NSE: Investors gain N812bn In Sept

Stocks trading on the Nigerian Stock Exchange (NSE) on Wednesday closed the month of September on the positive note with a gain of N812 billion.   In a sharp contrast to the record sell-off across global markets, Nigerian equities recorded positive, crossing 26,000 points for the first time since March 2020. Boosted by remote trading, gradual ease of lockdown and monetary policies of the Federal Government, the equity market defied the negative impact of the continuous spread of CODIV-19 in the Nigerian economy as investors leveraged on undervalued stocks. Investigation…

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NSE records N2bn loss

Trading activities on the floor of the Nigerian Stock Exchange yesterday witnessed another drop in share prices as bears tightened further their grip on the local bourse following sell-off in stock market. Also, the local bourse sustained negative breadth, recording 17 gainers against 19 losers. Consequently, the All-Share Index dipped 47.65 basis points or 0.18 per cent to close at 25,550.31 index points as against 25.597.96 recorded the previous day while market capitalisation of equities depreciated by N2 billion from N13.352 trillion the previous day to N13.597.96 trillion as market…

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AIICO Insurance projects N62.23bn gross premium

AIICO Insurance Plc is targeting to achieve N62.23 billion gross premium income for the fourth quarter ending December 2020.     In its Q4 earning forecast obtained from the Nigerian Stock Exchange (NSE), the insurance firm also projected N11.24 billion as profit after tax and N11.33 billion as profit before tax for the period.     AIICO Insurance reported gross written premiums of N31.9 billion, representing 26 per cent rise from the same period in 2019 (Q2’19: N25.4bn).     According to the insurance firm, the growth was driven by…

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Stocks: Banks post N92bn gain in August

Investors in banks quoted on the main board of the nation’s stock market reported a cumulative gain of about N92 billion during the month of August 2020 following fair earning results released by most lenders despite COVID-19 ravaging the country. Checks revealed that the stocks recorded a gain of N92 billion or 4.67 per cent to close at N2.063 trillion in market capitalisation on the last trading day of August 31, as against the opening figure of N1.971 trillion at the beginning of trading on August 1. Market watchers believe…

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AIICO records 26% growth in gross written premium

AIICO records 26% growth in gross written premium AIICO Insurance Plc has reported gross written premiums of ₦31.9 billion, representing 26 rise from the same period in 2019 (Q2’19: N25.4bn). The growth was driven by sustained positive performance across the major lines of business of the group. A statement made available to New Telegraph said the group’s shareholders’ funds increased by 9.39 per cent from N27.9 billion in 2019 to N30.5  billion, driven by the group’s earnings for the period and its strong matching of long term asset and liabilities,…

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MTN seeks to sell stake in Jumia

  MTN Group Limited is planning to sell part or all of its $243 million interest in Jumia Technologies AG as Africa’s biggest wireless carrier looks to pay down debt and enter new markets. According to Bloomberg, MTN, which had previously marked the online retailer as a non-core business, is reviving plans for a sale after Jumia’s shares surged 142 per cent this year, recovering from a dip in 2019, one of the source familiar to the plan said.  No final decisions about the sale have been made, the people…

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NSE records midweek gain of N20bn

  Trading activities on the floor of the Nigerian Stock Exchange today closed on the positive route to maintain uptrend as bulls sustained grip on the local bourse for the fourth trading session following gains recorded by blue chip firms.   The local bourse recorded18 gainers against 12 losers as market sentiments remained green. Consequently, the All-Share Index appreciated by 140.53 basis points or 0.16 per cent to close at 24,882.04 index points as against 24841.92 recorded the previous trading session while market capitalisation of equities grew by N20 billion from…

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Analyst sees lower equity prices from weak quarterly results

  Financial market analyst and Managing Director/CEO,  Cowry Asset Management Limited, Mr. Johnson Chukwu,  has said that he expects weak Q2 and Q3 results will drive equity prices lower. In his presentation at an event on “H1’20 Review; Expectations and Investment Strategies in H2’20,” Chukwu noted that investors with long term horizon may be facing the best time to take position. The virtual event had in attendance government officials, apex and self-regulatory organisations, capital market operators, investment bankers, policymakers, chief executive officers (CEOs), economists, researchers, analysts, academics, and private equity firms. According…

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NSE extends weekly gains by 1.09%

Transaction activities last week closed positive, extending weekly gains as the NSE All-Share Index and Market Capitalisation both appreciated by 1.09 per cent to close the week at 24,693.73 and N12.882 trillion respectively. All other indices finished higher with the exception of NSE ASeM, NSE Consumer Goods and NSE Oil/Gas indices, which depreciated by 0.06 per cent, 0.44 per cent and 6.51 per cent respectively It was a brief trading week as the market opened for three days in observance of the public holidays declared by the Federal Government of…

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FBNQuest unveils new internet banking platform

  FBNQuest Merchant Bank, the investment banking and asset management business of FBN Holdings Plc, has announced the launch of a new corporate internet banking platform, which offers an upgraded user interface with enhanced convenience for transactions. According to a statement from the company, the platform is a payment processing solution for corporate banking clients that provide online real-time account access for balance and transaction monitoring, investing, fund transfers, bulk payments such as salaries or payments to third parties, and other self-service requests, conveniently and securely. An innovative internet banking…

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