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Equities’ Index Gains 1.5%, Hits Three-month High

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Nigerian Stock Exchange
  • Equities’ Index Gains 1.5%, Hits Three-month High

The Nigerian equities market maintained a significant bullish trend this week as the All-Share Index appreciated by 1.5 per cent week-to-date to close at a three-month high of 37,944.60 basis points.

On Thursday alone, the market gained N82bn as 11.77 billion shares valued at N21.384bn exchanged hands in 5,152 deals.

The year-to-date and month-to-date returns advanced to 41.2 per cent and 3.4 per cent, respectively.

The Nigerian Stock Exchange marrket capitalisation increased by N205.5bn to N13.2tn, exceeding the N13tn mark for the second time this year. Similarly, activity level improved as average volume and value traded increased 70.8 per cent and 14.3 per cent week-on-week to 745.5 million units and N5.2bn, respectively.

The week’s top traded stock by volume were Wapic Insurance Plc (1.4 billion), FIdelity Bank Plc (224.3 million) and FBN Holdings Plc (164.6 million) while Zenith Bank Plc (N3.9bn), Nigerian Breweries Plc (N3.4bn), and Guaranty Trust Bank Plc (N1.5bn) led the value chart.

The Exchange started the week off on a negative note, as profit taking in banking stocks dragged the NSE ASI 31 basis points lower. However, the market rebounded on Tuesday, majorly on the back of gains in Nigeria Breweries, Stanbic IBTC Holdings Plc and Dangote Cement Plc, which drove the ASI 68bps higher.

Similarly, the market performed positively on Wednesday with the ASI rising 55bps due to broad-based rally across sectors. To close the week, the market sustained its positive run, up 62bps on Thursday against the backdrop of buying interest in bellwether industrial goods and banking stocks.

Performance across sectors was largely bullish this week as all the major NSE indices advanced week-to-date.

The insurance index led the gainers chart, up by 1.5 per cent WTD due to price appreciations in Axa Mansard Insurance Plc and Continental Reinsurance Plc, which appreciated by4.9 perhaps cent and 4.5 per cent, accordingly.

The banking and oil/gas indices trailed, rising by 1.4 per cent apiece – buoyed by gains in Fidelity Bank, GTBank, Forte Oil Plc and Total Nigeria Plc, which soared by 21.2 per cent, 2.4 per cent, 15 per cent and 4.8 per cent, respectively.

Trailing was the consumer goods index which climbed by 1.3 per cent WTD as Dangote Sugar Refinery Plc and Dangote Flour Plc rallied, gaining 4.7 per cent and 11.6 per cent, accordingly.

The industrial goods index gained 1.1 per cent to close out the positive performance, buoyed by buying interest in Dangote Cement, which gained 3.8 per cent.

Investor sentiment, measured by market breadth, strengthened as 38 stocks advanced against 28 decliners, depicting an improvement from the previous week.

Top performing stocks this week were FIdelity Bank, Forte Oil and Law Union and Rock Insurance Plc, which respectively appreciated by 21.2 per cent, 15 per cent and 14.8 per cent.

However, the worst-performing stocks were Mobil Oil Plc, Universal Press Plc and Neimeth International Pharmaceuticals Plc, which declined by 6.1 per cent, 5.5 per cent and 4.9 per cent, accordingly.

Commenting, analysts at Afrinvest Securities said, “The strong performance of the market on Friday which is the index rebalancing date for MSCI Frontier Market indices, perhaps indicate Nigeria had a net inflow of funds.

“Although we anticipate a slight pullback in early trades next week, due to profit-taking, we reiterate our positive near term outlook for the market as fund managers continue to rebalance portfolios ahead of fiscal year-end.”

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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