Connect with us

Finance

Market Sheds 1.4% in Two Days on Profit Taking

Published

on

Nigerian Exchange Limited - Investors King
  • Market Sheds 1.4% in Two Days on Profit Taking

The Nigerian equities market has shed 1.41 per cent in the first two trading days of 2017r as some investors lock in profits while others await government’s economic policy direction for year.

The market was highly bullish in the last weeks of the 2016 on the back of activities of bargain hunters who swooped on highly discounted stocks. However, the year-end gains were not enough to reverse the losses recorded earlier in the year. Consequently, the market closed 2016 with a decline of 6.17 per cent.

But as the New Year commenced, investors have been taking profits and this has dragged the market down by 1.41 per cent in two days. The Nigerian Stock Exchange (NSE) All-Share Index (NSE) ASI went down by 0.46 per cent yesterday to close at 26,495.04. Similarly, market capitalization shed N41.9 billion to close at N9.1 trillion. A total of 17 stocks declined while 14 stocks appreciated.

Commenting on the performance, analysts at Meristem Securities Limited said: “The performance can be ascribed to profit taking activities on some counters that rallied towards the close of the prior year. For the rest of the week, we expect a continuation of today’s trend, hence, we posit that the market may close the week on a negative note.”

Ashaka Cement Plc, which is on the process of being delisted, led the price losers with 4.9 per cent, followed by Guaranty Trust Bank Plc with 4.5 per cent, just as Diamond Bank Plc declined by 4.4 per cent. Cement Company of Northern Nigeria Plc and Oando Plc shed 4.2 per cent and 3.8 per cent respectively.

On the positive side, Vitafoam Nigeria Plc led the price gainers with an appreciation of 4.9 per cent. Livestock Feeds Plc and UACN Property Development Company Plc garnered 4.7 per cent apiece.

The Managing Director of Vitafoam Nigeria Plc, Mr. Taiwo Adeniyi early this week unfolded new strategic focus for optimum operation under recession and assured the shareholdersof payment of dividend for the 2016 financial year.

Adeniyi expressed optimism that his company’s board and management had learnt how to operate profitably under recession.

He therefore, commended the shareholders for their support and understanding in the year under review.

“Our shareholders are our pride. We have an obligation to work very hard to ensure that they are rewarded. We have consistently paid dividend. We shall pay dividend for 2016 despite the recession. We have always sustained our culture of shareholder value and we shall continue to appreciate our shareholders’ advice on how to move the company forward,” Adeniyi said.

Is the CEO/Founder of Investors King Limited. A proven foreign exchange research analyst and a published author on Yahoo Finance, Businessinsider, Nasdaq, Entrepreneur.com, Investorplace, and many more. He has over two decades of experience in global financial markets.

Continue Reading
Comments

Insurance

Heirs Insurance Group Unveils Revolutionary Website for Seamless Insurance Experience

Published

on

Heirs Life Assurance- Investors King

Heirs Insurance Group has launched a website designed to revolutionize the insurance experience for its customers.

With a focus on simplicity, accessibility, and personalized service, the new website aims to streamline the process of obtaining insurance coverage and empower customers to make informed decisions about their insurance needs.

The website boasts a range of innovative features that make navigating insurance options easier than ever before.

From simple and intuitive navigation menus to personalized insurance recommendations, the website is designed to guide customers through every step of the insurance process quickly and efficiently.

According to Ifesinachi Okpagu, the Chief Marketing Officer of Heirs Insurance Group, the new website embodies the company’s commitment to delivering exceptional customer service.

“Today’s customers want simplicity, and this new website delivers on that request,” Okpagu said. “We are empowering customers to take control of their lives, their businesses, assets, and their most cherished people.”

One of the key features of the website is its personalized insurance experience, which takes customers through a short journey to help them identify the best insurance plan for their needs.

Whether customers are looking for coverage for their home, car, business, or loved ones, the website provides tailored recommendations to ensure they find the right insurance solution quickly and easily.

With its user-friendly interface and innovative features, the new website from Heirs Insurance Group sets a new standard for the insurance industry, making it easier than ever for customers to protect what matters most to them.

Continue Reading

Banking Sector

Safaricom, Access Holdings Forge Partnership to Revolutionize Remittance Corridor in Africa

Published

on

Access bank

Safaricom, the leading telecommunications company in Kenya, has entered into a strategic partnership with Access Holdings, spearheaded by Aigboje Aig-Imoukhuede.

The collaboration aims to revolutionize the remittance corridor between East and West Africa, marking a significant step towards enhancing financial inclusion and empowering millions of individuals across the continent.

The partnership comes on the heels of Access Holdings’ recent acquisition of the National Bank of Kenya Limited, signaling the company’s ambitious expansion into the East African market.

Leveraging Safaricom’s extensive network and expertise in mobile money through M-Pesa, which currently dominates the mobile money market in Kenya, the alliance seeks to create seamless and efficient channels for remittance transactions.

Aigboje Aig-Imoukhuede, the driving force behind Access Holdings, expressed enthusiasm about the collaboration, highlighting its potential to transcend traditional boundaries and foster greater economic connectivity between East and West Africa.

He highlighted the fusion of collective expertise and resources between the two entities, underlining their shared commitment to driving financial inclusion and empowerment across the continent.

The partnership holds promise for addressing the challenges faced by millions of Africans in accessing affordable and reliable remittance services.

By connecting more than 60 million customers and 5 million businesses across eight countries, the collaboration aims to facilitate over $1 billion in daily transaction value, significantly boosting the flow of remittances within and outside Africa.

With the first phase of the collaboration focusing on key markets such as Nigeria, Kenya, Ghana, and Tanzania, stakeholders anticipate a transformative impact on the remittance landscape, paving the way for greater intracontinental trade and economic integration in line with the objectives of initiatives like the African Continental Free Trade Area (AfCFTA).

Continue Reading

Banking Sector

EFCC Urged to Repatriate Recoveries to NDIC for Depositors’ Relief

Published

on

The Nigeria Deposit Insurance Corporation (NDIC) has made a fervent plea to the Economic and Financial Crimes Commission (EFCC) to expedite the repatriation of recovered funds to its coffers to facilitate the timely reimbursement of depositors affected by bank failures.

During a recent meeting between the Managing Director of NDIC, Bello Hassan, and the Executive Chairman of the EFCC, Ola Olukoyede, at the NDIC headquarters in Abuja, Hassan stressed the importance of enhanced collaboration between the two agencies in recovering depositors’ funds lost due to bank failures.

Hassan emphasized that the return of recoveries made by the EFCC on behalf of the NDIC would significantly contribute to the prompt reimbursement of affected depositors.

He commended the EFCC for its unwavering efforts in combating corruption and financial crimes, highlighting its crucial role as a key member of the Taskforce on Implementation of the Failed Banks Act chaired by the NDIC.

The NDIC boss also highlighted the existing partnership between the two organizations, which led to the establishment of the NDIC Help Desk at the EFCC in 2022.

He disclosed that several high-profile cases referred to the EFCC were currently under investigation.

In response, Olukoyede reiterated the EFCC’s commitment to collaborating closely with the NDIC to combat financial crimes and safeguard the integrity of the Nigerian banking sector.

He pledged to intensify efforts to repatriate recovered funds promptly, acknowledging the interconnectedness between criminal activities and bank failures.

Continue Reading
Advertisement




Advertisement
Advertisement
Advertisement

Trending