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Persistent Sell-offs Drag Market Index 1.18% Lower

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Trading floor stock exchange market nse
  • Persistent Sell-offs Drag Market Index 1.18% Lower

Persistent sell-offs witnessed in the nation’s stock market last week dragged the All-Share Index lower by 1.18 per cent.

The market capitalisation dropped from N11.676tn recorded on Thursday to N11.565tn on Friday, while the ASI shed 305.9 basis points to close at 31,678.70bps.

The market opened for four trading days last week as the Federal Government declared November 20 a public holiday.

The NSE, in its weekly market report, said a total turnover of 1.282 billion shares worth N23.142bn in 11,467 deals were traded last week by investors on the floor of the Exchange in contrast to a total of 1.285 billion shares valued at N11.539bn that exchanged hands in the previous week in 13,245 deals.

Thirty equities appreciated in price last week against 24 losers, compared with the 24 gainers and 36 losers recorded in the previous week.

All indices finished lower, except the main board, insurance, consumer goods, oil & gas and pension indices that finished higher by 0.43 per cent, 1.38 per cent, 1.08 per cent, 0.25 per cent and 0.56 per cent, respectively, while ASeM Index closed flat.

The Financial Services Industry (measured by volume) led the activity chart with 1.058 billion shares valued at N18.744bn traded in 6,558 deals; thus contributing 82.48 per cent and 81 per cent to the total equity turnover volume and value, respectively.

The banking sector extended its bearish streak to the third week, dragging the year-to-date return of the sector lower to -13.61 per cent.

Investors continued to sell down on their holdings of counters in the sector as four counters shed value last week.

Consequently, the market breadth settled at equilibrium. Diamond Bank Plc was the top gainer in the sector with a 5.56 per cent price increase to close at N0.95.

Conversely, Jaiz Bank Plc was the worst performing stock, shedding 8.89 per cent of its value to close at N0.41.

The Oil & Gas Industry followed with 96.818 million shares worth N644.178m in 925 deals.

The Oil & Gas index gained 0.25 per cent at the close of trading on Friday, settling its year-to-date return at -12.02 per cent. There were two gainers and losers a piece, pegging the sector breadth at equilibrium.

Analysts at Meristem Securities Limited said the gain recorded in the sector could be attributed to bargain hunting activities on 11 Plc and Total Nigeria Plc, driving the sector into the green zone.

11 Plc emerged the top gainer last week, gaining 10 per cent to close at N165.

On the flip side, Forte Oil Plc lost 6.80 per cent of its share price to close at N19.20, while Oando Plc shed four per cent to close at N4.80.

The third place was Consumer Goods Industry with a turnover of 83.134 million shares worth N3.244bn in 2,114 deals.

At the close of the week, the consumer goods sector advanced by 1.08 per cent, settling its year-to-date return at -24.76 per cent.

Nine gainers outpaced two losers, bringing the sector breadth to 4.50x.

PZ led the gainers’ chart, advancing by 18.33 per cent to close at N10.65.

On the flip side, Nigerian Breweries and Cadbury Nigeria Plc were the only losers, as both counters shed 1.57 per cent and 0.54 per cent, to close at N81.50 and N9.20, respectively.

The NSE said trading in the top three equities ― Zenith Bank Plc, Diamond Bank Plc, and Oando Plc, (measured by volume) accounted for 877.505 million shares worth N16.146bn in 1,423 deals, contributing 68.43 per cent and 69.77 per cent to the total equity turnover volume and value, respectively.

The top five gainers were Prestige Assurance Plc, PZ Cussons Nigeria Plc, Consolidated Hallmark Insurance Plc, Flour Mills Nigeria Plc and NPF Microfinance Bank Plc, which appreciated by 41.07 per cent, 18.33 per cent, 15.15 per cent, 15.12 per cent, and 12.50 per cent, respectively.

The top five losers were Ikeja Hotel Plc, Lafarge Africa Plc, Jaiz Bank Plc, Law Union and Rock Insurance Plc and Unity Bank Plc, which declined by 18.54 per cent, 12.50 per cent, 8.89 per cent, 8.77 per cent and 8.60 per cent, respectively.

Analysts at Vetiva Capital Management Limited said, “We anticipate another negative start this week as investor apathy continues to weigh on market activity.”

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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