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  •  The equity market recorded a loss of N78 billion or 0 29 per cent on Tuesday as market capitalisation closed at N26 373 trillion compared with N26 451 trillion posted on Friday Similarly the All Share Index dipped by 144 42 points or 0 29 per cent to close at 48 879 74 from 49 024 16 recorded on Friday Selloffs in Tier one banks such as Zenith Bank Access Holding FBN Holding and Guaranty Trust Holding Company GTCO were the primary drivers of the market s weak performance As a result the year to date YTD return fell to 14 43 per cent Analysts at Vetiva Securities Ltd said We expect another mixed day of trading tomorrow amid bargain hunting activities across board as investors continue to tread cautiously in the market Overall there were nine gainers and 21 losers with Multiverse Mining and Exploration leading the gainers chart with 9 76 per cent to close at N4 05 per share RTBriscoe followed with a rise of 8 82 per cent to close at 37k while NGX Group gained by 7 5 per cent to close at N21 50 per share AIICO Insurance rose by 5 77 per cent to close 55k per share Africa Prudential appreciated by four per cent to close at N5 20 Conversely International Breweries led the losers chat with a depreciation of 9 09 per cent to close at N4 50 per share Red Star Express declined by 7 83 per cent to close at N2 12 while Sovereign Trust Insurance went down by 7 41 per cent to close at 25k per share Japaul Gold and Ventures fell by 7 14 per cent to close at 26k per share Also Consolidated Hallmark Insurance lost by 7 02 per cent to close at 53k per share A total of 125 95 million shares valued at N3 07 billion were exchanged in 4 145 deals GTCO recorded the highest volume of 17 19 million shares traded worth N1 26 billion Zenith Bank followed having sold 14 39 million shares valued at N283 88million United Bank for Africa UBA traded 10 67 million shares worth N73 19 million while NGX Group sold 8 35 million shares amounting to N173 92 million Also Chams sold 6 78 million shares worth 1 87 million NewsSourceCredit NAN
    Equity market records losses, indices down 0.29%
     The equity market recorded a loss of N78 billion or 0 29 per cent on Tuesday as market capitalisation closed at N26 373 trillion compared with N26 451 trillion posted on Friday Similarly the All Share Index dipped by 144 42 points or 0 29 per cent to close at 48 879 74 from 49 024 16 recorded on Friday Selloffs in Tier one banks such as Zenith Bank Access Holding FBN Holding and Guaranty Trust Holding Company GTCO were the primary drivers of the market s weak performance As a result the year to date YTD return fell to 14 43 per cent Analysts at Vetiva Securities Ltd said We expect another mixed day of trading tomorrow amid bargain hunting activities across board as investors continue to tread cautiously in the market Overall there were nine gainers and 21 losers with Multiverse Mining and Exploration leading the gainers chart with 9 76 per cent to close at N4 05 per share RTBriscoe followed with a rise of 8 82 per cent to close at 37k while NGX Group gained by 7 5 per cent to close at N21 50 per share AIICO Insurance rose by 5 77 per cent to close 55k per share Africa Prudential appreciated by four per cent to close at N5 20 Conversely International Breweries led the losers chat with a depreciation of 9 09 per cent to close at N4 50 per share Red Star Express declined by 7 83 per cent to close at N2 12 while Sovereign Trust Insurance went down by 7 41 per cent to close at 25k per share Japaul Gold and Ventures fell by 7 14 per cent to close at 26k per share Also Consolidated Hallmark Insurance lost by 7 02 per cent to close at 53k per share A total of 125 95 million shares valued at N3 07 billion were exchanged in 4 145 deals GTCO recorded the highest volume of 17 19 million shares traded worth N1 26 billion Zenith Bank followed having sold 14 39 million shares valued at N283 88million United Bank for Africa UBA traded 10 67 million shares worth N73 19 million while NGX Group sold 8 35 million shares amounting to N173 92 million Also Chams sold 6 78 million shares worth 1 87 million NewsSourceCredit NAN
    Equity market records losses, indices down 0.29%
    Economy3 days ago

    Equity market records losses, indices down 0.29%

    The equity market recorded a loss of N78 billion or 0.29 per cent on Tuesday as market capitalisation closed at N26.373 trillion compared with N26.451 trillion posted on Friday.

    Similarly, the All-Share Index dipped by 144.42 points or 0.29 per cent to close at 48, 879.74 from 49,024.16 recorded on Friday.

    Selloffs in Tier-one banks such as Zenith Bank, Access Holding, FBN Holding and Guaranty Trust Holding Company (GTCO) were the primary drivers of the market’s weak performance.

    As a result, the year-to-date (YTD) return fell to 14.43 per cent.

    Analysts at Vetiva Securities Ltd. said, “We expect another mixed day of trading tomorrow, amid bargain hunting activities across board as investors continue to tread cautiously in the market.

    ” Overall there were nine gainers and 21 losers, with Multiverse Mining and Exploration leading the gainers’ chart with 9.76 per cent to close at N4.05 per share.

    RTBriscoe followed with a rise of 8.82 per cent to close at 37k, while NGX Group gained by 7.5 per cent to close at N21.50 per share.

    AIICO Insurance rose by 5.77 per cent to close 55k per share.

    Africa Prudential appreciated by four per cent to close at N5.20. Conversely, International Breweries led the losers’ chat with a depreciation of 9.09 per cent to close at N4.50 per share.

    Red Star Express declined by 7.83  per cent to close at N2.12, while Sovereign Trust Insurance went down by 7.41 per cent to close at 25k per share.

    Japaul Gold and Ventures fell by 7.14 per cent to close at 26k per share.

    Also, Consolidated Hallmark Insurance lost by 7.02 per cent to close at 53k per share.

    A total of 125.95 million shares valued at N3.07 billion were exchanged in 4.145 deals.

    GTCO recorded the highest volume of 17.19 million shares traded worth N1.26  billion.

    Zenith Bank followed, having sold 14.39 million shares valued at N283.88million.

    United Bank for Africa(UBA) traded 10.67 million shares worth N73.19 million, while NGX Group sold 8.35 million shares amounting to N173.92 million.

    Also, Chams sold 6.78 million shares worth 1.87 million.


    NewsSourceCredit: NAN

  •  Air Peace has introduced an insurance package from AIICO Insurance Plc to compensate unpleasant experiences of domestic travellers A statement by Mr Segun Olalandu Head Strategic Marketing and Communications Department AIICO on Monday in Lagos said the product was for the personal benefit of the air passengers at a premium of N1 000 per flight Olalandu stated that with the product passengers were entitled to compensation for inconveniences suffered due to flight cancellations delays baggage loss or damage and medical expenses on accident or permanent disability Passengers have a choice to opt out of the insurance package and there is a free cover for one accompanying infant below two years named in the travel manifest per flight This product has been launched by Air Peace and passengers have begun to enjoy a more relaxing air travel experience With the assurance that inconveniences suffered because of unforeseen flight cancellation delays missing or delayed baggage shall be compensated he said According to him the agreement between the organisations will bring innovation to the aviation industry through embedded insurance that meets customers needs The Chief Operating Officer of Air Peace Mrs Oluwatoyin Olajide said the insurance package was introduced to address the issues around passengers experiences concerning lost or damaged luggage and more recently the pain of missed flights Olajide said these concerns are now fully addressed with an insurance product from AIICO a tier one insurance company in Nigeria we believe this solution will make these challenges a thing of the past Mr Babatunde Fajemirokun Managing Executive Officer of AIICO Insurance Plc said the insurer was delighted with the endeavour which aligned with its continued focus on innovative products that brought wholesome peace of mind to customers Mr Olusanjo Shodimu AIICO s Chief Information Officer said the underwriter had developed and leveraged the required technology to make the process for the customer seamless All they do is make flight bookings the rest is where we link the companies and processes that deliver a product which guarantees them a worry free risk cover sold via the airline s online ticket platform Passengers will be compensated for inconveniences suffered from the aforementioned incidents within three working days once a claim is reported and all documentations submitted We are not just saying that we value our customers but to deliver on giving them a great travel experience with this product It is a real stop gap for our customers so they do not experience undue financial burdens due to their travels Olajide said NewsSourceCredit NAN
    Air Peace partners AIICO Insurance to compensate air travellers
     Air Peace has introduced an insurance package from AIICO Insurance Plc to compensate unpleasant experiences of domestic travellers A statement by Mr Segun Olalandu Head Strategic Marketing and Communications Department AIICO on Monday in Lagos said the product was for the personal benefit of the air passengers at a premium of N1 000 per flight Olalandu stated that with the product passengers were entitled to compensation for inconveniences suffered due to flight cancellations delays baggage loss or damage and medical expenses on accident or permanent disability Passengers have a choice to opt out of the insurance package and there is a free cover for one accompanying infant below two years named in the travel manifest per flight This product has been launched by Air Peace and passengers have begun to enjoy a more relaxing air travel experience With the assurance that inconveniences suffered because of unforeseen flight cancellation delays missing or delayed baggage shall be compensated he said According to him the agreement between the organisations will bring innovation to the aviation industry through embedded insurance that meets customers needs The Chief Operating Officer of Air Peace Mrs Oluwatoyin Olajide said the insurance package was introduced to address the issues around passengers experiences concerning lost or damaged luggage and more recently the pain of missed flights Olajide said these concerns are now fully addressed with an insurance product from AIICO a tier one insurance company in Nigeria we believe this solution will make these challenges a thing of the past Mr Babatunde Fajemirokun Managing Executive Officer of AIICO Insurance Plc said the insurer was delighted with the endeavour which aligned with its continued focus on innovative products that brought wholesome peace of mind to customers Mr Olusanjo Shodimu AIICO s Chief Information Officer said the underwriter had developed and leveraged the required technology to make the process for the customer seamless All they do is make flight bookings the rest is where we link the companies and processes that deliver a product which guarantees them a worry free risk cover sold via the airline s online ticket platform Passengers will be compensated for inconveniences suffered from the aforementioned incidents within three working days once a claim is reported and all documentations submitted We are not just saying that we value our customers but to deliver on giving them a great travel experience with this product It is a real stop gap for our customers so they do not experience undue financial burdens due to their travels Olajide said NewsSourceCredit NAN
    Air Peace partners AIICO Insurance to compensate air travellers
    Economy4 days ago

    Air Peace partners AIICO Insurance to compensate air travellers

    Air Peace has introduced an insurance package from AIICO Insurance Plc., to compensate unpleasant experiences of domestic travellers.

    A statement by Mr Segun Olalandu, Head, Strategic Marketing and Communications Department, AIICO, on Monday in Lagos, said the product was for the personal benefit of the air passengers at a premium of N1,000 per flight.

    Olalandu stated that with the product passengers were entitled to compensation for inconveniences suffered due to flight cancellations, delays, baggage loss or damage and medical expenses on accident or permanent disability.

    “Passengers have a choice to opt out of the insurance package and there is a free cover for one accompanying infant (below two years) named in the travel manifest per flight.

    “This product has been launched by Air Peace and passengers have begun to enjoy a more relaxing air travel experience.

    “With the assurance that inconveniences suffered because of unforeseen flight cancellation, delays, missing or delayed baggage shall be compensated,” he said.

    According to him, the agreement between the organisations will bring innovation to the aviation industry through embedded insurance that meets customers’ needs.

    The Chief Operating Officer of Air Peace, Mrs Oluwatoyin Olajide, said the insurance package was introduced to address the issues around passengers’ experiences concerning lost or damaged luggage and more recently, the pain of missed flights.

    Olajide said: “these concerns are now fully addressed with an insurance product from AIICO, a tier-one insurance company in Nigeria, we believe this solution will make these challenges a thing of the past.

    ” Mr Babatunde Fajemirokun, Managing Executive Officer of AIICO Insurance Plc, said the insurer was delighted with the endeavour, which aligned with its continued focus on innovative products that brought wholesome peace of mind to customers.

    Mr Olusanjo Shodimu, AIICO’s Chief Information Officer, said the underwriter had developed and leveraged the required technology to make the process for the customer seamless.

    “All they do is make flight bookings; the rest is where we link the companies and processes that deliver a product which guarantees them a worry-free risk cover sold via the airline’s online ticket platform.

    “Passengers will be compensated for inconveniences suffered from the aforementioned incidents within three working days, once a claim is reported and all documentations submitted.

    “We are not just saying that we value our customers but to deliver on giving them a great travel experience with this product.

    “It is a real stop-gap for our customers, so they do not experience undue financial burdens due to their travels,” Olajide said.


    NewsSourceCredit: NAN

  •  Justice Oluwatoyin Taiwo of an Ikeja Special Offences Court on Wednesday acquitted three staff members of the American International Insurance Company Limited AIICO charged with fraud of N1 5 billion The News Agency of Nigeria that Taiwo in a ruling in a no case submission filed by the defendants Onome Harriet Olajumoke Akano Olabode Ogunlere and the Former Managing Director of AIICO Lanre Fabunmi who is at large stated that the three staff members had no case to answer She held that the prosecution failed to prove the alleged offence against the defendants while ruling on the no case submission filed by the defendants The judge held that during the trial the right prosecution witness who was an investigator had stated during cross examination that he had never came across any document showing that the defendants and former Managing Director of the company Mr Lanre Fabunmi met and carried out any illegal act She also referred to the evidence of the second prosecution witness who stated that before any payment was made it must go through its internal control client service and the Managing Director approves The court held that none of the defendants had shown to be part of Internal control or hatching a plan to steal from the company with the managing director Taiwo said believing the evidence of the prosecution that the defendants got huge sums as sales commission meant they connived with the Managing Director would be speculation on the part of the court Lack of concrete evidence creates doubt in the mind of the court and the court does not act on speculations let alone conjectures that are ambiguously speculative Suspicion no matter how grave is not evidence and cannot be the basis for conviction of any person in law Suspicion remains suspicion and cannot graduate to convincing evidence no matter how grave the suspicion can be See the case of Happy Kingsley Idemudia VS The State 2015 LPELR 24835 SC Haruna VS State 2019 LPELR 47805 CA It is obvious that the offence of conspiracy to commit an offence will necessarily precede in point of time the offence of the actual commission of the offence to which the conspiracy relates She said The judge said the prosecution was expected to prove that indeed there was a meeting of minds between the defendants and the MD to commit the offence The myriad of evidence to prove the payment of the sales commission also reveals that the defendants in any capacity did not approve the payment to themselves In final analysis the case of the prosecution is riddled with speculations half truths and insufficient evidence to support the amended information The case of the prosecution was thoroughly whittled down under cross examination and the remnants of the evidence have not established a case against the defendants warranting the need for them to enter their evidence Consequently having failed to establish a prima facie case against the defendants the no case submission made by the defendants is hereby upheld The defendants are hereby discharged and acquitted Taiwo ruled NAN reports that the Economic and Financial Crimes Commission EFCC had charged the defendants on a 22 count amended charge bordering on conspiracy stealing dishonest conversion of funds for purpose of purchasing properties and converting funds belongs to the firm The defendants had pleaded not guilty to all the charge The prosecution team led by Mr Rotimi Jacobs SAN had opened their case and called eight witnesses with several documents tendered as exhibits before they closed their case The prosecution had during the trial told the court the process of sales in the investment arm of AIICO The first prosecution witness Eguarekhide Longe had said that he was working with AIICO Pension Longe said the company sold insurance contracts and got money and invests According to him the Insurance group deployed a broad agency network to sell insurance contracts and for agency work done the sales commission was paid to the agent He told the court that the sales commission was usually approved by the board and that the Managing Director could sign more than N5million Longe further told the court that none of the defendants were board members or directors of the company The defendants through their counsel Mr Adeyinka Olumide Fusika SAN Mr Tayo Oyetibo SAN and Dr Muiz Banire SAN for first to third defendants respectively had filed a no case submission which was argued before the court after the prosecution closed its case The defence counsel submitted and drew the court s attention to the evidence of prosecution witnesses during cross examination who agreed that the sales commission paid in 2020 to prove the exact amount stolen by the defendant to establish a prima facie case They also argued that the court should consider evidence of prosecution witnesses as well as the exhibits P to see that defendants never stole or converted money belonging to the company but they were entitled to the sales commission The counsel also argued that none of the prosecution witnesses testified as to rule prohibiting payment of sales commission to staff www ng NewsSourceCredit NAN
    Judge frees 3 AIICO staff members accused of N1.5bn fraud 
     Justice Oluwatoyin Taiwo of an Ikeja Special Offences Court on Wednesday acquitted three staff members of the American International Insurance Company Limited AIICO charged with fraud of N1 5 billion The News Agency of Nigeria that Taiwo in a ruling in a no case submission filed by the defendants Onome Harriet Olajumoke Akano Olabode Ogunlere and the Former Managing Director of AIICO Lanre Fabunmi who is at large stated that the three staff members had no case to answer She held that the prosecution failed to prove the alleged offence against the defendants while ruling on the no case submission filed by the defendants The judge held that during the trial the right prosecution witness who was an investigator had stated during cross examination that he had never came across any document showing that the defendants and former Managing Director of the company Mr Lanre Fabunmi met and carried out any illegal act She also referred to the evidence of the second prosecution witness who stated that before any payment was made it must go through its internal control client service and the Managing Director approves The court held that none of the defendants had shown to be part of Internal control or hatching a plan to steal from the company with the managing director Taiwo said believing the evidence of the prosecution that the defendants got huge sums as sales commission meant they connived with the Managing Director would be speculation on the part of the court Lack of concrete evidence creates doubt in the mind of the court and the court does not act on speculations let alone conjectures that are ambiguously speculative Suspicion no matter how grave is not evidence and cannot be the basis for conviction of any person in law Suspicion remains suspicion and cannot graduate to convincing evidence no matter how grave the suspicion can be See the case of Happy Kingsley Idemudia VS The State 2015 LPELR 24835 SC Haruna VS State 2019 LPELR 47805 CA It is obvious that the offence of conspiracy to commit an offence will necessarily precede in point of time the offence of the actual commission of the offence to which the conspiracy relates She said The judge said the prosecution was expected to prove that indeed there was a meeting of minds between the defendants and the MD to commit the offence The myriad of evidence to prove the payment of the sales commission also reveals that the defendants in any capacity did not approve the payment to themselves In final analysis the case of the prosecution is riddled with speculations half truths and insufficient evidence to support the amended information The case of the prosecution was thoroughly whittled down under cross examination and the remnants of the evidence have not established a case against the defendants warranting the need for them to enter their evidence Consequently having failed to establish a prima facie case against the defendants the no case submission made by the defendants is hereby upheld The defendants are hereby discharged and acquitted Taiwo ruled NAN reports that the Economic and Financial Crimes Commission EFCC had charged the defendants on a 22 count amended charge bordering on conspiracy stealing dishonest conversion of funds for purpose of purchasing properties and converting funds belongs to the firm The defendants had pleaded not guilty to all the charge The prosecution team led by Mr Rotimi Jacobs SAN had opened their case and called eight witnesses with several documents tendered as exhibits before they closed their case The prosecution had during the trial told the court the process of sales in the investment arm of AIICO The first prosecution witness Eguarekhide Longe had said that he was working with AIICO Pension Longe said the company sold insurance contracts and got money and invests According to him the Insurance group deployed a broad agency network to sell insurance contracts and for agency work done the sales commission was paid to the agent He told the court that the sales commission was usually approved by the board and that the Managing Director could sign more than N5million Longe further told the court that none of the defendants were board members or directors of the company The defendants through their counsel Mr Adeyinka Olumide Fusika SAN Mr Tayo Oyetibo SAN and Dr Muiz Banire SAN for first to third defendants respectively had filed a no case submission which was argued before the court after the prosecution closed its case The defence counsel submitted and drew the court s attention to the evidence of prosecution witnesses during cross examination who agreed that the sales commission paid in 2020 to prove the exact amount stolen by the defendant to establish a prima facie case They also argued that the court should consider evidence of prosecution witnesses as well as the exhibits P to see that defendants never stole or converted money belonging to the company but they were entitled to the sales commission The counsel also argued that none of the prosecution witnesses testified as to rule prohibiting payment of sales commission to staff www ng NewsSourceCredit NAN
    Judge frees 3 AIICO staff members accused of N1.5bn fraud 
    General news1 week ago

    Judge frees 3 AIICO staff members accused of N1.5bn fraud 

    Justice Oluwatoyin Taiwo of an Ikeja Special Offences Court, on Wednesday acquitted three staff members of the American International Insurance Company Limited, (AIICO) charged with fraud of N1.5 billion The News Agency of Nigeria that Taiwo, in a ruling in a no-case submission filed by the defendants-Onome Harriet, Olajumoke Akano, Olabode Ogunlere  and the Former Managing Director of AIICO,  Lanre Fabunmi, who is at large, stated that the three staff members had no case to answer.

    She held that the prosecution failed to prove the alleged offence against the defendants while ruling on the no case submission filed by the defendants.

    The judge held that during the trial, the right prosecution witness who was an investigator had stated during cross examination that he had never came across any document showing that the defendants and former Managing Director of the company, Mr Lanre Fabunmi met and carried out any illegal act.

    She also referred to the evidence of the second prosecution witness who stated that before any payment was made, it must go through its internal control client service and the Managing Director approves.

    The court held that none of the defendants had shown to be part of Internal control or hatching a plan to steal from the company with the managing director.

    Taiwo said believing the evidence of the prosecution that the defendants got huge sums as sales commission meant they connived with the Managing Director would be speculation on the part of the court.

    “Lack of concrete evidence creates doubt in the mind of the court and the court does not act on speculations, let alone conjectures that are ambiguously speculative.

    “Suspicion no matter how grave is not evidence and cannot be the basis for conviction of any person in law.

    Suspicion remains suspicion and cannot graduate to convincing evidence no matter how grave the suspicion can be.

    “See the case of Happy Kingsley Idemudia VS The State (2015) LPELR- 24835 (SC).

    Haruna VS State (2019) LPELR- 47805 (CA).

    “It is obvious that the offence of conspiracy to commit an offence will necessarily precede in point of time the offence of the actual commission of the offence to which the conspiracy relates.

    ” She said.

    The judge said the prosecution was expected to prove that indeed there was a meeting of minds between the defendants and the MD to commit the offence.

    “The myriad of evidence to prove the payment of the sales commission also reveals that the defendants in any capacity did not approve the payment to themselves.

    “In final analysis, the case of the prosecution is riddled with speculations, half truths and insufficient evidence to support the amended information.

    “The case of the prosecution was thoroughly whittled down under cross examination and the remnants of the evidence have not established a case against the defendants warranting the need for them to enter their evidence.

    “Consequently, having failed to establish a prima facie case against the defendants, the no case submission made by the defendants is hereby upheld.

    The defendants are hereby discharged and acquitted,” Taiwo ruled.

    NAN reports that the Economic and Financial Crimes Commission (EFCC) had charged the defendants on a 22-count amended charge bordering on conspiracy, stealing, dishonest conversion of funds for purpose of purchasing properties and converting funds belongs to the firm.

    The defendants had pleaded not guilty to all the charge.

    The prosecution team led by Mr. Rotimi Jacobs, SAN, had opened their case and called eight witnesses with several documents tendered as exhibits before they closed their case.

    The prosecution had during the trial, told the court the process of sales in the investment arm of AIICO.

    The first prosecution witness (Eguarekhide Longe) had said that he was working with AIICO Pension.

    Longe said the company sold insurance contracts and got money and invests.

    According to him, the Insurance group deployed a broad agency network to sell insurance contracts and for agency work done, the sales commission was paid to the agent.

    He told the court that the sales commission was usually approved by the board and that the Managing Director could sign more than N5million.

    Longe further told the court that none of the defendants were board members or directors of the company.

    The defendants, through their counsel, Mr Adeyinka Olumide-Fusika, SAN, Mr. Tayo Oyetibo (SAN) and Dr Muiz Banire, SAN, for first to third defendants respectively, had filed a no-case submission which was argued before the court after the prosecution closed its case.

    The defence counsel submitted and drew the court’s attention to the evidence of prosecution witnesses during cross examination, who agreed that the sales commission paid in 2020 to prove the exact amount stolen by the defendant to establish a prima facie case.

    They also argued that the court should consider evidence of prosecution witnesses as well as the exhibits P to see that defendants never stole or converted money belonging to the company, but they were entitled to the sales commission.

    The counsel also argued that none of the prosecution witnesses testified as to rule prohibiting payment of sales commission to staff.

    www.

    ng
    NewsSourceCredit: NAN

  •  The equity market slipped on Monday due to selloffs in tier one stocks Consequently market capitalisation shed N27 87 billion representing 0 10 per cent to close at N26 740 trillion compared with N26 768 trillion recorded on Tuesday The All Shares Index ASI also lost 51 79 basis points or 0 10 per cent to close at 49 575 93 as against the 49 627 72 posted on Tuesday The market s weak performance was due selloffs in the shares of Zenith Bank and United Bank for Africa UBA Analyst at Vetiva Dealing and Brokage said Outside of the structured deals market activity remained low as investors stay on the sidelines given the current macro economic conditions Barring any significant positive close in any of the heavyweights we are likely to see another bearish close tomorrow Market breadth also closed negative as 18 stocks declined while 14 appreciated FTN Cocoa Processors topped the losers chart shedding 3k to close at 29k per share Chams trailed also with a loss of 3k to close at 30k while WAPIC declined by2 k to close at 36k per share Cutix was down by 11k to close at N2 15 while AIICO lost 2k to close at 55k per share On the other hand Regency Alliance Insurance led the gainers table gaining 2k to close at 27k per share ABC Transports followed with a gain of 2k to close at 30k while JapaulGold added 1k to close at 28k per share Livestock Feeds appreciated by 4k to close at N1 15 and Honeywell Flour Mills rose by 7k to close at N2 40 per share Analysis of the market activities showed that trade turnover settled higher relative to the previous session with the value of transactions increasing by 97 76 per cent A total of 197 46 million shares valued at N2 94 billion were exchanged in 3 462 deals compared with the 160 24 million units valued at N1 488 billion and exchanged in 3 847 deals Transactions in the shares of Courteville Business Solutions topped the activity chart with 87 14 million shares valued at N50 million Zenith Bank followed with 18 25 million shares worth N360 26 million while Guaranty Trust Holding Company GTCO traded 9 48 million shares valued at N187 39 million Conerstone Insurance traded 9 36 million shares valued at N57 04 million while Sterling Bank transacted 7 79 million shares worth N11 7 million NewsSourceCredit NAN
    Selloffs in tier-one stocks push equity market downward
     The equity market slipped on Monday due to selloffs in tier one stocks Consequently market capitalisation shed N27 87 billion representing 0 10 per cent to close at N26 740 trillion compared with N26 768 trillion recorded on Tuesday The All Shares Index ASI also lost 51 79 basis points or 0 10 per cent to close at 49 575 93 as against the 49 627 72 posted on Tuesday The market s weak performance was due selloffs in the shares of Zenith Bank and United Bank for Africa UBA Analyst at Vetiva Dealing and Brokage said Outside of the structured deals market activity remained low as investors stay on the sidelines given the current macro economic conditions Barring any significant positive close in any of the heavyweights we are likely to see another bearish close tomorrow Market breadth also closed negative as 18 stocks declined while 14 appreciated FTN Cocoa Processors topped the losers chart shedding 3k to close at 29k per share Chams trailed also with a loss of 3k to close at 30k while WAPIC declined by2 k to close at 36k per share Cutix was down by 11k to close at N2 15 while AIICO lost 2k to close at 55k per share On the other hand Regency Alliance Insurance led the gainers table gaining 2k to close at 27k per share ABC Transports followed with a gain of 2k to close at 30k while JapaulGold added 1k to close at 28k per share Livestock Feeds appreciated by 4k to close at N1 15 and Honeywell Flour Mills rose by 7k to close at N2 40 per share Analysis of the market activities showed that trade turnover settled higher relative to the previous session with the value of transactions increasing by 97 76 per cent A total of 197 46 million shares valued at N2 94 billion were exchanged in 3 462 deals compared with the 160 24 million units valued at N1 488 billion and exchanged in 3 847 deals Transactions in the shares of Courteville Business Solutions topped the activity chart with 87 14 million shares valued at N50 million Zenith Bank followed with 18 25 million shares worth N360 26 million while Guaranty Trust Holding Company GTCO traded 9 48 million shares valued at N187 39 million Conerstone Insurance traded 9 36 million shares valued at N57 04 million while Sterling Bank transacted 7 79 million shares worth N11 7 million NewsSourceCredit NAN
    Selloffs in tier-one stocks push equity market downward
    Economy3 weeks ago

    Selloffs in tier-one stocks push equity market downward

    The equity market slipped on Monday due to selloffs in tier-one stocks.

    Consequently, market capitalisation shed N27.87 billion, representing 0.10 per cent, to close at N26.740 trillion compared with N26.768 trillion recorded on Tuesday.

    The All Shares Index (ASI) also lost 51.79 basis points or 0.10 per cent to close at 49,575.93 as against the 49,627.72 posted on Tuesday.

    The market’s weak performance was due selloffs in the shares of Zenith Bank and United Bank for Africa(UBA).

    Analyst at Vetiva Dealing and Brokage said, “Outside of the structured deals, market activity remained low as investors stay on the sidelines given the current macro-economic conditions.

    “Barring any significant positive close in any of the heavyweights, we are likely to see another bearish close tomorrow.

    ” Market breadth also closed negative as 18 stocks declined, while 14 appreciated.

    FTN Cocoa Processors topped the losers’ chart, shedding 3k to close at 29k per share.

    Chams trailed also with a loss of 3k to close at 30k, while WAPIC declined by2 k to close at 36k per share.

    Cutix was down by 11k to close at N2.15, while AIICO lost 2k to close at 55k per share.

    On the other hand, Regency Alliance Insurance led the gainers’ table, gaining 2k to close at 27k per share.

    ABC Transports followed with a gain of 2k to close at 30k, while JapaulGold added 1k to close at 28k per share.

    Livestock Feeds appreciated by 4k to close at N1.15 and Honeywell Flour Mills rose by 7k to close at N2.40 per share.

    Analysis of the market activities showed that trade turnover settled higher relative to the previous session, with the value of transactions increasing by 97.76 per cent.

    A total of 197.46 million shares valued at N2.94 billion were exchanged in 3,462 deals compared with the 160.24 million units valued at N1.488 billion and exchanged in 3,847 deals.

    Transactions in the shares of Courteville Business Solutions topped the activity chart with 87.14 million shares valued at N50 million.

    Zenith Bank followed with 18.25 million shares worth N360.26 million, while Guaranty Trust Holding Company(GTCO) traded 9.48 million shares valued at N187.39 million.

    Conerstone Insurance traded 9.36 million shares valued at N57.04 million, while Sterling Bank transacted 7.79 million shares worth N11.7 million.


    NewsSourceCredit: NAN

  •  The Nigerian Exchange Ltd NGX All Share Index on Wednesday rebounded by 1 47 per cent following Dangote Cement gain Specifically the index which opened at 50 075 47 rose by 725 76 points or 1 47 per cent to close at 49 350 71 Similarly the market capitalisation increased by N390 92 billion to close at N27 01 trillion compared with N26 62 trillion achieved on Tuesday A breakdown of the price movement table shows that Dangote Cement recorded the highest gain to lead the gainers table with 9 96 per cent to close at N265 per share NEM Insurance followed with an increase of 9 89 per cent to close at N24 11 while Ellah Lakes rose by 9 41 per cent to close at N4 30 per share Japaul Gold and Ventures appreciated by 8 82 per cent to close at 37k while Mayer amp Baker grew by 8 68 per cent to close at N3 88 per share On the other hand WAPCO topped the losers table depreciating by 8 84 per cent to close at N23 20 per share NAHCO trailed with a decline of 8 62 per cent to close at N5 30 while Honey Flour lost by 6 41 per cent to close at N2 63 per share UACN was down by 5 36 per cent to close at N10 60 while AIICO Insurance declined by 5 26 per cent to close at N10 54 per share In the same vein the volume of shares traded closed higher with an exchange of 279 22 million shares worth N2 08 billion in 3 576 deals This was in contrast with a turnover of 140 61 million shares valued at N1 61 billion traded in 3 895 deals on Tuesday Jaiz Bank Plc was the most active stock during the day trading 115 13 million shares worth N100 14 billion It was followed by First Bank of Nigeria Holdings FBNH with an account of 39 96 million shares valued at N431 5 million while United Bank for Africa UBA traded 14 66 million shares worth N104 32 million AIICO Insurance sold 13 91 million shares valued at N7 68 million while Japaul Gold and Ventures traded 13 59 million shares worth N4 91 million NewsSourceCredit NAN
    NGX: Index appreciates by 1.47% on Dangote Cement gain
     The Nigerian Exchange Ltd NGX All Share Index on Wednesday rebounded by 1 47 per cent following Dangote Cement gain Specifically the index which opened at 50 075 47 rose by 725 76 points or 1 47 per cent to close at 49 350 71 Similarly the market capitalisation increased by N390 92 billion to close at N27 01 trillion compared with N26 62 trillion achieved on Tuesday A breakdown of the price movement table shows that Dangote Cement recorded the highest gain to lead the gainers table with 9 96 per cent to close at N265 per share NEM Insurance followed with an increase of 9 89 per cent to close at N24 11 while Ellah Lakes rose by 9 41 per cent to close at N4 30 per share Japaul Gold and Ventures appreciated by 8 82 per cent to close at 37k while Mayer amp Baker grew by 8 68 per cent to close at N3 88 per share On the other hand WAPCO topped the losers table depreciating by 8 84 per cent to close at N23 20 per share NAHCO trailed with a decline of 8 62 per cent to close at N5 30 while Honey Flour lost by 6 41 per cent to close at N2 63 per share UACN was down by 5 36 per cent to close at N10 60 while AIICO Insurance declined by 5 26 per cent to close at N10 54 per share In the same vein the volume of shares traded closed higher with an exchange of 279 22 million shares worth N2 08 billion in 3 576 deals This was in contrast with a turnover of 140 61 million shares valued at N1 61 billion traded in 3 895 deals on Tuesday Jaiz Bank Plc was the most active stock during the day trading 115 13 million shares worth N100 14 billion It was followed by First Bank of Nigeria Holdings FBNH with an account of 39 96 million shares valued at N431 5 million while United Bank for Africa UBA traded 14 66 million shares worth N104 32 million AIICO Insurance sold 13 91 million shares valued at N7 68 million while Japaul Gold and Ventures traded 13 59 million shares worth N4 91 million NewsSourceCredit NAN
    NGX: Index appreciates by 1.47% on Dangote Cement gain
    Economy2 months ago

    NGX: Index appreciates by 1.47% on Dangote Cement gain

    The Nigerian  Exchange Ltd. (NGX) All-Share Index on Wednesday rebounded by 1.47 per cent, following Dangote Cement gain.

    Specifically, the index which opened at 50,075.47 rose by 725.76 points or 1.47 per cent to close at 49,350.71.Similarly, the market capitalisation increased by N390.92 billion to close at N27.01 trillion compared with N26.62 trillion achieved on Tuesday.

    A breakdown of the price movement table shows that Dangote Cement recorded the highest gain to lead the gainers’ table with 9.96 per cent to close at N265 per share.

    NEM Insurance followed with an increase of 9.89 per cent to close at N24.11, while Ellah Lakes rose by 9.41 per cent to close at N4.30 per share.

    Japaul Gold and Ventures appreciated by 8.82 per cent to close at 37k, while Mayer & Baker grew by 8.68 per cent to close at N3.88 per share.

    On the other hand, WAPCO topped the losers’ table, depreciating by 8.84 per cent to close at N23.20 per share.

    NAHCO trailed with a decline of 8.62 per cent to close at N5.30, while Honey Flour lost by 6.41 per cent to close at N2.63 per share.

    UACN was down by 5.36 per cent to close at N10.60, while AIICO Insurance declined by 5.26 per cent to close at N10.54 per share.

    In the same vein, the volume of shares traded closed higher with an exchange of 279.22 million shares worth N2.08 billion in 3,576 deals.

    This was in contrast with a turnover of 140.61 million shares valued at N1.61 billion traded in 3,895 deals on Tuesday.

    Jaiz Bank Plc was the most active stock during the day, trading 115.13 million shares worth N100.14 billion.

    It was followed by  First Bank of Nigeria Holdings (FBNH)  with an account of 39.96 million shares valued at N431.5 million, while United Bank for Africa (UBA) traded 14.66 million shares worth N104.32 million.

    AIICO Insurance sold 13.91 million shares valued at N7.68 million, while Japaul Gold and Ventures traded 13.59 million shares worth N4.91 million.


    NewsSourceCredit: NAN

  •  The Nigerian Exchange Ltd NGX on Tuesday extended losing streak making the benchmark index down by 2 26 per cent The News Agency of Nigeria reports that the All Share Index ASI dipped 1 139 02 points or 2 26 per cent to close at 49 350 71 against 50 489 73 posted on Monday Also the market capitalisation shed N614 35 billion to close at N26 62 trillion compared with N27 23 trillion achieved on Monday Consequently the Year to Date return dropped to 15 53 per cent The downtrend was impacted by losses recorded in large and medium capitalised stocks amongst which are Dangote Cement and MTN Nigeria Market breadth closed negative with 16 gainers and 11 losers Prestige Insurance and NEM Insurance recorded the highest price in percentage terms with a gain of 10 per cent each to close at 44k and N3 74 per share respectively Ellah Lakes followed with a 9 78 per cent to close at N3 93 per share while Multiverse Mining and Exploration gained 9 75 per cent to close at N2 06 per share Ikeja Hotel appreciated by 9 28 per cent to close at N1 06 per share Conversely Conerstone Insurance led the losers chart with a loss of 9 33 per cent to close at 68 per share Dangote Cement followed with 9 06 per cent to close at N241 while Japaul Gold and Ventures depreciated by 8 11 per cent to close at 34k per share Sovereign Trust Insurance dropped 7 41 per cent to close at 25k while Stanbic Bank lost 6 45 per cent to close at N29 per share Also the total volume traded closed with an exchange of 140 61 million shares valued at N1 6 billion achieved in 3 895 deals Transactions in the shares of Japaul Gold and Ventures topped the activity chart with 3 2 million shares valued at N8 95 million AIICO Insurance followed with 14 8 million shares worth N8 84 million while Sterling Bank traded 14 3 million shares valued at N21 41 million Sovereign Trust Insurance sold 10 1 million shares worth N2 58 million while Guaranty Trust Holding Company GTCO accounted for 7 85 million shares worth N160 97 million NewsSourceCredit NAN
    NGX: Market extends losing streak, down 2.26%
     The Nigerian Exchange Ltd NGX on Tuesday extended losing streak making the benchmark index down by 2 26 per cent The News Agency of Nigeria reports that the All Share Index ASI dipped 1 139 02 points or 2 26 per cent to close at 49 350 71 against 50 489 73 posted on Monday Also the market capitalisation shed N614 35 billion to close at N26 62 trillion compared with N27 23 trillion achieved on Monday Consequently the Year to Date return dropped to 15 53 per cent The downtrend was impacted by losses recorded in large and medium capitalised stocks amongst which are Dangote Cement and MTN Nigeria Market breadth closed negative with 16 gainers and 11 losers Prestige Insurance and NEM Insurance recorded the highest price in percentage terms with a gain of 10 per cent each to close at 44k and N3 74 per share respectively Ellah Lakes followed with a 9 78 per cent to close at N3 93 per share while Multiverse Mining and Exploration gained 9 75 per cent to close at N2 06 per share Ikeja Hotel appreciated by 9 28 per cent to close at N1 06 per share Conversely Conerstone Insurance led the losers chart with a loss of 9 33 per cent to close at 68 per share Dangote Cement followed with 9 06 per cent to close at N241 while Japaul Gold and Ventures depreciated by 8 11 per cent to close at 34k per share Sovereign Trust Insurance dropped 7 41 per cent to close at 25k while Stanbic Bank lost 6 45 per cent to close at N29 per share Also the total volume traded closed with an exchange of 140 61 million shares valued at N1 6 billion achieved in 3 895 deals Transactions in the shares of Japaul Gold and Ventures topped the activity chart with 3 2 million shares valued at N8 95 million AIICO Insurance followed with 14 8 million shares worth N8 84 million while Sterling Bank traded 14 3 million shares valued at N21 41 million Sovereign Trust Insurance sold 10 1 million shares worth N2 58 million while Guaranty Trust Holding Company GTCO accounted for 7 85 million shares worth N160 97 million NewsSourceCredit NAN
    NGX: Market extends losing streak, down 2.26%
    Economy2 months ago

    NGX: Market extends losing streak, down 2.26%

    The Nigerian Exchange Ltd. (NGX) on Tuesday extended losing streak, making the benchmark index down by 2.26 per cent.

    The News Agency of Nigeria reports that the All-Share Index (ASI) dipped 1,139.02 points or 2.26 per cent to close at 49,350.71 against 50,489.73 posted on Monday.

    Also, the market capitalisation shed N614.35 billion to close at N26.62 trillion compared with N27.23 trillion achieved on Monday. 

    Consequently, the Year-to-Date return dropped to 15.53 per cent.

    The downtrend was impacted by losses recorded in large and medium capitalised stocks, amongst which are, Dangote Cement and MTN Nigeria.

    Market breadth closed negative, with 16 gainers and 11 losers.

    Prestige Insurance and NEM Insurance recorded the highest price in percentage terms, with a gain of 10 per cent each to close at 44k and N3.74 per share, respectively.

    Ellah Lakes followed with a 9.78 per cent to close at N3.93 per share, while Multiverse Mining and Exploration gained 9.75 per cent  to close at N2.06 per share.

    Ikeja Hotel appreciated by 9.28 per cent to close at N1.06 per share.

    Conversely, Conerstone Insurance led the losers’ chart with a loss of 9.33 per cent to close at 68 per share.

    Dangote Cement followed with 9.06 per cent to close at N241, while Japaul Gold and Ventures depreciated by 8.11 per cent to close at 34k per share.

    Sovereign Trust Insurance dropped 7.41 per cent to close at 25k, while Stanbic Bank lost 6.45 per cent to close at N29 per share.

    Also, the total volume traded closed with an exchange of 140.61 million shares valued at N1.6 billion achieved in 3,895 deals.

    Transactions in the shares of Japaul Gold and Ventures topped the activity chart with 3.2 million shares valued at N8.95 million.

    AIICO Insurance followed with 14.8 million shares worth N8.84 million, while Sterling Bank traded 14.3 million shares valued at N21.41 million.

    Sovereign Trust Insurance sold 10.1 million shares worth N2.58 million, while Guaranty Trust Holding Company (GTCO) accounted for 7.85 million shares worth N160.97 million. 


    NewsSourceCredit: NAN

  •  The stock market closed trading activities on Monday on a negative note as sell offs returned and making the market capitalisation decreased by N125 45 billion The N125 45 billion difference made the market to close at N27 23 trillion from N27 36 trillion posted on Friday and represented 0 46 per cent decrease Sell offs in all the industrial and consumer goods sector led to the decrease in the market The All Share Index ASI dropped by 0 46 per cent to close at 50 489 73 points from 50 722 33 points recorded on Friday Consequently this indicates a year date date return of 18 20 per cent Japaul Gold and Ventures led the gainers with 8 82 per cent to close 37k per share This is followed by Honeywell Flour Mill with 5 73 per cent to close at N2 95 per share while Cornerstone Insurance Company gained by 5 63 per cent to close at 75k per share Also Lasaco Assurance appreciated by 5 38 per cent to close at 98k per share and UCAP rose by 4 49 per cent to close at N12 80 per share On the other hand RT Briscoe was last with a decline of 10 per cent to close at 36k per share Industrial amp Medical Gases followed with 9 84 per cent to close at N8 25 per share Skyway Aviation Handling Company and Ellah Lakes fell by 9 6 per cent each to close at N5 65 and N3 58 per share respectively Also Caverton declined by 1 09 per cent to close at N6 84 per shares FBN Holdings recorded the highest volume of 74 6 million shares sold at 820 15 million Multiverse Mining amp Exploration followed with N20 5 million shares traded at N38 53 million Access Holdings transacted 12 3 million share worth N111 16 while AIICO Insurance sold 11 6 million shares valued at N219 15 Zenith Bank sold 10 23 million share worth N35 99 million The market turnover increased to N2 12 billion from N1 93 billion posted on Friday The market breadth was negative as 10 stocks advanced and 15 declined Also First Bank of Nigeria Holding FBNH recorded the highest volume of trade and the highest value of trade for the day NewsSourceCredit NAN
    Equity market down by N125bn as sell-offs persist
     The stock market closed trading activities on Monday on a negative note as sell offs returned and making the market capitalisation decreased by N125 45 billion The N125 45 billion difference made the market to close at N27 23 trillion from N27 36 trillion posted on Friday and represented 0 46 per cent decrease Sell offs in all the industrial and consumer goods sector led to the decrease in the market The All Share Index ASI dropped by 0 46 per cent to close at 50 489 73 points from 50 722 33 points recorded on Friday Consequently this indicates a year date date return of 18 20 per cent Japaul Gold and Ventures led the gainers with 8 82 per cent to close 37k per share This is followed by Honeywell Flour Mill with 5 73 per cent to close at N2 95 per share while Cornerstone Insurance Company gained by 5 63 per cent to close at 75k per share Also Lasaco Assurance appreciated by 5 38 per cent to close at 98k per share and UCAP rose by 4 49 per cent to close at N12 80 per share On the other hand RT Briscoe was last with a decline of 10 per cent to close at 36k per share Industrial amp Medical Gases followed with 9 84 per cent to close at N8 25 per share Skyway Aviation Handling Company and Ellah Lakes fell by 9 6 per cent each to close at N5 65 and N3 58 per share respectively Also Caverton declined by 1 09 per cent to close at N6 84 per shares FBN Holdings recorded the highest volume of 74 6 million shares sold at 820 15 million Multiverse Mining amp Exploration followed with N20 5 million shares traded at N38 53 million Access Holdings transacted 12 3 million share worth N111 16 while AIICO Insurance sold 11 6 million shares valued at N219 15 Zenith Bank sold 10 23 million share worth N35 99 million The market turnover increased to N2 12 billion from N1 93 billion posted on Friday The market breadth was negative as 10 stocks advanced and 15 declined Also First Bank of Nigeria Holding FBNH recorded the highest volume of trade and the highest value of trade for the day NewsSourceCredit NAN
    Equity market down by N125bn as sell-offs persist
    Economy2 months ago

    Equity market down by N125bn as sell-offs persist

    The stock market closed trading activities on Monday on a negative note as sell-offs returned and making the market capitalisation decreased by N125.45 billion.

    The N125.45 billion difference made the market to close at N27.23 trillion from N27.36 trillion posted on Friday and represented 0.46 per cent decrease.

    Sell-offs  in all the industrial and consumer goods sector led to the decrease in the market.

    The All-Share Index (ASI) dropped by 0.46 per cent to close at 50,489.73 points from 50,722.33 points recorded on Friday.

    Consequently, this indicates a year-date-date return of 18.20 per cent. 

    Japaul Gold and Ventures led the gainers with 8.82 per cent to close 37k per share.

    This is followed by Honeywell Flour Mill with 5.73 per cent to close at N2.95 per share, while Cornerstone Insurance Company gained by 5.63 per cent to close at 75k per share.

    Also,  Lasaco Assurance appreciated by 5.38 per cent to close at 98k per share and UCAP rose by 4.49 per cent to close at N12.80 per share.

    On the other hand, RT Briscoe was last with a decline of 10 per cent  to close at 36k per share.

    Industrial & Medical Gases followed with 9.84 per cent to close at N8.25 per share.

    Skyway Aviation Handling Company and Ellah Lakes fell by 9.6 per cent each to close at N5.65 and N3.58 per share, respectively Also,  Caverton declined by 1.09 per cent to close at N6.84 per shares.

    FBN Holdings recorded the highest volume of 74.6 million shares sold at 820.15 millionMultiverse Mining & Exploration followed with N20.5 million shares traded at N38.53 millionAccess Holdings transacted 12.3 million share worth N111.16 while AIICO Insurance sold 11.6 million shares valued at N219.15.Zenith Bank sold 10.23 million share worth N35.99 millionThe market turnover increased to N2.12 billion from N1.93 billion posted on Friday. 

    The market breadth was negative as 10 stocks advanced and 15 declined. 

    Also, First Bank of Nigeria Holding (FBNH) recorded the highest volume of trade and the highest value of trade for the day.


    NewsSourceCredit: NAN

  •  AIICO Insurance Plc declared in Lagos on Saturday that it recorded a Gross Written Premium GWP of N45 5 billion in the first half of 2022 The company s unaudited report showed that the GWP increased by 21 4 per cent compared with the N37 481billion recorded in the corresponding period of 2021 The insurance firm said it earned Gross Premium income of N40 573 billion which indicated a 17 9 per cent increase from the N34 435 billion earned in the corresponding period of 2021 GWP grew by 21 4 per cent year on year to N45 5 billion in the half of 2022 compared to N37 5 billion recorded in the comparative period of 2021 This was due to a year on year increase of 39 4 per cent in General Insurance to N15 5 billion compared to N11 1 billion recorded in the first half of 2021 Life Insurance premiums increased by 14 2 per cent year on year to N29 6 billion compared to N25 9 billion recorded in the corresponding period of 2021 Underwriting income from our Health Maintenance Organisations increased by 31 4 per cent year on year to N599 9 million compared to N456 4 million recorded in the comparative period under review it stated According to the underwriter its operating income in Asset Management declined by 9 5 per cent year on year to N697 6million compared to N770 5 million recorded in the corresponding period of 2021 AIICO stated that its profit before income tax from continuing operations increased by 146 9 per cent year on year to N2 2 billion in first half of 2022 compared to N908 6 million recorded in the first half of 2021 It added that its profit before income taxes across the group and its subsidiaries increased year on year contributing to the reported increases for the period According to the underwriting firm this was due to improved top line and investment performance for the period compared to what it did in the first half of 2021 AIICO also completed the sale of its stake in AIICO Pensions recording a profit from discontinued operations of N2 9 billion As a result profit for the interim period rose by 51 4 per cent to N4 9 billion in the first half of 2022 from N3 3 billion recorded in the first half of 2021 it also stated Commenting on the result Mr Babatunde Fajemirokun Managing Director and Chief Executive Officer AIICO Insurance said the half year result was a testament to the resilience of its business model and focus He said the company s unaudited results represented the firm s performances for the interim period ended June 30 2022 Fajemirokun added that the insurer had created products that its customers needed to navigate uncertain periods trusting that the company would be there when they need it AIICO Insurance Plc has been in operation in Nigeria for some 50 years NewsSourceCredit NAN
    AIICO Insurance records N45.5bn gross premium in first half of 2022
     AIICO Insurance Plc declared in Lagos on Saturday that it recorded a Gross Written Premium GWP of N45 5 billion in the first half of 2022 The company s unaudited report showed that the GWP increased by 21 4 per cent compared with the N37 481billion recorded in the corresponding period of 2021 The insurance firm said it earned Gross Premium income of N40 573 billion which indicated a 17 9 per cent increase from the N34 435 billion earned in the corresponding period of 2021 GWP grew by 21 4 per cent year on year to N45 5 billion in the half of 2022 compared to N37 5 billion recorded in the comparative period of 2021 This was due to a year on year increase of 39 4 per cent in General Insurance to N15 5 billion compared to N11 1 billion recorded in the first half of 2021 Life Insurance premiums increased by 14 2 per cent year on year to N29 6 billion compared to N25 9 billion recorded in the corresponding period of 2021 Underwriting income from our Health Maintenance Organisations increased by 31 4 per cent year on year to N599 9 million compared to N456 4 million recorded in the comparative period under review it stated According to the underwriter its operating income in Asset Management declined by 9 5 per cent year on year to N697 6million compared to N770 5 million recorded in the corresponding period of 2021 AIICO stated that its profit before income tax from continuing operations increased by 146 9 per cent year on year to N2 2 billion in first half of 2022 compared to N908 6 million recorded in the first half of 2021 It added that its profit before income taxes across the group and its subsidiaries increased year on year contributing to the reported increases for the period According to the underwriting firm this was due to improved top line and investment performance for the period compared to what it did in the first half of 2021 AIICO also completed the sale of its stake in AIICO Pensions recording a profit from discontinued operations of N2 9 billion As a result profit for the interim period rose by 51 4 per cent to N4 9 billion in the first half of 2022 from N3 3 billion recorded in the first half of 2021 it also stated Commenting on the result Mr Babatunde Fajemirokun Managing Director and Chief Executive Officer AIICO Insurance said the half year result was a testament to the resilience of its business model and focus He said the company s unaudited results represented the firm s performances for the interim period ended June 30 2022 Fajemirokun added that the insurer had created products that its customers needed to navigate uncertain periods trusting that the company would be there when they need it AIICO Insurance Plc has been in operation in Nigeria for some 50 years NewsSourceCredit NAN
    AIICO Insurance records N45.5bn gross premium in first half of 2022
    Economy2 months ago

    AIICO Insurance records N45.5bn gross premium in first half of 2022

    AIICO Insurance Plc. declared in Lagos on Saturday that it recorded a Gross Written Premium (GWP) of N45.5 billion in the first half of 2022. The company’s unaudited report showed that the GWP increased by 21.4 per cent compared with the N37.481billion recorded in the corresponding period of 2021. The insurance firm said it earned Gross Premium income of N40.573 billion which indicated a 17.9 per cent increase from the N34.435 billion earned in the corresponding period of 2021. “GWP grew by 21.4 per cent year-on-year to N45.5 billion in the half of 2022 compared to N37.5 billion recorded in the comparative period of 2021. “This was due to a year-on-year increase of 39.4 per cent in General Insurance to N15.5 billion compared to N11.1 billion recorded in the first half of 2021. “Life Insurance premiums increased by 14.2 per cent year-on-year to N29.6 billion compared to N25.9 billion recorded in the corresponding period of 2021. “Underwriting income from our Health Maintenance Organisations increased by 31.4 per cent year-on-year to N599.9 million compared to N456.4 million recorded in the comparative period under review,’’ it stated.

    According to the underwriter, its operating income in Asset Management declined by 9.5 per cent year-on-year to N697.6million compared to N770.5 million recorded in the corresponding period of 2021. AIICO stated that its profit before income tax from continuing operations increased by 146.9 per cent year-on-year to N2.2 billion in first half of 2022 compared to N908.6 million recorded in the first half of 2021. It added that its profit before income taxes across the group and its subsidiaries increased year-on-year contributing to the reported increases for the period.

    According to the underwriting firm, this was due to improved top line and investment performance for the period compared to what it did in the first half of 2021. “AIICO also completed the sale of its stake in AIICO Pensions, recording a profit from discontinued operations of N2.9 billion.

    “As a result, profit for the interim period rose by 51.4 per cent to N4.9 billion in the first half of 2022 from N3.3 billion recorded in the first half of 2021,’’ it also stated.

    Commenting on the result, Mr Babatunde Fajemirokun, Managing Director and Chief Executive Officer, AIICO Insurance said the half year result was a testament to the resilience of its business model and focus.

    He said the company’s unaudited results represented the firm’s performances for the interim period ended June 30 2022. Fajemirokun added that the insurer had created products that its customers needed to navigate uncertain periods, trusting that the company would be there when they need it.

    AIICO Insurance Plc. has been in operation in Nigeria for some 50 years.


    NewsSourceCredit: NAN

  •  The Nigerian equity market extended loses on Thursday as the capital market closed on a negative note making the market capitalisation to stand at N27 28 trillion The market shed N6 83 billion representing 0 03 per cent when compared with N28 29 trillion recorded on Wednesday The negative performance was driven by continued sell offs of stocks of BUA Cement Dangote Sugar Transcorp and Fidelity Bank among others Similarly All Share Index ASI closed 0 03 per cent lower at 50 582 30 points from 50 594 97 points posted at the previous trading Consequently the year to date YTD return fell to 18 41 per cent Market breadth closed positive at as 24 stocks advanced and 16 declined The current market capitalisation of the Nigerian Stock Exchange is N27 3 trillion A total of 130 45 million shares valued at N1 62 billion were exchanged in 3 993 deals PZ Cussons Nigeria led the gainers with 10 per cent share price appreciation closing at N9 35 per share Honeywell Flour Mill followed by 9 64 per cent to close at N2 73 per share while Stanbic IBTC Holdings rose by 9 15 per cent to close at N31 Wapic Insurance went up by 8 11 per cent to close at 40k per share and Sovereign Insurance increased by eight per cent to close at 27k per share However Multiverse Mining amp Exploration led the losers by 10 per cent at N1 71 per share The next which is Lasaco Assurance declined by 7 07 per cent to close at 92k while FTN Cocoa Processors lost by 6 25 per cent to close at 30k per share BUA Cement depreciated by 4 51 per cent to close at N58 25 per share Also Unity Bank declined by 4 44 per cent to close at 43k per share Analysis of today s market activities showed trade turnover declined compared to the previous session with the value of transactions decreasing by 61 08 per cent A total of 130 45 million shares worth N1 622 million in 3 993 deals Aiico Insurance recorded the highest volume of 16 3 million traded shares worth N9 38 million followed by Transcorp with 11 2 million shares sold at N12 92 million Access Holdings traded 9 74 million shares worth N87 63 million Consolidated Hallmark Insurance transacted 7 49 million shares valued N4 65 million while Japaul Gold sold 6 89 million shares worth N2 14 million AIICO led the volume chart with 16 32 million shares while MTNN led the value chart in deals worth N403 58 million NewsSourceCredit NAN
    Equity market sheds N6bn, index drops 0.03%
     The Nigerian equity market extended loses on Thursday as the capital market closed on a negative note making the market capitalisation to stand at N27 28 trillion The market shed N6 83 billion representing 0 03 per cent when compared with N28 29 trillion recorded on Wednesday The negative performance was driven by continued sell offs of stocks of BUA Cement Dangote Sugar Transcorp and Fidelity Bank among others Similarly All Share Index ASI closed 0 03 per cent lower at 50 582 30 points from 50 594 97 points posted at the previous trading Consequently the year to date YTD return fell to 18 41 per cent Market breadth closed positive at as 24 stocks advanced and 16 declined The current market capitalisation of the Nigerian Stock Exchange is N27 3 trillion A total of 130 45 million shares valued at N1 62 billion were exchanged in 3 993 deals PZ Cussons Nigeria led the gainers with 10 per cent share price appreciation closing at N9 35 per share Honeywell Flour Mill followed by 9 64 per cent to close at N2 73 per share while Stanbic IBTC Holdings rose by 9 15 per cent to close at N31 Wapic Insurance went up by 8 11 per cent to close at 40k per share and Sovereign Insurance increased by eight per cent to close at 27k per share However Multiverse Mining amp Exploration led the losers by 10 per cent at N1 71 per share The next which is Lasaco Assurance declined by 7 07 per cent to close at 92k while FTN Cocoa Processors lost by 6 25 per cent to close at 30k per share BUA Cement depreciated by 4 51 per cent to close at N58 25 per share Also Unity Bank declined by 4 44 per cent to close at 43k per share Analysis of today s market activities showed trade turnover declined compared to the previous session with the value of transactions decreasing by 61 08 per cent A total of 130 45 million shares worth N1 622 million in 3 993 deals Aiico Insurance recorded the highest volume of 16 3 million traded shares worth N9 38 million followed by Transcorp with 11 2 million shares sold at N12 92 million Access Holdings traded 9 74 million shares worth N87 63 million Consolidated Hallmark Insurance transacted 7 49 million shares valued N4 65 million while Japaul Gold sold 6 89 million shares worth N2 14 million AIICO led the volume chart with 16 32 million shares while MTNN led the value chart in deals worth N403 58 million NewsSourceCredit NAN
    Equity market sheds N6bn, index drops 0.03%
    Economy2 months ago

    Equity market sheds N6bn, index drops 0.03%

    The Nigerian equity market extended loses on Thursday, as the capital market closed on a negative note, making the market capitalisation to stand at N27.28 trillion.

    The market shed N6.83 billion, representing 0.03 per cent when compared with N28.29 trillion recorded on Wednesday.

    The negative performance was driven by continued sell-offs of stocks of  BUA Cement, Dangote Sugar, Transcorp and Fidelity Bank among others.

    Similarly, All-Share Index (ASI) closed 0.03 per cent lower at 50,582.30 points from 50,594.97 points posted at the previous trading.

    Consequently, the year-to-date (YTD) return fell to 18.41 per cent.

    Market breadth closed positive at as 24 stocks advanced and 16 declined.

    The current market capitalisation of the Nigerian Stock Exchange is N27.3 trillion.

    A total of 130.45 million shares valued at N1.62 billion were exchanged in 3,993 deals.

    PZ Cussons Nigeria led the gainers with 10 per cent share price appreciation closing at N9.35 per share.

    Honeywell Flour Mill followed by  9.64 per cent to close at N2.73 per share, while Stanbic IBTC Holdings rose by 9.15 per cent to close at N31.Wapic Insurance went up by 8.11 per cent to close at 40k per share and Sovereign Insurance increased by eight per cent to close at 27k per share.

    However, Multiverse Mining & Exploration led the losers by 10 per cent at N1.71 per share.

    The next, which is Lasaco Assurance, declined by 7.07 per cent to close at 92k, while FTN Cocoa Processors lost by 6.25 per cent to close at 30k per share.

    BUA Cement depreciated by 4.51 per cent to close at N58.25 per share.

    Also, Unity Bank declined by 4.44 per cent to close at 43k per share.

    Analysis of today’s market activities showed trade turnover declined compared to the previous session, with the value of transactions decreasing by 61.08 per cent.

    A total of 130.45 million shares worth N1.622 million in 3,993 deals. 

    Aiico Insurance recorded the highest volume of 16.3 million traded shares worth N9.38 million, followed by Transcorp  with 11.2 million shares sold at N12.92 million.

    Access Holdings traded 9.74 million shares worth N87.63 million.

    Consolidated Hallmark Insurance transacted 7.49 million shares valued N4.65 million, while Japaul Gold sold 6.89 million shares worth N2.14 million.

    AIICO  led the volume chart with 16.32 million shares, while MTNN led the value chart in deals worth N403.58 million.  


    NewsSourceCredit: NAN

  •  Investors at the Nigerian stock market gained N364 39 billion following the rise in equity capitalisation by 1 35 per cent on Tuesday The equity capitalisation rose from N26 94 trillion recorded on Monday to close at N27 3 trillion Also the All Share Index ASI was up by 675 72 points to close with 50 626 04 points compared to 49 950 32 points recorded the previous day The year to date YTD return fell to 18 52 per cent Overall market breadth closed positive as 19 stocks appreciated while nine others declined Honeywell Flour Mill led the gainers with 9 66 per cent share price appreciation closing at N2 27 per share Jaiz Bank followed by 9 46 per cent to close at 81k per share while Caverton Offshore Support Group rose by 8 18 per cent to close at N1 19 per share Also Japaul Gold and Ventures increased by eight per cent and 7 56 per cent each to close at 27k and N1 85 per share respectively On the losing side McNichols s share price depreciated by 9 76 per cent to close at 74k per share Wapic Insurance next by 9 76 per cent to close at 37k per share while Chams fell by eight per cent to close at 23k per share Nigerian Exchange Group dropped by 2 73 per cent to close at N21 35 per share Also United Bank for Africa UBA declined by 2 08 per cent to close at N7 05 per share Investors parted with N2 86 billion for 129 17 million shares in 4 706 deals This is higher to N2 27 billion raised on 176 05 million shares in 4 965 deals on Monday which represents 27 per cent decline in volume 26 per cent improvement in turnover FBN Holdings recorded the highest volume of 14 6 million traded shares worth N159 56 million It is followed by Multiverse Mining amp Exploration which traded 9 48 million shares at N18 56 million Guaranty Trust Holding Company GTCO sold 9 37 million shares worth N191 03 million while Zenith Bank traded 9 29 million shares at N196 25 AIICO sold 64 million shares at N3 77 million NewsSourceCredit NAN
    Banking stocks, others boost equity market by 1.35%
     Investors at the Nigerian stock market gained N364 39 billion following the rise in equity capitalisation by 1 35 per cent on Tuesday The equity capitalisation rose from N26 94 trillion recorded on Monday to close at N27 3 trillion Also the All Share Index ASI was up by 675 72 points to close with 50 626 04 points compared to 49 950 32 points recorded the previous day The year to date YTD return fell to 18 52 per cent Overall market breadth closed positive as 19 stocks appreciated while nine others declined Honeywell Flour Mill led the gainers with 9 66 per cent share price appreciation closing at N2 27 per share Jaiz Bank followed by 9 46 per cent to close at 81k per share while Caverton Offshore Support Group rose by 8 18 per cent to close at N1 19 per share Also Japaul Gold and Ventures increased by eight per cent and 7 56 per cent each to close at 27k and N1 85 per share respectively On the losing side McNichols s share price depreciated by 9 76 per cent to close at 74k per share Wapic Insurance next by 9 76 per cent to close at 37k per share while Chams fell by eight per cent to close at 23k per share Nigerian Exchange Group dropped by 2 73 per cent to close at N21 35 per share Also United Bank for Africa UBA declined by 2 08 per cent to close at N7 05 per share Investors parted with N2 86 billion for 129 17 million shares in 4 706 deals This is higher to N2 27 billion raised on 176 05 million shares in 4 965 deals on Monday which represents 27 per cent decline in volume 26 per cent improvement in turnover FBN Holdings recorded the highest volume of 14 6 million traded shares worth N159 56 million It is followed by Multiverse Mining amp Exploration which traded 9 48 million shares at N18 56 million Guaranty Trust Holding Company GTCO sold 9 37 million shares worth N191 03 million while Zenith Bank traded 9 29 million shares at N196 25 AIICO sold 64 million shares at N3 77 million NewsSourceCredit NAN
    Banking stocks, others boost equity market by 1.35%
    Economy2 months ago

    Banking stocks, others boost equity market by 1.35%

    Investors at the Nigerian stock market gained N364.39 billion, following the rise in equity capitalisation by 1.35 per cent on Tuesday.

    The equity capitalisation rose from N26.94 trillion recorded on Monday to close at  N27.3 trillion.

    Also, the All-Share Index (ASI) was up by 675.72 points to close with 50,626.04 points compared to 49,950.32 points recorded the previous day.

    The year-to-date (YTD) return fell to 18.52 per cent. 

    Overall, market breadth closed positive as 19 stocks appreciated  while nine others declined.

    Honeywell Flour Mill led the gainers with 9.66 per cent share price appreciation  closing at N2.27 per share.

    Jaiz Bank followed by 9.46 per cent to close at 81k per share, while Caverton Offshore Support Group rose by 8.18 per cent to close at N1.19 per share.

    Also, Japaul Gold and Ventures increased by  eight per cent and 7.56 per cent each to close at 27k and N1.85 per share respectively. 

    On the losing side, McNichols’s share price depreciated by  9.76 per cent to close at 74k per share.

    Wapic Insurance next by  9.76 per cent to close at 37k per share, while Chams fell by eight per cent to close at 23k per share.

    Nigerian Exchange Group dropped by 2.73 per cent to close at N21.35 per share. 

    Also United Bank for Africa (UBA) declined by 2.08 per cent to close at N7.05 per share.

    Investors parted with N2.86 billion for 129.17 million shares in 4,706 deals.

    This is higher to N2.27 billion raised on 176.05 million shares in 4,965 deals on Monday which represents 27 per cent decline in volume, 26 per cent improvement in turnover.

    FBN Holdings recorded the highest volume of 14.6 million traded shares worth N159.56 million. 

    It is followed by Multiverse Mining & Exploration which traded 9.48 million shares at N18.56 million.

    Guaranty Trust Holding Company (GTCO) sold 9.37 million shares worth N191.03 million, while Zenith Bank traded 9.29 million shares at N196.25.AIICO sold 64 million shares at N3.77 million. 


    NewsSourceCredit: NAN