Connect with us

Business

NSE Investors’ Net Worth Drops By N581bn In November

Published

on

Jennifer Akamanu

 

 

Investors’ net worth on the Nigerian Stock Exchange dropped by N581bn in November, amid ‘sell pressure’ ahead of the 2019 general elections and Yuletide celebrations.

Data obtained from the exchange showed that the market capitalisation shed N581bn or 4.90 per cent to close at N11.271trn against N11.852trn achieved in October.

Also, the All-Share Index which opened at 32,466.27 shed 1,592.1 points to close at 30,874.17 due to huge losses posted during the period.

A breakdown of the price activity chart during the review period showed that Diamond emerged worst performing stock in percentage terms, dropping by 53.24 per cent to close at 65k against N1.39 opening price.

Eterna Oil came second having dropped by 30.58 per cent to close at N4.20, while Cement Company of Northern Nigeria shed 27.86 per cent to close at N18 per share.

Other top losers’ were Ikeja Hotel, Lafarge Africa, Niger Insurance, C & I Leasing, Union Diagnostic, NEM Insurance and AG Leventis.

Conversely, Continental Reinsurance emerged the best performing stock in percentage terms, growing by 35.14 per cent to close at N2 per share on the strength of its expansion drive and improvement in earnings.

It was trailed by GSK with 17.89 per cent to close at N14.50, while MC Nicholas inched 14.68 per cent to close at 47k per share.

Other top gainers were May & Baker, CAP, Beta Glass, NAHCO, Nestle, Presco and AXA Mansard Insurance.

Commenting on the performance of the market during the period, Mr Sola Oni, a chartered stockbroker and Chief Executive Officer, Sofunix Investment and Communications, attributed the continuous slide to a combination of factors.

Oni said many investors were apprehensive of the likely breakdown of law and order during general election in February next year.

He said the fear was prompted by unguarded comments of the political class, adding that many investors wanted to reduce their losses by selling off now.

Oni added that some investors were also dumping their shares to prepare for Christmas celebrations and payment of school fees in the New Year.

“The stock market is a reflection of the economy and indeed a barometer that gauges economic mood.

“The bearish trend signals that all is not well with Nigeria’s economy. However, the market operates in cycles and the fact that a company’s share price drops does not necessarily mean that it has gone under.

“It only lost the value of some shares and can bounce back once there is positive information.

“This is a good time to buy shares as prices of many blue chip companies are trading below intrinsic values and they have strong potential to bounce back,” he said.

Publicity Secretary, Independent Shareholders Association of Nigeria, Mr Moses Igbrude, said the downward trend was due to the upcoming elections.

Igbrude said many foreign investors had moved away from the market because of the instability in the system.

“Virtually all the companies listed on the exchange today are undervalued.

“My advice to Nigerians who have the resources is to invest now that the market is down pending when elections are over Nigeria will remain no matter what happens,” he said.

The Chief Operating Officer, InvestData Ltd., Mr. Ambrose Omordion, attributed Diamond Bank’s loss to the lingering crisis and reactions to its rumoured acquisition which was denied by the bank.

Omordion said the crisis of confidence was triggered by the way it’s Chairman, Mr. Oluseyi Bickersteth, resigned along with three other non-exclusive directors.

He added that weak earnings power that led to non-payment of dividends for some time now and high non-performing loans contributed to the drop of the bank’s share during the period.

Omordion, however, said the bank’s acquisition of national banking licence would propel the turnaround of its fortunes.

 

Continue Reading
Click to comment

Leave a Reply

Your email address will not be published. Required fields are marked *

Business

Zenith Bank Says It Now Has best IT infrastructure After Successful Upgrade, Commends Customers

Published

on

Zenith Bank Says It Now Has best IT infrastructure After Successful Upgrade, Commends Customers

AJAGBE ADEYEMI TESLIM

SPONSORED BY: H&H

Zenith Bank Plc has announced that it now boasts the best technology infrastructure in the banking industry, positioning itself to provide an exceptional customer experience and superior service delivery moving forward.

This upgrade follows a recent comprehensive technology enhancement.

The bank expressed its heartfelt gratitude to customers for their support and patience throughout the upgrade process, while also extending apologies for any inconveniences experienced during this time.

This announcement was made in a social media post on Wednesday, signed by Dame Dr. Adaora Umeoji, OON, the Group Managing Director/CEO. 

In her message, the GMD/CEO emphasized the bank’s commitment to delivering an unparalleled service experience, stating, “We undertook this upgrade to ensure we can offer our customers the best possible service.”

Umeoji pledged that Zenith Bank will continue to innovate, ensuring that customer needs are met swiftly, safely, and conveniently.

The post read in part: “On behalf of the Board, Management, and Staff of Zenith Bank PLC, I would like to thank you for your patience and support during our IT infrastructure migration to a new and more robust operating system. 

“We are truly grateful for the trust and confidence you have placed in us. The primary reason for undertaking this extensive endeavor was to better position Zenith Bank PLC for improved service delivery to all our valued customers and to create memorable banking experiences at all our touchpoints.

“While I regret the inconveniences and challenges you faced during and immediately after our migration, I am pleased to inform you that Zenith Bank PLC now has the best technology infrastructure in the industry. We are committed to ensuring you experience superior service delivery going forward.

“Rest assured, you remain our top priority, and Zenith Bank will continue to innovate and offer value-added products and services to meet all your banking needs quickly, safely, and conveniently.”

Continue Reading

Business

Polaris Bank Clinches “Best Mobile App” Award at Digital Jurist Awards 2024

Published

on

Polaris Bank Clinches “Best Mobile App” Award at Digital Jurist Awards 2024

AJAGBE ADEYEMI TESLIM

SPONSORED BY: H&H

Polaris Bank’s commitment to digital innovation and excellence has once again been recognized, as the Bank was awarded the prestigious “Best Mobile App” award for its renowned digital banking platform, VULTe, at the Digital Jurist Awards held October 31 at Eko Hotel in Victoria Island, Lagos.

This honor comes less than a week after Polaris Bank was named Nigeria’s Digital Bank of the Year for the fourth consecutive year, further solidifying its status as a leader in Nigeria’s digital banking landscape.

At the event, attended by representatives from all nominated companies, Polaris Bank’s VULTe app stood out among its peers, winning the hearts of users and the recognition of industry experts.

The Digital Jurist Awards Committee had nominated Polaris Bank in three categories: Best Website, Best Web Portal, and Best Mobile App.

The Bank’s innovative approach and customer-centric digital solutions have made it a formidable contender in each category, with VULTe’s win affirming the Bank’s continued drive to redefine digital banking in Nigeria.

Commenting on the the award, Polaris Bank’s Managing Director/CEO, Kayode Lawal expressed gratitude for the recognition and reiterated the Bank’s commitment to providing seamless, reliable, and secure digital solutions.

“This award continuously shows our dedication to delivering the best digital experiences to our customers. We will continue to push the boundaries of innovation to ensure that our platforms remain intuitive, accessible, and impactful,” he said.

Polaris Bank’s VULTe app has gained widespread acclaim for its user-friendly design, robust security features, and diverse functionalities, enabling customers to manage their banking needs from the comfort of their devices.

Winning the “Best Mobile App” award is yet another milestone in the Bank’s digital journey, reinforcing its position as a digital pioneer in Nigeria’s banking sector.

The Bank extends its gratitude to the Digital Jurist Awards Committee and its loyal customers for their continued trust and support.

Polaris Bank is committed to advancing digital banking in Nigeria, creating convenient, modern, and secure solutions that cater to the evolving needs of its customers.

Polaris Bank was adjudged Nigeria’s Digital Bank of the Year in 2024,2023, 2022 and 2021 and MSME Bank of the Year 2022, 2023 and 2024 in Business Day’s Banks and Other Financial Institutions (BAFI) Awards.

Continue Reading

Business

Access Bank Wins Best Digital, Best Website at 2024 Digital Jurist Awards

Published

on

Access Bank Wins Best Digital, Best Website at 2024 Digital Jurist Awards

AJAGBE ADEYEMI TESLIM

SPONSORED BY: H&H

Access Bank PLC has been named the 2024 Best Digital Award Winner in the Commercial Banks Category at the Digital Jurist Awards, organized by Phillips Consulting (pcl.).

L-R: Adebowale Shonekan, Head, Network Communications (Group & Subsidiaries), Access Bank Plc; Chukwudi Amadi, Team Lead, Digital Communications, Access Holdings Plc; Ezinne Nwene, Team Member, Digital Communications, Access Holdings Plc, receiving the Best Digital Commercial Bank award from Abbas Babagana, Chief Technical Officer, Federal Ministry of Communications & Digital Economy at the Digital Jurist Awards held in Lagos… recently.

In addition to this top honour, the Bank also secured the Best Website Award, achieving an impressive score of 201 points for its engaging and user-friendly digital experience. Access Bank’s cumulative score of 380 points reflects its excellence across digital touchpoints, including its website, web portal, mobile app, and social media.Commenting on the recognition, Amaechi Okobi, Chief Communications Officer of Access Holdings PLC, said, “We are honoured to receive the Best Digital and Best Website Awards at this year’s Digital Jurist Awards.

At Access, our focus on digital innovation is driven by our commitment to deliver seamless, secure, and customer-centric solutions across all touchpoints.

This recognition validates our ongoing efforts to enhance our digital platforms, making financial services more accessible and efficient for our customers.

We thank Phillips Consulting for recognising our efforts and will continue to raise the bar in digital excellence.”Phillips Consulting has long served as a development partner to Nigerian financial institutions and other organisations with an online presence.

Leveraging its proprietary Digital Jurist platform, the firm has conducted assessments of digital touchpoints in various sectors, from financial services and insurance to telecommunications and government agencies, over the past 17 years.

Originally established as Web Jurist®, the platform was reimagined as Digital Jurist to assess new and diversified digital channels in the evolving digital economy. Digital Jurist’s evaluation framework examines a range of factors, including user experience, accessibility, performance, functionality, security, customer service, support, marketing, and content engagement across digital platforms.

These awards reinforce Access Bank’s leadership in digital banking, adding to recent accolades including 2024 Best Digital Bank and Best Mobile Banking App by World Finance, Best Mobile Banking App and Best Digital Bank by The Digital Banker Awards, and Best Digital Banking Initiative at the Global Retail Banking Innovation Awards 2024.

Continue Reading

Trending

Copyright © 2021 All rights reserved. This material, and other digital content on this website, may not be reproduced, published, broadcast, rewritten or redistributed in whole or in part without prior express written permission from August24news.com
This Website is designed and Managed by: August 24 Communications Nigerian Limited (RC: 798585)