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Banks, Manufacturers Boost Market Cap by N105.4bn

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Nigerian Exchange Limited - Investors King
  • Banks, Manufacturers Boost Market Cap by N105.4bn

The nation’s stock market got a boost on Monday on the back of gains recorded by the banking and manufacturing sectors.

The market capitalisation of equities listed on the Nigerian Stock Exchange increased by N105.4bn at the close of trading on the floor, while the All Share Index gained 0.88 per cent as the year-to-date return settled at -13.20 per cent.

The market, which has sustained a bullish trend in recent days, saw its capitalisation increase to N12.119tn on Monday from N12.013tn on Friday.

Analysts at Meristem Securities Limited said the positive start was largely driven by gains on some of the heavily weighted counters in the banking sector and modest buying pressure on Dangote Cement, which gained N1.50 on the price chart.

The volume of stocks trade declined by 46.31 per cent to close at 150.504 million, while the value of transactions grew by 46.66 per cent to settle at N2.877bn.

Seven banks ― Stanbic IBTC Holdings Plc, Guaranty Trust Bank Plc, Sterling Bank Plc, Zenith Bank Plc, Wema Bank Plc, United Bank for Africa Plc and First City Monument Bank Plc ― and two manufacturers (Honeywell Flour Mill Plc and Dangote Cement Plc) were the largest gainers out of the 16 recorded on Monday.

There were 17 losers led by Unity Bank Plc, which saw its share price drop by 10 per cent from 90 kobo on Friday to 81 kobo on Monday.

The market breadth was pegged at 0.94x at the close of trading on Monday.

Three of the five indices closed southwards. The insurance index lost the most, declining by 0.4 per cent, following weaker earnings published by AIICO Insurance Plc and profit-taking in Custodian Investment Plc.

Similarly, the oil and gas and consumer goods indices declined by 0.3 per cent and 0.2 per cent, respectively, due to losses in Oando Plc, Eterna Plc, Nigerian Breweries Plc and Flour Mills of Nigeria Plc.

On the flip side, the banking and industrial goods indices appreciated by two per cent and 0.4 per cent, respectively, on the back of buying interest in GTB, Zenith Bank and Dangote Cement.

The top five gainers were Consolidated Hallmark Insurance Plc, LASACO Assurance Plc, Stanbic IBTC, Wapic Insurance Plc and GTB.

Consolidated Hallmark saw its share price increase by 10 per cent to close at 33 kobo, while LASACO’s share price increased by 6.67 per cent to close at 32 kobo.

Stanbic, Wapic and GTB saw their respective share prices gain 6.52 per cent, 4.76 per cent and 4.05 per cent to close at N49, 44 kobo and N38.50.

On the other hand, the top five losers were Unity Bank, Diamond Bank Plc, Royal Exchange Plc, AIICO Insurance Plc and Meyer Plc.

Diamond Bank saw its share price drop by 9.72 per cent to close at N1.30 while Royal Exchange’s share price dropped by 9.09 per cent to 20 kobo.

AIICO and Meyer saw their respective share prices decline by 8.86 per cent and 8.82 per cent to close at 72 kobo and 62 kobo.

Analysts at Afrinvest Securities Limited said they observed severe sell pressures outside banking bellwether stocks.

They predicted that market performance would decline in subsequent sessions.

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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Banking Sector

Access Holdings Plc Plans $1.8 Billion Capital Raise

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Access bank

Access Holdings Plc, the parent company of Nigeria’s leading bank, Access Bank Plc, has unveiled ambitious plans for a $1.8 billion capital raise aimed at fueling its expansion efforts over the next four years.

The strategic move comes as Access sets its sights on becoming one of the largest lenders on the African continent.

During a conference call with investors in Lagos, executives outlined the company’s intention to raise $1.5 billion, or the naira equivalent, through the issuance of shares, bonds, or other financial instruments.

Also, Access aims to generate up to 365 billion naira ($257 million) by selling shares to existing investors.

Bolaji Agbede, acting group chief executive officer, clarified that the current fundraising initiative primarily involves a rights issue.

The capital infusion is earmarked to support Access’s ambitious growth plan, which commenced last year.

The bank intends to expand its footprint into new markets, including Morocco, Egypt, and the United States, as part of a broader strategy to double the share of assets outside its home market by 2027.

With operations spanning 22 countries, including the United Arab Emirates and the UK, Access Bank is positioning itself for significant international growth.

The recent appointment of Bolaji Agbede as acting group CEO follows the passing of co-founder and former CEO, Herbert Wigwe, adding a layer of significance to the bank’s future direction.

Access’s acquisition of National Bank of Kenya Ltd. underscores its commitment to expanding its presence in East Africa’s largest economy.

As Access Bank charts its course for expansion, the $1.8 billion capital raise signals its determination to seize opportunities in a rapidly evolving financial landscape, both domestically and across the African continent.

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Finance

OPEC+ Production Cuts and Geopolitical Tensions Propel Oil Price to Over $87

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Crude oil - Investors King

Oil price surged past the $87 price level on Thursday on the back of production cuts by OPEC+ nations and escalating geopolitical tensions.

Brent crude oil, against which Nigerian oil is priced, rose by $1.39 or 1.6% to $87.48 a barrel, its highest level since October 27.

OPEC+, the alliance of major oil-producing nations, has remained resolute in its commitment to curtail output, effectively tightening the supply of crude in the market.

Despite calls for increased production to alleviate soaring prices, the alliance has opted to maintain its course, further buoying the market sentiment.

Simultaneously, geopolitical tensions have added fuel to the fire. Attacks on Russia’s energy infrastructure, particularly by Ukraine, have sparked concerns over potential disruptions to the global oil supply chain.

Despite diplomatic efforts to deter such actions, the situation remains precarious, contributing to market anxieties.

Analysts suggest that these price surges may have long-term implications for global economies, particularly for oil-importing nations heavily reliant on stable energy prices.

Furthermore, the impact of rising oil prices on inflation and consumer spending patterns remains a point of contention among economists and policymakers.

As the world watches with bated breath, the trajectory of oil prices hinges on a delicate balance between geopolitical developments, OPEC+ policies, and the broader economic landscape.

For now, the $87 threshold serves as a stark reminder of the volatility and interconnectedness inherent in the global energy 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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