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Finance

Equity Market Ends Lower

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capital market - Investors King
  • Equity Market Ends Lower

The market capitalisation of equities listed on the Nigerian Stock Exchange fell further at the close of trading on Tuesday as the share prices of 21 firms dropped.

The NSE All-Share Index declined by 0.40 per cent to 36,333.80 basis points from 36,479.42bps on Monday, while the market capitalisation dipped by N54bn to N13.261tn from N13.315tn.

The gains recorded by 22 firms were not enough to prevent the market from finishing lower at the end of trading.

Cap Plc, Mutual Benefits Assurance Plc, Seplat Petroleum Development Company Plc, Sovereign Trust Insurance Plc and AXA Mansard Insurance Plc emerged the top losers, while Airline Services & Logistics Plc, Livestock Feeds Plc, United Capital Plc, and Neimeth International Pharmaceuticals Plc were the biggest gainers.

Meanwhile, the NSE has announced the launch of an e-payment platform that will enable users to conveniently make payments for products, services, events and trainings offered by the bourse.

It said the platform, called X-Pay, could be accessed on personal computers, tablets, smartphones and other mobile devices.

According to a statement, with features like invoice payments, intuitive products display, dynamic search functionality, X-Pay is a value-added service that accepts Visa, MasterCard Verve and UnionPay credit and debit cards.

The NSE said the platform aimed to deliver a faster and safer payment method, protected by best-in-class information technology and card security features in line with global best practices.

The Head, Shared Services Division, NSE, Mr Bola Adeeko, said, “We are thrilled to launch X-Pay, a solution that builds on our customer-centric focus and our efforts to transform the Nigerian capital market into a more efficient model.

“X-Pay reinstates our commitment to move towards cashless transactions and build a sustainable cashless ecosystem, while satisfying users’ preferences for self-serve bill payment options that are convenient and secure.”

According to Adeeko, the NSE is leveraging the power of innovation and digital technology to improve its efficiency and reduce the cost of transactions.

He said, “With X-Pay, our stakeholders will now enjoy easy access to a wider catalogue of our products and services, and be able to select and purchase from anywhere, at any time.”

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.

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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