Business
Profit taking: NSE All-Share Index down by 0.47%
Trading in the domestic bourse closed lower on Wednesday, dropping 0.47 per cent, amid profit taking in some heavyweight stocks.
Specifically, the All-Share Index lost 120.11 points or 0.47 per cent to close at 25,215.04 compared with 25,335.15 posted on Tuesday.
Accordingly, the Month-to-Date returned negative at -0.2 per cent, while the Year-to-Date loss increased to -6.1 per cent.
Also, the market capitalization, which opened at N13.216 trillion, shed N63 billion to close at N13.153 trillion.
The downturn was impacted by losses recorded in medium and large capitalised stocks, amongst which are: BUA Cement, UACN, CI Leasing, Guinness and Zenith Bank.
Analysts at Afrinvest Ltd., said, “We expect profit taking activities to drag the performance of the equities market for the rest of the week.”
Consequently, the market breadth closed the same proportion with 19 gainers and 19 losers.
C & I Leasing led the laggards’ chart in percentage terms, declining by 9.43 per cent, to close at N4.80, per share.
UACN came second with 9.09 per cent to close at N7.50, while Japaul Oil lost eight per cent to close at 23k, per share.
Red Star Express dropped 7.30 per cent to close at N3.30, while Cutix shed 5.33 per cent to close at N1.60, per share.
Conversely, Berger Paints and Prestige Assurance dominated the gainers’ table in percentage terms, gaining 10 per cent each to close at N7.70 and 77k per share, respectively.
Neimeth trailed with 9.86 per cent to close at N5.80, while Mutual Benefits Assurance and Royal Exchange rose by 9.09 per cent each to close at 24k per share each.
UPDC Real Estate Investment Trust garnered 8.57 per cent to close at N3.80, while Cornerstone Insurance rose by eight per cent to close at 54k, per share.
The total volume of transacted decreased marginally by 0.8 per cent with an exchange of 266.65 million shares, valued at N3.18 billion achieved in 3,978 deals.
Transactions in the shares of Guaranty Trust Bank topped the activity chart with 69.41 million shares valued at N1.68 billion.
Mutual Benefits Assurance followed with 51.76 million shares worth N12.39 million, while FBN Holdings accounted for 31.21 million shares valued at N167.67 million.
Japaul Oil sold 18.74 million shares worth N4.31 million, while Zenith Bank transacted 16.44 million shares worth N274.86 million. (NAN)
Business
Shehu Sani Criticizes World Bank Over Nigeria’s Economic Outlook
Former Kaduna Central Senator Shehu Sani has criticized the World Bank for worsening Nigeria’s economic difficulties. In a post shared on X, Sani accused the institution of projecting that Nigeria’s hardship would extend for another 15 years before the country could reach a better economic future. He questioned how many Nigerians would be left to enjoy that future, and how many African nations the World Bank has successfully helped to prosperity.
Sani’s remarks follow the World Bank’s latest *Africa’s Pulse* report, which forecasts that the Nigerian Naira will be among the worst-performing currencies in Sub-Saharan Africa by August 2024. The report placed the Naira’s decline alongside that of the Ethiopian Birr and South Sudanese Pound.
Business
HIG: Building Trust and Driving Innovation in Nigeria’s Insurance Market
Heirs Insurance Group (HIG) recently announced impressive financial results for the 2023 fiscal year, marking significant growth across all key metrics. The Group’s Gross Written Premium (GWP) surged by 59.3%, from N19.9 billion in 2022 to N31.7 billion in 2023. This remarkable performance underscores HIG’s resilience and operational efficiency, further solidifying its position as one of Nigeria’s fastest-growing insurance firms.
Heirs General Insurance (HGI) saw a 77% increase in GWP, reaching N12 billion in 2023. HGI’s profit before tax (PBT) also rose by 203%, reflecting the company’s effective cost management. Similarly, Heirs Life Assurance (HLA) reported a 71% GWP increase and a staggering 395% rise in PBT. Both companies have demonstrated a strong commitment to customer satisfaction, disbursing billions in claims.
Beyond financial success, HIG actively engages in corporate social responsibility (CSR) projects, contributing over N100 million to education, community development, and financial literacy. With plans for future expansion and innovation, HIG is poised to remain a key player in Nigeria’s evolving insurance market.
Business
Wike Urges Nigerians to Pay Taxes for Improved Social Services
Federal Capital Territory (FCT) Minister, Nyesom Wike, has called on Nigerians to fulfill their tax obligations, emphasizing that government revenue is essential for delivering social services. Wike made this appeal during the inaugural Abuja Business and Investment Summit, held in Abuja on Wednesday.
Speaking on the summit’s theme, “Optimising Investment Through Partnerships,” Wike stressed the importance of collaboration to generate investment opportunities. He dismissed the misconception that the government does not need revenue, explaining that taxes are crucial for funding public services.
Wike reiterated that both investors and the government must benefit from such partnerships, ensuring that both parties “go home smiling” through a fair exchange of services and taxes.
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