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Equities Rally N29b Gain Amid Bargain-hunting

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Nigerian stock market - Investors King
  • Equities Rally N29b Gain Amid Bargain-hunting

Nigerian equities yesterday broke a two-day downtrend with a net capital gain of N29 billion as investors sought to take advantage of low share prices. With more companies releasing their half-year results, investors traded on a tit-for-tat to moderate the downtrend that had shaped transactions in the previous trading sessions.

Average gain yesterday stood at 0.22 per cent, equivalent to net capital gain of N29 billion. Average year-to-date return, though still negative, improved marginally to -4.75 per cent.

The All Share Index (ASI)-the value-based index that tracks share prices at the Nigerian Stock Exchange (NSE), increased from its opening index of 36,346.80 points to close at 36,427.22 points. Aggregate market value of all quoted equities improved from N13.167 trillion to close at N13.196 trillion. With 20 gainers and losers each, the positive overall market position was driven by gains recorded by large-cap stocks.

Sectoral indices showed considerable underlying positive trend as all indices closed on the upside. The NSE Banking Index and NSE Insurance Index rose by 0.8 per cent each. The NSE Consumer Index and NSE Industrial Goods Index appreciated by 0.2 per cent while the NSE Oil and Gas Index inched up by 0.1 per cent.

Nestle Nigeria led the gainers with a gain of N51 to close at N1,501. Cement Company of Northern Nigeria appreciated by N2.30 to close at N28.50. NASCON Allied Industries rose by 50 kobo to close at N20.50. Zenith Bank increased by 45 kobo to close at N23.70. Cutix gathered 39 kobo to close at N4.38 while FBN Holdings rose to 25 kobo to close at N9.65 per share.

On the downside, International Breweries led the losers with a drop of N2 to close at N35.50. Flour Mills of Nigeria followed with a loss of N1.50 to close at N27.20. Dangote Cement declined by N1 to close at N234. Custodian Investment lost 54 kobo to close at N5.56 while Dangote Sugar Refinery and Nigerian Breweries dipped by 50 kobo each to close at N15 and N104 respectively.

Total turnover stood at 171.22 million shares valued at N2.98 billion in 3,595 deals. Zenith Bank was the most active stock with a turnover of 30.29 million shares worth N717.23 million. United Bank for Africa followed with a turnover of 21.71 million shares worth N205.71 million while FCMB Group placed third with 19.01 million shares worth N35.97 million.

“We expect the market to close the week in the green, supported by bargain hunting in fundamentally sound stocks as observed in today (Thursday)’s trading session,” Afrinvest Securities stated.

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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