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Transcorp, Diamond Bank, FCMB Dominate Weekly Equity Trading

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stock market
  • Transcorp, Diamond Bank, FCMB Dominate Weekly Equity Trading

Transnational Corporation of Nigeria Plc, Diamond Bank Plc and FCMB Group Plc (measured by volume) emerged as the top three equities for last week, accounting for 1.751 billion shares worth N5.023bn in 6,131 deals.

They contributed 34.93 per cent and 10.96 per cent to the total equity turnover volume and value, respectively.

A total turnover of 5.011 billion shares worth N45.816bn in 44,569 deals were traded last week by investors on the floor of the Nigerian Stock Exchange while a total of 5.021 billion shares valued at N68.974bn exchanged hands the penultimate week in 41,542 deals.

The financial services industry (measured by volume) led the activity chart with 3.672 billion shares valued at N29.946bn traded in 28,608 deals; thus contributing 73.29 per cent and 65.36 per cent to the total equity turnover volume and value, respectively.

The conglomerates industry followed with 864.180 million shares worth N2.440bn in 2,561 deals. The third place was occupied by the consumer goods industry with a turnover of 210.994 million shares worth N7.731bn in 7,336 deals.

Also traded last week were a total of 1.947 million units of Exchange Traded Products valued at N105.567m executed in 15 deals, compared with a total of 777,535 units valued at N7.689m that was transacted last week in 15 deals.

In addition, a total of 4,437 units of the Federal Government bonds valued at N4.260m were traded last week in nine deals, compared with a total of 6,301 units valued at N6.298m transacted the penultimate week in 12 deals.

The NSE All-Share Index and market capitalisation appreciated by 5.11 per cent to close the week at 45,092.83 and N16.154tn, respectively. Similarly, all other indices finished higher during the week with the exception of the NSE consumer goods index that depreciated by 1.31 per cent while the NSE ASeM Index closed flat.

Forty equities appreciated in price during the week, lower than 66 of the previous week. Thirty-two equities depreciated in price, higher than seven equities of the previous week, while 100 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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