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Stocks: Investors Gain N798bn in One Week

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Egypt Stocks
  • Stocks: Investors Gain N798bn in One Week

Investors in the Nigerian stock market recorded N798bn appreciation on their holdings between Friday May 26 and June 2, the last day of trading last week.

The stock exchange’s market capitalisation rose to N10.845tn from N10.047tn in one week.

The All-Share Index, thus, closed at 31,371.63 basis points from 29,064.52 basis points.

Last week was a four-day trading week as the Federal Government declared May 29, 2017 as public holiday to mark the 2017 Democracy Day.

Meanwhile, a total turnover of 2.319 billion shares worth N23.813bn in 22,310 deals were traded last week by investors on the floor of the Exchange in contrast to a total of 1.877 billion shares valued at N20.055bn that exchanged hands the previous week in 19,979 deals.

The Financial Services Industry (measured by volume) led the activity chart with 1.950 billion shares valued at N15.479bn traded in 14,381 deals; thus, contributing 84.12 per cent and 65 per cent to the total equity turnover volume and value, respectively.

The Consumer Goods Industry followed with 156.358 million shares worth N2.875bn in 2,804 deals.

The third place was occupied by conglomerates industry with a turnover of 70.452 million shares worth N168.377m in 739 deals.

Trading in the top three equities namely – Diamond Bank Plc, FBN Holding Plc and United Bank for Africa Plc (measured by volume), accounted for 978.710 million shares worth N4.137bn in 5,028 deals, contributing 42.21 per cent and 17.37 per cent to the total equity turnover volume and value, respectively.

The Chartered Institute of Stockbrokers last week said the confidence of investors in the country’s capital market was gradually returning as could be seen by the positive numbers in recent weeks.

The institute thus urged the government, the Central Bank of Nigeria and other regulators to remain consistent in their resolve to tackle the issues that had held down the economy and the capital market in particular in recent years.

A fellow of the institute, Mr. Umaru Kwairanga, said such positive move would boost investors’ confidence and guarantee market stability.

He said, “The capital market has been on a rebound in 2017, especially, from the end of the first quarter till now. Recent initiatives taken by the CBN to solve the problem of chronic scarcity of forex have boosted the economy and the capital market in particular.

“The All-Share Index has swung into positive territory after months of persistent declines and trading volumes have increased dramatically in the last couple of months. The Nigerian capital market has done quite well in the last couple of months.”

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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