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23 Stocks Lose, Equities Market Sheds N33bn

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Stock - Investors King
  • 23 Stocks Lose, Equities Market Sheds N33bn

The Nigerian equities market, on Tuesday, depreciated by N33bn as 33 stocks recorded losses at the close of trading.

The Nigerian Stock Exchange market capitalisation dropped to N9.041tn from N9.074tn, while the All-Share Index closed at 26,278.20 basis points from 26,373.83 basis points.

A total of 371.867 million shares worth N1.714bn exchanged hands in 3,522 deals.

The stock market reverted the previous day’s positive outing as the NSE returned negative at the close of trading on Tuesday. The NSE-All Share Index pared by 0.36 per cent, settling the year-to-date return at -2.22 per cent.

However, volume of shares traded and market value of transactions appreciated by 113.71 per cent and 45.82 per cent, accordingly.

The market breadth reflected 18 gainers as Unity Bank Plc emerged as the outperformer, after appreciating by 5.08 per cent to close at N0.62.

Diamond Bank Plc, Vitafoam Nigeria Plc, Cement Company of Northern Nigeria Plc and FCMB Group Plc recorded 5.04 per cent, 4.89 per cent, 4.82 per cent and 4.76 per cent gains, respectively.

However, the shares of 7UP Bottling Company Plc, NEM Insurance Plc, AG Leventiz Nigeria Plc, NPF Microfinance Bank Plc and Forte Oil Plc depreciated by five per cent, 4.71 per cent, 4.55 per cent, 4.55 per cent and 4.46 per cent, respectively, with respective closing prices of N101.65, N0.81, N0.84, N1.05 and N70.30.

Measuring market performances by the NSE sector indices, the banking sector appreciated by 0.02 per cent; the insurance sector rose by 0.38 per cent; and the industrial sector progressed by 0.04 per cent; while the food/beverage sector and oil/gas sector depreciated by 1.52 per cent and 0.32 per cent, respectively.

“Tuesday’s performance may be attributed to profit taking activities on certain counters that rallied in the previous week. For the remaining days of the week, we expect the seesaw mood to persist,” Meristem Securities Limited’s analysts said in a post.

Meanwhile, amid relatively unchanged liquidity, the interbank call rate declined marginally to 10.60 per cent (previous: 10.67 per cent). At the foreign exchange interbank market, the naira spot and one year forward rate remained stable at N305.25 and N378, respectively.

Yields in Treasury bills space extended the upward trend, rising 19 basis points on the average.

Notably, the 16 day-to-maturity, 37DTM and the 65DTM bills recorded the most significant advances with their respective yields closing at 13.62 per cent, 16.75 per cent and 12;.87 per cent.

Bearish trading resurfaced in the bonds market as yields advanced by three basis points on the average across the benchmark notes.

Particularly, yields on the 15.54 per cent FGN February 2020, 16.39 per cent FGN January 2022 and 12.40 per cent FGN March 2036 bonds rose four basis points, six basis points and seven basis points, respectively, to close at 16.41 per cent, 16.14 per cent and 16.58 per cent in that order.

To this end, the analysts at Vetiva Capital Management Plc said, “Given the liquidity constraint (following recent mop appreciations), we expect the bearish trading to persist in the Treasury bills market.

“Meanwhile, the Debt Management Office will conduct its monthly bond auction today (Wednesday), offering N40bn apiece on the 14.50 per cent FGN July 2021 and 12.40 per cent FGN March 2036 bonds and N50bn on the 12.50 per cent FGN January 2026 bond. Hence, we anticipate a slightly tepid trading session for the bonds.”

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.

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Insurance

Heirs Insurance Group Unveils Revolutionary Website for Seamless Insurance Experience

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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.

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Banking Sector

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

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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).

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Banking Sector

EFCC Urged to Repatriate Recoveries to NDIC for Depositors’ Relief

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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.

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