Connect with us

Finance

Stock Market Investors Lose N528bn in Three Days

Published

on

Egypt Stocks
  • Stock Market Investors Lose N528bn in Three Days

Investors in the nation’s stock market lost a total of N5228bn in the last three consecutive days of trading on the floor of the Nigerian Stock Exchange.

The market capitalisation, which opened the week at N11.672tn, shed N205bn to close at N11.467tn on Monday and lost N114bn on Tuesday to close at N11.353tn.

On Wednesday, the market capitalisation of equities listed on the NSE shed N209bn to close at N11.144tn, bringing the total losses since the beginning of the week to N528bn.

The All Share Index shed 1,372.69 basis points in the three days to close at 29,268.73bps on Wednesday, which worsened the year-to-date loss to -5.6 per cent.

However, activity level improved as a total of 542.580 shares valued at N5.663bn exchanged hands in 4,146 deals, which represents a 44.1 per cent and 24.8 per cent increase in volume and value traded, respectively.

The top five trades by volume were Sterling Bank Plc (144.189 million), First City Monument Bank Plc (68.722 million), FBN Holdings Plc (55.016 million), Zenith Bank Plc (35.702 million) and Access Bank Plc (35.404 million), while the top five trades by value were Guaranty Trust Bank Plc (N1.1bn), Nestlé Nigeria Plc (N851.1m), Nigerian Breweries Plc (N778.3m), Zenith Bank (N739m) and FBN Holdings (N415m).

The NSE said in a circular on Wednesday that scheme shares resulting from the merger between Access Bank and Diamond Bank Plc, which were not available for trading on April 2, 2019 due to operational reasons, were made available for trading on Wednesday, which brought about an increase in the amount of Access Bank shares traded.

Sectoral performance was largely bearish as only two out of five indices advanced.

The consumer goods index advanced the most, reversing Tuesday’s losses by 1.20 per cent on the back of buying interests in Nestlé and Nigerian Breweries, while the oil and gas index trailed by 0.3 per cent as upticks in Oando Plc inched the index higher.

On the flip side, the banking index declined the most, dipping further by 4.59 per cent due to sustained losses in United Bank for Africa Plc, GTB and Zenith Bank while the industrial goods index trailed, inching southwards by 4.42 per cent following losses in Cement Company of Northern Nigeria Plc and Cutix Plc.

The Insurance index declined by 1.24 per cent following major sell-offs in AIICO Insurance Plc.

Investor sentiment further declined to 0.3x from 0.4x as only eight stocks advanced against the 26 stocks that declined.

The top five gainers were Nigerian Breweries, Cornerstone Insurance Plc, Sovereign Trust Insurance Plc, Sterling Bank and Nestle, which saw respective gains of 5.45 per cent, five per cent, 4.55 per cent per cent per cent per cent per cent, 3.77 per cent and 3.57 per cent.

The top five losers were Access Bank, Chi Plc, AIICO Insurance, Cement Company of Northern Nigeria and Neimeth Insurance Plc, whose share prices shed 10 per cent, 10 per cent, 9.86 per cent, 9.75 per cent and 9.68 per cent, respectively.

International Breweries hit its lowest level in 21 months, as its share price dropped by 9.62 per cent to close at N23.50.

The company’s share price dropped to N24.19 on June 2, 2017, after which it climbed to a five-year high value of N64 on January 26, 2018.

Analysts at Afrinvest Securities Limited said, “We expect the less than stellar performance of the equities market to continue in Thursday’s session in the absence of any positive development that could upturn market performance.”

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