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Finance

Equity Market Gains N39 Billion

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Trading floor stock exchange market nse
  • Equity Market Gains N39 Billion

Equity transactions on the equity sector of the Nigerian Stock Exchange (NSE) reopened upbeat yesterday, following price gains recorded by most Highly Capitalised (High Cap) stocks, as market capitalisation rose by N39billion.

Specifically, at the close of transactions yesterday, the All Share Index (ASI) gained 108.52 absolute points, representing a growth of 0.30 per cent to close at 36,711.96 points. Similarly, the market capitalisation gained N39billion to close at N13.299trillion.

The upturn was impacted by gains recorded in medium and large capitalised stocks, amongst which are Dangote Cement, Guaranty Trust Bank, National Salt Company of Nigeria, Chemical and Allied Products (CAP), and Nigerian Breweries.

Analysts at APT Securities and Funds Limited said: “The Nigerian equities market has experienced recovery, which is evidenced in the two consecutive gains of the NSE-ASI coupled with the weight gain in majority of indices. We advise investors to take positions so as to benefit from the favourable movements in the market.”

Also, market breadth closed positive, with 20 gainers versus 18 losers. Cutix recorded the highest price gain of 10 per cent to close at N3.30 per share.

Continental Reinsurance gained six per cent to close at N1.59, while Wema Bank appreciated 5.80 per cent to close at 73 kobo per share.

Transnational Corporation of Nigeria (Transcorp) appreciated by 4.27 per cent to close at N1.22, while Japaul Oil and Maritime Services gained 3.32 per cent to close at 32kobo per share.

On the other hand, Abbey Mortgage Bank led the losers’ chart by 10 per cent, to close at N1.17 per share.

UPL shed 9.80 per cent to close at N2.30, while Forte Oil depreciated by 9.68 per cent to close at N25.20 per share.

UAC Property declined by 9.42 per cent to close at N1.73, and Aiico Insurance also shed 8.96 per cent to close at 61kobo per share.

However, the total volume traded depreciated by 66.72 per cent to 226.27 million shares, worth N2.21billion, and traded in 3,624 deals.

Transactions in the shares of Med-View Airline topped the activity chart with 100 million shares valued at N214million.

Transcorp followed with 16.15 million shares worth N19.56million, while Zenith Bank traded 11.29 million shares valued at N260.27million.

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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