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NSE: GTB, Nigerian Breweries Top Losers’ Table

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Nigerian Stock
  • NSE: GTB, Nigerian Breweries Top Losers’ Table

Guaranty Trust Bank and the Nigerian Breweries on Monday top the losers’ table at the Nigerian Stock Exchange (NSE), the News Agency of Nigeria (NAN) reports.

Nigerian Breweries recorded the highest loss to lead the losers’ table, dropping by N2.10 to close at N79.40 per share, while Guaranty Trust Bank (GTB) trailed with a loss of 50k to close at N35.90.

Lafarge Africa was also down by 25k to close at N13.75 per share.

May and Baker shed 19k to N2.31, while United Bank for Africa depreciated by 15k to close at N7.65 per share.

Meanwhile, crucial indicators of the performance of the NSE opened the week on Monday with a loss of 0.31 per cent.

NAN reports that the All-Share Index dipped 98.98 points or 0.31 per cent to close at 31,579.72 compared with 31,678.70 on Friday.

In the same vein, the market capitalisation which opened at N11.565 trillion shed N36 billion or 0.31 per cent to close at N11.529 trillion, following losses by some highly capitalised stocks.

On the other hand, CAP led the gainers’ table growing by N2.75 to close at N31.95 per share.

GlaxosmithKline followed with a gain of N1.25 to close at N14.50, while PZ Cussons improved by N1.05 to close at N11.70 per share.

Flour Mills added 70k to close at N20.50, while Julius Berger increased by 50k to close at N21 per share.

The volume of shares traded closed lower, dropping by 53.15 per cent.

Investors bought and sold 104.87 million shares valued at N1.94 billion in 2,911 deals.

This was in contrast with a turnover of 223.84 million shares worth N2.64 billion achieved in 2,819 deals on Friday.

Unilever was the most active stock during the day, exchanging 20.38 million shares valued at N804.95 million.

Zenith Bank followed with an account of 14.48 million shares worth N347.44 million, while Interlink sold 9.54 million shares valued at N34.34 million.

FCMB Group traded 7.26 million shares worth N11.03 million, while Diamond Bank sold 5.89 million shares valued at N5.13 million.

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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