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Stock Investors Gain N720bn in Eight Days

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Egypt Stocks
  • Stock Investors Gain N720bn in Eight Days

Equity investors have counted gains totalling N720bn as the stock market extended its gaining streak to the eighth consecutive day.

The market capitalisation of equities rose to N13.316tn at the end of trading on the floor of the Nigerian Stock Exchange on Tuesday from N12.596tn on December 24, 2019.

In the last trading days in the year 2019, the market gained N362bn and a further N358bn in the first four days of 2020.

At the end of trading on Tuesday, the equities market sustained its bullish trend following price appreciation in Dangote Cement Plc, Zenith Bank Plc and Access Bank Plc, which pulled the All-Share Index up 0.90 per cent to close at 27,586.93 basis points.

Activity level was mixed as volume traded fell by 14.2 per cent to 446.383 million units while value traded increased by 8.8 per cent to N5.820bn.

The top traded stocks by volume were United Bank for Africa Plc (86.8 million units), Zenith Bank (73.2 million units) and FBN Holdings Plc (34.7 million units) while Zenith Bank (N1.5bn), UBA (N709.4m) and Dangote Cement (N697.0m) were the top traded stocks by value.

Performance across sectors was largely bullish as all indices, except the AFR-ICT and oil and gas indices lost due to sell-offs in MTN Nigeria Communications Plc and Forte Oil Plc.

The banking index led gainers with a 1.9 per cent gain consequent on buying interest in Zenith Bank and Access Bank.

Similarly, the industrial goods and insurance indices edged higher on the back of gains in Dangote Cement and Lafarge Africa Plc, as well as Consolidated Hallmark Insurance Plc and AIICO Insurance Plc.

Buying interest in Flour Mills of Nigeria Plc and PZ Cussons Nigeria Plc pushed the consumer goods 0.2 per cent higher.

Investor sentiment weakened as market breadth (advance/decline ratio) waned to 1.4x from the 2.3x recorded on Monday as 26 stocks gained as opposed to 19 losers.

The top five gainers were Fidson Healthcare Plc, PZ Cussons, Unity Bank Plc, Consolidated Hallmark Insurance and Cornerstone Insurance, which gained 9.80 per cent, 9.80 per cent, 9.59 per cent, 9.09 per cent and 8.62 per cent respectively.

The top five losers were NCR Nigeria Plc, Livestock Feeds Plc, Courteville Business Solutions Plc, Forte Oil Plc and Jaiz Bank Plc, whose respective share prices declined by 10 per cent, eight per cent, 7.69 per cent, 6.11 per cent and 4.41 per cent.

Analysts at Afrinvest Securities Limited said following the recent trend in the market, they maintained a bullish outlook on the market this week.

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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