Business
NSE market indices resume week with 0.93% gain
Chinyere Joel-Nwokeoma
The nation’s bourse re-opened trading for the week on Monday on a positive trend, growing by 0.93 per cent due to price appreciation in high capitalised stocks.
Specifically, the All-Share Index inched higher by 233.66 points to close at 25,249.96, against 25,016.30 on Friday.
Similarly, the market capitalisation rose by N122 billion to close at N13.171 trillion, compared with 13.049 trillion achieved on Friday.
The uptrend was impacted by gains recorded in large and medium capitalised stocks, amongst which are; MTN Nigeria, BUA Cement, Nigerian Breweries, UACN and Vitafoam.
Analysts at Afrinvest Limited expect a mixed performance for the week as the market presents opportunities for bargain hunting and profit taking.
Market sentiment, as measured by market breadth, closed positive with 31 gainers and 11 decliners.
A breakdown of the price movement table indicates that Wapic Insurance led the gainers’ chart in percentage terms, gaining 10 per cent, to close at 33k per share.
Fidson followed with 9.80 per cent to close at N3.25, while Associated Bus Company rose by 9.76 per cent to close at 45k per share.
Neimeth grew by 9.60 per cent, to close at N1.94, while Consolidated Hallmark appreciated by 9.52 per cent to close at 46k per share.
Conversely, Japaul Oil dominated the decliners’ chart in percentage terms, dropping 10 per cent, to close at 27k per share.
Cornerstone Assurance trailed with 9.09 per cent to close at 50k, while Chams declined by 7.41 per cent to close at 25k per share.
Transcorp lost 5.19 per cent to close at 73k, while Courteville Business Solutions shed 4.76 per cent to close at 20k per share.
The total volume of shares traded increased by 7.46 per cent with an exchange of 230.49 million shares valued at N2.17 billion in 4,621 deals.
This was in contrast with 214.49 million shares worth N2.51 billion transacted in 4,342 deals on Friday.
Transactions in the shares of FBN Holdings topped the activity chart with 34.50 million shares valued at N188.35 million.
Guaranty Trust Bank followed with 22.88 million shares worth N550.14 million, while Japaul Oil accounted for 21.21 million shares valued at N6.37 million.
United Bank for Africa traded 19.54 million shares worth N131.95 million, while Zenith Bank transacted 19.27 million shares valued at N327.06 million.
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.
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.
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.
Van Vicker Celebrates 21st Wedding Anniversary: “I Have No Regrets”
Davido Declares ‘Timeless’ His Best Album
‘Adire’ Secures Four Nominations at the Best of Nollywood Awards
-
Business12 hours agoOkpella Monarch: Obaseki Ratified Kingmakers Decision, End 5years leadership Vacuum
-
News24 hours agoDemolition: Press Under Siege As Taraba Govt Issues Ban Memo
-
Banking9 hours agoFree Food Saga: Akpabio quoted out of context-CSO
-
Foreign13 hours agoSci-tech innovation fuels China’s high-quality development
-
Entertainment5 hours agoDavido Declares ‘Timeless’ His Best Album
-
Entertainment5 hours ago‘Adire’ Secures Four Nominations at the Best of Nollywood Awards
-
Business5 hours agoWike Urges Nigerians to Pay Taxes for Improved Social Services
-
Foreign7 hours agoQinling Mountains better safeguarded with comprehensive digital platform