement, signed with H.E. Mambury Njie, Minister of Finance and Economic Affairs (IsDB Governor), is a part of the Corporation’s ongoing efforts to combat the economic repercussions from COVID-19 and strengthen key economic sectors in member countries.

This US$250 million Framework Agreement will provide pre-export financing for major cash crops such as groundnuts and cashew nuts, the main agricultural produce in a sector that is a major employer of the country’s workforce. In addition, this agreement will also facilitate the import of essential agriculture inputs such as fertilizer.

In the energy sector, the financing will enable imports of key commodities such as refined petroleum, which is crucial to generate electricity in the country. Other sectors that will benefit from the five-year framework agreement include the healthcare sector through the import of medicines and health equipment, and the private sector through financing facilities to local banks and financial institutions aimed at boosting local SMEs.

Technical assistance for trade development aimed at building capacity and promoting information exchange and knowledge dissemination are other areas covered in the agreement.

H.E. Mambury Njie, The Gambia’s Minister of Finance and Economic Affairs thanked ITFC on behalf of the Government for its continued support, highlighting that this framework agreement would support national development goals to drive economic diversification and job creation across key growth sectors, whist facilitating trade and investment flows within the country, as well as globally through the country’s participation in agriculture value chains.

Reiterating ITFC’s commitment to supporting its member countries, Eng. Hani Salem Sonbol, ITFC CEO, said: “The five-year framework agreement will make way for further cooperation with the Government of The Gambia across key economic sectors whilst fostering greater collaboration with the country’s budding private sector to drive SME growth. In addition to crucial import-export financing, the agreement also has provisions to help develop the country into a stronger trading nation through enhanced capacity development and knowledge transfer programs.”

Since inception in 2008, ITFC has approved a total of US$607 million in favor of The Gambia. From energy to employment through agriculture, it reaffirms ITFC’s proven strategy of investing in key sectors of its member countries and thus contributing towards the development of the priority industries.

Continue Reading




Advertisement
Advertisement
Advertisement

Trending