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Stock Market Reverses Gains as Sell-offs Resume

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Stock - Investors King
  • Stock Market Reverses Gains as Sell-offs Resume

The bullish run of the nation’s stock market was halted on Thursday as sell-offs resumed after gains were recorded on Tuesday and Wednesday.

The market capitalisation of equities listed on the Nigerian Stock Exchange depreciated by N121bn on Thursday to close at N11.251tn from the N11.372tn recorded on Wednesday.

Sell-offs in the banking and industrial sector dragged the All Share Index 1.07 per cent lower to settle at 30,819.10 basis points as the year-to-date loss worsened to -19.4 per cent.

Investor sentiment weakened as market breadth depreciated to 0.8x from 1.1x recorded on Wednesday.

Seventeen gainers emerged against 22 losers at the end of trading on Thursday.

Performance across sectors was largely bearish as three of five indices closed in the red.

The industrial goods index closed as the worst performing index in Thursday’s session as losses in Dangote Cement Plc drove the index lower by 1.61 per cent.

The banking index was the second worst performing index, losing 0.81 per cent due to losses in Access Bank Plc and Zenith Bank Plc.

The consumer goods index trailed, shedding 0.27 per cent on the back of sell pressures in Vitafoam Nigeria Plc and Unilever Nigeria Plc.

On the flip side, the oil and gas index gained the most with a 0.52 per cent increase on the back of price appreciation in Oando Plc.

The insurance indices gained 0.25 per cent as Mutual Benefits Assurance Plc and AIICO Insurance Plc recorded price appreciations.

Activity level, however, strengthened as volume and value traded rose by 41.4 per cent and 7.8 per cent, respectively, to close at 280.939 million units and N2.490bn, respectively.

The top traded stocks by volume were FBN Holdings Plc (92.5 million units), Diamond Bank Plc (68.2 million units) and Ikeja Hotel Plc (34.4 million units), while the top traded stocks by value were FBN Holdings Plc (N707.3m), Guaranty Trust Bank Plc (N507.8m), and Nigerian Breweries Plc (N319.0m).

The top five gainers were Champion Breweries Plc, Mutual Benefits, Diamond Bank, Honeywell Flour Mill Plc and Cutix Plc, which saw their respective share prices appreciate by 9.66 per cent, 9.52 per cent, 9.41 per cent, 8.49 per cent and 8.24 per cent.

The top five losers were Niger Insurance Plc, AG Leventis Nigeria Plc, LASACO Assurance Plc, UACN Property Development Company Plc and Regency Assurance Plc, whose share prices depreciated by 9.09 per cent, 6.90 per cent, 6.90 per cent, 5.73 per cent and 4.76 per cent, respectively.

Analysts at Afrinvest Securities Limited said sell-offs in Dangote Cement, Zenith Bank and GTB drove the ASI lower.

They said, “The losses in Thursday’s session have led to attractive entry prices for investors to take advantage of. Thus, we expect bargain hunting in bellwethers will help drive positive performance in today’s (Friday) session.”

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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