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Banks, Others Contributed 84% to Equity Volumes Last Week

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Nigerian Exchange Limited - Investors King
  • Banks, Others Contributed 84% to Equity Volumes Last Week

The banks and other financial institutions contributed 83.91 per cent to the total equity turnover volumes last week after the financial services industry (measured by volume) led the activity chart with 838.247 million shares valued at N5.134bn traded in 7,884 deals.

The financial services industry also contributed 45 per cent to the total equity turnover value of the Nigerian Stock Exchange.

The consumer goods industry followed with 45.589 million shares worth N3.225bn in 2,759 deals. The third place was occupied by conglomerates industry with a turnover of 35.563 million shares worth N60.673m in 627 deals.

It was a four-day trading week as the Federal Government declared September 1 and 4 as public holidays in commemoration of the Eid-el-Kabir Sallah celebration.

Meanwhile, a total turnover of 998.973 million shares worth N11.455bn in 13,626 deals were traded last week by investors on the floor of the Exchange in contrast to a total of 1.538 billion shares valued at N24.218bn that exchanged hands the penultimate week in 19,187 deals.

Trading in the top three equities namely – Custodian and Allied Plc, Sovereign Trust Insurance Plc and Fidelity Bank Plc (measured by volume) accounted for 383.065 million shares worth N829.743m in 650 deals, contributing 38.34 per cent and 7.24 per cent to the total equity turnover volume and value, respectively.

Also traded during the last week were a total of 86,063 units of Exchange Traded Products valued at N838,754.79 executed in eight deals compared with a total of 390 units valued at N6,511.60 transacted last week in five deals.

A total of 12,244 units of Federal Government bonds valued at N12.374m were traded last week in 11 deals, compared with a total of 3,657 units valued at N2,866,267.62 transacted in the penultimate week in nine deals.

The NSE All-Share Index and market capitalisation depreciated by 3.12 per cent to close the week at 35,504.62 and N12.237tn, respectively. Similarly, all other indices finished lower during the week with the exception of the NSE insurance and NSE oil/gas indices that appreciated by 1.90 per cent and 0.29 per cent, respectively, while the NSE ASeM index closed flat.

Nineteen equities appreciated in price during the week, lower than 32 in the previous week. Forty-eight equities depreciated in price, higher than 40 equities in the previous week, while 104 equities remained unchanged higher than 99 equities recorded in the preceding 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.

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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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