Connect with us

Finance

Equities Lose N28b as Investors Dump First-tier Banks

Published

on

Nigerian Exchange Limited - Investors King
  • Equities Lose N28b as Investors Dump First-tier Banks

Nigerian equities lost N28 billion yesterday as selloffs in the banking sector coloured the overall market position. While there were more gainers than losers, losses suffered by highly capitalised banking stocks depressed the overall market situation.

Benchmark indices at the Nigerian Stock Exchange (NSE) showed average decline of 0.25 per cent, equivalent to net capital depreciation of N28 billion. Average year-to-date return worsened to -19.88 per cent.

The All Share Index (ASI)-the value-based index that tracks share prices at the Exchange, dropped from its opening index of 30,718.72 points to close at 30,642.35 points. Aggregate market value of all quoted equities also declined correspondingly from N11.221 trillion to close at N11.193 trillion.

The overall market situation was largely due to losses recorded by Ecobank Transnational Incorporated (ETI), FBN Holdings, United Bank for Africa (UBA), Nigerian Breweries and Access Bank. The three most active stocks were Zenith Bank, FBN Holdings and Access Bank.

Most sectoral indices closed on the negative. The NSE Industrial Goods Index declined by 0.6 per cent. The NSE Insurance Index dropped by 2.0 per cent. The NSE Consumer Goods Index dropped by 0.9 per cent while the NSE Oil & Gas Index dipped by 0.2 per cent while the NSE Banking Index slipped by 0.1 per cent.

“In subsequent trading sessions, we expect the undulating trend recorded thus far to persist while we maintain our conscious outlook for the market in the near term,” Afrinvest Securities stated.

There were 20 losers to 24 gainers. 11 Plc topped the losers’ list with a loss of N8.80 to close at N151.20. Nigerian Breweries followed with a drop of N2.50 to close at N76. Conoil declined by N2.25 to close at N20.25. Dangote Sugar Refinery lost 75 kobo to close at N13.20. ETI dipped by 50 kobo to close at N15. UBA lost 30 kobo to close at N7.50 while FBN Holdings declined by 25 kobo to close at N7.25 per share.

Total turnover stood at 246.13 million shares valued at N3.69 billion in 3,141 deals. Zenith Bank was the most active stock with 55.34 million shares worth N1.32 billion. FBN Holdings followed with 54.01 million shares worth N398.16 million while Access Bank ranked third with 21.01 million shares valued at N156.59 million.

On the upside, CAP led with a gain of N3.15 to close at N34.65. Forte Oil followed with a gain of N1.95 to close at N21.95 while Guaranty Trust Bank added 60 kobo to close at N35 per share.

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.

Continue Reading
Comments

Insurance

Heirs Insurance Group Unveils Revolutionary Website for Seamless Insurance Experience

Published

on

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.

Continue Reading

Banking Sector

Safaricom, Access Holdings Forge Partnership to Revolutionize Remittance Corridor in Africa

Published

on

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).

Continue Reading

Banking Sector

EFCC Urged to Repatriate Recoveries to NDIC for Depositors’ Relief

Published

on

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.

Continue Reading
Advertisement




Advertisement
Advertisement
Advertisement

Trending