Connect with us

Finance

Oil, Industrial Sectors Lead N91bn Market Appreciation

Published

on

Nigerian stock market - Investors King
  • Oil, Industrial Sectors Lead N91bn Market Appreciation

The country’s oil/gas and industrial sectors emerged as the top two gainers at the close of trading on the floor of the Nigerian Stock Exchange on Thursday after equities appreciated by N91bn.

The NSE oil/gas index recorded the highest gain of 2.82 per cent, followed by the NSE industrial index, which appreciated by 2.04 per cent.

On the gainers’ category also were the NSE banking and NSE insurance indices, which rose by 0.85 per cent and 0.16 per cent, accordingly.

The NSE food/beverage index slid by 0.01 per cent, being the only index to record a decline.

A total of 288.858 million shares valued at N3.82bn were traded in 3,631 deals.

The NSE market capitalisation rose to N11.458tn from N11.367tn, as the All-Share Index closed at 33,246.91 basis points from 32,981.63 basis points.

The Nigerian equities market recorded a gain for the fourth consecutive day this week, advancing by 0.80 per cent, to settle the year-to-date return at 23.71 per cent. There were 33 gainers and 19 losers.

Mobil Oil Nigeria Plc topped the gainers’ list, advancing by 9.49 per cent, to close at N259.

Forte Oil Plc, Custodian and Allied Plc, Cadbury Nigeria Plc and Guinness Nigeria Plc followed on the gainers’ table, appreciating by seven per cent, five per cent, five per cent and five per cent, respectively.

However, Champion Breweries Plc topped the losers’ chart, falling by seven per cent to close at N2.39.

First Aluminium Nigeria Plc, NCR Nigeria Plc, BOC Gasses Nigeria Plc and Linkage Assurance Plc followed on the losers’ table, depreciating by five per cent, 4.93 per cent, 4.85 per cent and 4.76 per cent, accordingly.

Commenting on the performance of the market, analysts at Meristem Securities Limited, in the firm’s daily post, said, “We posit that the day’s gain was as a result of positive sentiments towards some banking and oil/gas stocks, as well as the 0.90 per cent share price appreciation of Dangote Cement Plc.

“Following the trend of activities this week, we expect the market to close positive week-on-week. We, however, do not rule out profit taking activities on some counters that have rallied in the week.”

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