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Year-to-date Growth Hits 39.6% as Stock Market Rebounds

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Nigerian Exchange Limited - Investors King
  • Year-to-date Growth Hits 39.6% as Stock Market Rebounds

The stock market returned to positive territory yesterday as it reversed the negative performance of the first trading day of the week. The Nigerian Stock Exchange (NSE) All-Share Index (ASI) rose by 0.68 per cent to close higher at 37,503.73, driving the year-to-date (YTD) growth to 39.6 per cent.

Similarly, market capitalisation added N88.1 billion to close at N13.1 trillion. The positive performance was driven by appreciation recorded in the share prices of Nigerian Breweries, Stanbic IBTC, Access Bank, UBA and Dangote Cement among others.

However, Eterna Plc led the price gainers with 4.99 per cent trailed by Global Spectrum Energy Services (GSES) Plc with a gain of 4.95 per cent to close at N5.51 per share. This means that the stock, which got listed on the NSE on Monday at N5.00 has appreciated by over 9.3 per cent within the first two days of trading.

A total of 800 million shares of GSES were listed on the NSE, which added N4 billion to the market capitalisation of the exchange. The price growth signified the positive sentiments investors have for the stock.

The Managing Director/CEO of GSES, Mr. Colm Doyle on Monday disclosed to shareholders that the company was embarking on expansion and diversification of its product base to further strengthen its business capacity and profitability.

Doyle said that apart from the expansion, the firm has also decided to give out minimum of 30 per cent of its profit before tax as dividend to its shareholders.

According to him, the company has acquired a prime waterfront site in Port Harcourt for the development of a 50 million litres capacity tank farm with storage capacity for refined petroleum PMS, AGO, DPK and a 6.000 metric tonnes LPG storage facilities.

He also added that the company in conjunction with its partners, Aegean Marine Petroleum in Greece will develop 10,000 metric ton ultra-modern lubricants blending plant as well as a state of the art laboratory situated at the tank farm site in Port Harcourt.

Doyle stated that GSES is the local supplier of Aegean marine lubricants in Nigeria, saying Aegean Marine Petroleum, apart from being a leading global bunker physical supplier has also been trading marine lubricants for more than 16 years, supplying vessels worldwide from carefully selected major marine brands.

He noted that the company is seeking to build capacity in its Nigerian owned and flagged vessels, because they have a distinct competitive advantage in the maritime sector.

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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