Connect with us

     

Business

Rebranding: Why Nigerians need insurance

Published

on

Rebranding: Why Nigerians need insurance

Barely two weeks after the insurance industry regulator, National Insurance Commission (NAICOM), announced a new capital base, operators in the industry have also intensified efforts at getting Nigerians from all walks of life, irrespective of gender and status, to imbibe insurance as a lifestyle. Sunday Ojeme reports

 

Again, insurance industry operators are intensifying efforts at giving more Nigerians the positive option of spending a little of their income on insurance as a platform for recovery than suffering entire loss in the event of a disaster.
The latest development, coming weeks after a new capital raise was announced by the National Insurance Commission (NAICOM), is a further step on the operators’ rebranding project that is entering into another phase.

 

Soured past

Over the years, the sector has remained stunted due mainly to poor economic environment as well as poor knowledge of its benefits to majority of Nigerians. In an effort to change the dynamics, the regulator and operators have done a lot through policy initiative and grassroots campaigns to get more people into the insurance net.

Although this appears to have yielded some fruits, it is, however, too low considering the enormous human and natural resources the country is endowed with.

Amidst all this, however, a great number of people and businesses have suffered different form of misfortunes, leading to loss of lives and money running into billions of naira with commensurate compensation.

Although there have been series of campaigns to get people indemnify their life and property, the level of uncompensated losses appear to have been too overwhelming.

 

Changing the dynamics

 

In an effort to further spur the momentum, the rebranding project has been designed to get Nigerians conscious of the fact that insurance should be imbibed as a lifestyle rather than being seen another social past time.

The project is aimed at restoring confidence in the sector as well as boosting its abysmally low penetration and raising the industry’s paltry 0.2 per cent contribution to the nation’s Gross Domestic Product (GDP).

Speaking more on this recently, the Vice Chairman, Sub-Committee on Publicity and Communications, Insurers’ Committee, Mrs Ebelechukwu Nwachukwu, said it had become imperative for Nigerians to imbibe insurance as a lifestyle and not as a regulatory necessity.

 

Nwachukwu said this narrative necessitated the rebranding of the country’s insurance industry, stressing that the Insurer’s Committee, comprising of CEOs of all insurance companies in the country, engaged Alder Consulting, Nigeria’s leading creative intelligence firm, in 2018 to rebrand the industry and make it better understood by Nigerians, adding that the initiative was born out of the need to redefine the narrative about insurance and to educate Nigerians on its importance.

 

According to her, “the campaign was also designed to change the perception of the sector and increase the market penetration on insurance in Nigeria, considering that less than one per cent of Nigerian adult population was insured. About 80 per cent of those insured are 35 and above. Millennials below 35 years, who form over 70 per cent of Nigeria’s population, or about 138.6 million, form a large part of the uninsured.

 

Positive steps

“In line with the foregoing, the project was designed to showcase the advancements made in the insurance sector and to encourage more Nigerians to take up insurance. It would also highlight real customer testimonials of insurance. At the end of the day, insurance would be positioned as desirable and not just a regulatory necessity.”

On his part, Managing Partner, Alder Consulting, Mr. Leke Alder, explained that the campaign would span an initial period of three years involving different programmes in every quarter.

He added that instead of pushing a message of fear and tragedy, the campaign focuses on the fulfilment of hopes and dreams, when insurance serves as a safety net in life. Hence, the phrase “Live with Freedom” was adopted as the theme for the campaign.

 

“Insurance users can live life to the fullest because they are confident that no matter what happens, they are insured. To ensure that the campaign was continuous and sustainable, a dedicated website (www.insuranceandyou.ng) was developed. Social media pages – @insuranceandyou (Facebook, Instagram, and Twitter) – were also set-up to ensure that the campaign drilled down to the retail market space.

“According to a poll of 1,500 individuals in Lagos, Abuja, Enugu, Port Harcourt, Kaduna, Asaba and Ibadan conducted by Brand Sampling International, “since the beginning of the project, 66% of those who have heard the campaign are changing their perception of insurance.”

He further said that during the first phase, key milestones included using a new narrative to begin repositioning insurance; educating Nigerians on the importance of insurance; communicating innovative advancements in the insurance industry; showcasing testimonials from satisfied customers; and highlighting compulsory insurance categories required by the Federal Government.

“Materials were deployed across print, radio and social media. A brand activation event also held at the Ikeja City Mall in Lagos. 1,415 radio jingles were aired and 28 radio interviews were conducted. 121 videos, graphics and blog posts were posted across digital media platforms reaching a combined 8.8 million people,” he noted.

 

Rebranding target

Although recently improved claims payment has provided a fillip for the image of the sector, penetration still appears very low.

Besides the Motor Third Party policy, which sells faster than others for obvious reasons, and a few others that are compulsory under the law, the other policies have been left at the whims and caprices of the public.

 

As part of espousing their seriousness to get deeper into the grassroots, operators have took the firm decision to rebrand the industry to showcase its unique opportunities to Nigerians, especially the younger generation, who constitute the largest segment of the population.

According to the Committee, the aim of the rebranding initiative is to emphasise the benefits of insurance and change the mindset of Nigerians on the general insurance industry.

The second aspect would involve pushing insurance companies operating in the country to up the ante on service delivery to their insured with the aim of having fewer complaints from such clients going forward.

As part of the arrangement, the project will cover the whole country through massive insurance education and awareness with Lagos and Abuja as pilot states.

 

Commitment

According to the Chairman, Sub-Committee on Publicity and Communication, Insurers’ Committee, Hassan Oye-Odukale, prompt settlement of claims remains the best advertisement for the industry, stressing that the operators would ensure that companies observe their claims responsibilities.

He decried the relegation of insurance by corporate organisations and individuals in the country, saying that foreign investors take the strength of a country’s insurance sector into consideration more than the population.

Odukale pointed out that over 80 per cent of foreign investment inflows into the country was made possible by insurance underwritings, add ing that most foreign investors demanded that there must be structured insurance for their investments before they can invest into the country.

He said: “There are times when major investments were to come into this country. However, it took a while because we had to structure the insurance and eventually they were delivered to the Federal Government.

“Without insurance, such investments cannot take place in Nigeria. Investment cannot come into this country if there is no insurance support. By law now anything in this country must be insured in Nigeria.

“Insurance operators pay huge claims but nobody gets to hear about it. We hear so much that insurance don’t pay claims and such accusations are connected to most small claims where the insured probably have not conformed with one policy condition or the other and in the process create a lot of hullaballoo. Insurance is doing a whole lot in the economy and is moving the economy forward.”

He called for cooperation to keep the sector in business, saying that no nation could develop without a strong insurance industry.

Odukale promised that insurance firms were set to deepen insurance at the grassroots through the deployment of retail products, stressing that those small and medium enterprises owners should take advantage of insurance to keep their businesses going.

 

 

Last line

With the rebranding project entering its second phase, the Insurers’ Committee, individual operators and other stakeholders must intensify effort to ensure more Nigerians are captured to insure their life and assets, especially now that the industry has also been saddled with new capital base for the various segments of operations.

Continue Reading
Advertisement
Click to comment

Leave a Reply

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

Aviation

S’African airline cash injection imminent, says it needs more

Published

on

By

S’African airline cash injection imminent, says it needs more

South Africa’s cash-strapped national airline SAA says a government cash injection of 5.5 billion rand ($376 million)approved for the 2019/20 financial year is expected at the end of the month but it still needs more money, a presentation to lawmakers showed on Wednesday.

South African Airways (SAA) has debt of about 12.7 billion rand, consisting of 9.2 billion rand of legacy debt and a 3.5 billion rand working capital facility provided by banks, reports Reuters.

“SAA requires 2 billion rand to fund working capital in FY 2019/20 by December 2019,” the presentation said.

Continue Reading

Aviation

S’African airline cash injection imminent, says it needs more

Published

on

By

S’African airline cash injection imminent, says it needs more

South Africa’s cash-strapped national airline SAA says a government cash injection of 5.5 billion rand ($376 million)approved for the 2019/20 financial year is expected at the end of the month but it still needs more money, a presentation to lawmakers showed on Wednesday.

South African Airways (SAA) has debt of about 12.7 billion rand, consisting of 9.2 billion rand of legacy debt and a 3.5 billion rand working capital facility provided by banks, reports Reuters.

“SAA requires 2 billion rand to fund working capital in FY 2019/20 by December 2019,” the presentation said.

Continue Reading

Aviation

Ethiopian crash victims want 737 MAX documents from Boeing, FAA

Published

on

By

Ethiopian crash victims want 737 MAX documents from Boeing, FAA

A lawyer for victims of Ethiopian Airlines Flight 302 said on Tuesday he wants Boeing Co and the U.S. Federal Aviation Administration to hand over documents about the decision to keep the Boeing 737 MAX in the air after a deadly Lion Air crash last October.

A week after Lion Air Flight 610 nose-dived into the Java Sea, killing all 189 aboard, the FAA warned airlines that erroneous inputs from an automated flight control system’s sensors could lead the jet to automatically pitch its nose down, but the agency allowed the jets to continue flying.

Five months later, the same system was blamed for playing a role when ET302 crashed on March 10, killing all 157 passengers and crew and prompting a worldwide grounding of the 737 MAX that remains in place.

“The decisions to keep those planes in service are key,” Robert Clifford of Clifford Law Offices, which represents families of the Ethiopian crash victims, said at a status hearing before U.S. Judge Jorge Alonso in Chicago.

Nearly 100 lawsuits have been filed against Boeing by at least a dozen law firms representing families of the Ethiopian Airlines crash victims, who came from 35 different countries, including nine U.S. citizens and 19 Canadians.

Families of about 60 victims have yet to file lawsuits but plaintiffs’ lawyers said they anticipate more to come. Most of the lawsuits do not make a specific dollar claim, though Ribbeck Law Chartered has said its clients are seeking more than $1 billion.

The lawsuits assert that Boeing defectively designed the automated flight control system. The system is believed to have repeatedly forced the nose lower in both accidents.

Boeing declined to comment on the lawsuit directly but said it is cooperating fully with the investigating authorities. The manufacturer has apologized for the lives lost in both crashes and is upgrading software. But it has stopped short of admitting any fault in how it developed the 737 MAX, or the software.

The FAA said it does not comment on litigation. The agency has defended its decision not to ground the 737 MAX sooner and has said it is following a thorough process for returning the jet to passenger service.

Clifford, who was appointed lead counsel on Tuesday to represent the majority of plaintiffs suing Boeing over the Ethiopian Airlines crash, said he would pursue two tracks in the case: one for clients who wish to settle with Boeing and another for those who want to push for discovery.

In his role as lead counsel, Clifford will help the different plaintiffs “speak with one voice,” said Ricardo Martinez-Cid of Podhurst Orseck, a law firm that is also representing Ethiopian Airlines crash victims.

Plaintiffs’ lawyers who represent victims of airline crashes generally work for free and receive a percentage of the settlement or award.

Amos Mbicha, who lost his sister and her son in the crash of ET302 which occurred soon after it departed Addis Ababa for Nairobi, said some Kenyan families had not sued yet because they had difficulty choosing between the many law firms seeking to represent victims, reports Reuters.

“You look at the brochures, it all looks like everyone worked on the same cases,” he said. “It’s confusing for people.”

Dozens of lawsuits have been filed against Boeing by families of Lion Air crash victims, who were almost all from Indonesia. Those cases are already in mediation and are not expected to be consolidated with Ethiopian Airlines.

“While the cases share some common issues there are big differences, most importantly the critical evidence of what Boeing did and did not do between October and March,” said Justin Green, a lawyer from Kreindler & Kreindler, who was appointed co-chair of the plaintiffs’ committee on Tuesday.

Continue Reading

Aviation

Bees delay flight for over two hours

Published

on

By

Bees delay flight for over two hours

Bad weather. A technical fault. A late-arriving aircraft. Just some of the reasons your flight might be delayed.

One to add to the list: a swarm of bees.

On Sunday morning, Air India flight 743 from Kolkata to Agartala was delayed by two and a half hours after a swarm of honeybees clamped themselves onto the window of the flight deck.

The swarm took up residence on the left hand window panes, obstructing the pilots’ vision.

Windscreen wipers failed to remove the bees. The swarm was only cleared when the airport fire crew was recruited to use water cannons.

The plane had already been delayed 90 minutes due to a technical fault, before the bee attack added an extra hour’s delay.

The flight to Agartala, in northeast India, takes just 60 minutes.

“The plane left the parking bay at its scheduled departure time, then there was a technical issue and it had to return back to the parking bay,” Kolkata airport director Kaushik Bhattacharjee told CNN. “There was a delay of 1.5 hours due to the ground staff attending to the technical fault.

“After that, there was a bee attack. A swarm of honeybees came and landed on one section of the cockpit glass. Thousands of bees just sat on the left side of the cockpit window blocking the view of the pilot.

“The pilot tried to remove the bees by using windscreen wipers but it didn’t work.

“Airline staff informed the airport authorities and we deployed a fire tender from the fire station located inside the airport. Using a water cannon, they dispersed the bees.”

The plane took off two and a half hours behind schedule. There were 136 passengers on board, including Bangladeshi politician Hasan Mahmud, the country’s Minister for Information.

Kolkata airport — Netaji Subhas Chandra Bose International — is one of India’s busiest, processing 21.8 million passengers a year, with 40 million predicted by 2021.

It is known as one of the country’s most modern airports, using solar panels to generate energy.

Bhattacharjee told CNN that airport staff had carried out checks for bees in the wake of the incident.

“We did not find any beehives on any structures inside the airport,” he said. “They came from outside the airport premises.”

Continue Reading

Energy

Investors turn heat on Big Oil ahead of UN climate summit

Published

on

By

Investors turn heat on Big Oil ahead of UN climate summit

Investors managing $15 trillion in assets turned up the heat on oil and gas sector on Wednesday ahead of a United Nations summit in New York aimed at accelerating efforts to fight climate change.

Energy companies are on the front line of the global transition to a low-carbon economy, with investors potentially on the hook for hefty losses if the companies do not overhaul their business models in time.

In its most detailed analysis of the energy sector, the Transition Pathway Initiative (TPI) said 31 out of 109 energy firms were aligned with commitments governments have so far made under the 2015 Paris Agreement to curb greenhouse gas emissions.

However, of the 50 oil and gas companies assessed, just two – Royal Dutch Shell Plc and BP Plc – were aligned with existing national emissions targets. The remaining 29 companies on track to meet such commitments were all electric utilities.

“We, as a major institutional investor, are concerned that transition risk – the large and growing gap between government targets and company ambitions – is a major source of investment risk,” said Helena Viñes Fiestas, global head of stewardship and policy at BNP Paribas Asset Management.

United Nations Secretary-General Antonio Guterres wants governments to make more ambitious pledges to cut emissions at the U.N. summit on Monday, which he convened to boost the Paris Agreement ahead of a crucial implementation phase next year.

Current pledges by governments to cut emissions are nowhere near enough to meet the Paris target of keeping the rise in average global temperatures to well below two degrees Celsius, with a goal of limiting warming to 1.5 degrees Celsius.

That means that some companies’ targets can bring them in line with existing national plans under the Paris Agreement, but remain far from adequate to avert the worst of the natural disasters and economic damage forecast for a warming world.

TPI, which includes major pension funds and asset owners, said none of the oil and gas companies it assessed are doing enough to align their businesses with the changes needed to meet the Paris temperature targets.

The findings echoed a report published this month by financial think-tank Carbon Tracker, which found that big oil companies had approved $50 billion of projects since last year that will not be viable if governments implement the Paris deal.

By contrast, TPI found that nearly half of the utility companies are aligned with national commitments already made under the Paris Agreement, and more than 20% are on target to meet a temperature rise of below 2 degrees Celsius, the TPI said.

That is partly because some utilities have been quicker to pivot their business models toward renewable energy than oil and gas companies, reports Reuters.

“There is no doubt that oil and gas companies are in a difficult position in navigating the transition to a low carbon economy,” Euan Stirling, global head of stewardship and ESG investing at Aberdeen Standard Investments.

“That makes it all the more important that we have at least some sector constituents who are starting to respond to the climate crisis by repositioning their businesses from the top down in the same way that many power generators have.”

The TPI is one of several investor initiatives launched in recent years aimed at helping boost the quality and effectiveness of investor engagement with companies on climate. Among its other 45 signatories are firms including Legal & General Investment Management and U.S. pension scheme CaLPERs.

“We believe that investors should use their voice to hold top management of investee companies accountable for incorporating climate-related issues in their corporate strategy,” Carola van Lamoen, head of active ownership at Dutch asset manager Robeco.

Continue Reading

Energy

Investors turn heat on Big Oil ahead of UN climate summit

Published

on

By

Investors turn heat on Big Oil ahead of UN climate summit

Investors managing $15 trillion in assets turned up the heat on oil and gas sector on Wednesday ahead of a United Nations summit in New York aimed at accelerating efforts to fight climate change.

Energy companies are on the front line of the global transition to a low-carbon economy, with investors potentially on the hook for hefty losses if the companies do not overhaul their business models in time.

In its most detailed analysis of the energy sector, the Transition Pathway Initiative (TPI) said 31 out of 109 energy firms were aligned with commitments governments have so far made under the 2015 Paris Agreement to curb greenhouse gas emissions.

However, of the 50 oil and gas companies assessed, just two – Royal Dutch Shell Plc and BP Plc – were aligned with existing national emissions targets. The remaining 29 companies on track to meet such commitments were all electric utilities.

“We, as a major institutional investor, are concerned that transition risk – the large and growing gap between government targets and company ambitions – is a major source of investment risk,” said Helena Viñes Fiestas, global head of stewardship and policy at BNP Paribas Asset Management.

United Nations Secretary-General Antonio Guterres wants governments to make more ambitious pledges to cut emissions at the U.N. summit on Monday, which he convened to boost the Paris Agreement ahead of a crucial implementation phase next year.

Current pledges by governments to cut emissions are nowhere near enough to meet the Paris target of keeping the rise in average global temperatures to well below two degrees Celsius, with a goal of limiting warming to 1.5 degrees Celsius.

That means that some companies’ targets can bring them in line with existing national plans under the Paris Agreement, but remain far from adequate to avert the worst of the natural disasters and economic damage forecast for a warming world.

TPI, which includes major pension funds and asset owners, said none of the oil and gas companies it assessed are doing enough to align their businesses with the changes needed to meet the Paris temperature targets.

The findings echoed a report published this month by financial think-tank Carbon Tracker, which found that big oil companies had approved $50 billion of projects since last year that will not be viable if governments implement the Paris deal.

By contrast, TPI found that nearly half of the utility companies are aligned with national commitments already made under the Paris Agreement, and more than 20% are on target to meet a temperature rise of below 2 degrees Celsius, the TPI said.

That is partly because some utilities have been quicker to pivot their business models toward renewable energy than oil and gas companies, reports Reuters.

“There is no doubt that oil and gas companies are in a difficult position in navigating the transition to a low carbon economy,” Euan Stirling, global head of stewardship and ESG investing at Aberdeen Standard Investments.

“That makes it all the more important that we have at least some sector constituents who are starting to respond to the climate crisis by repositioning their businesses from the top down in the same way that many power generators have.”

The TPI is one of several investor initiatives launched in recent years aimed at helping boost the quality and effectiveness of investor engagement with companies on climate. Among its other 45 signatories are firms including Legal & General Investment Management and U.S. pension scheme CaLPERs.

“We believe that investors should use their voice to hold top management of investee companies accountable for incorporating climate-related issues in their corporate strategy,” Carola van Lamoen, head of active ownership at Dutch asset manager Robeco.

Continue Reading

Aviation

Plane makes emergency return to airport after engine fire reported

Published

on

By

Plane makes emergency return to airport after engine fire reported

Officials say an Air China jet bound for Beijing has made an emergency return to Dulles International Airport after reporting an engine fire.

In a statement, the Federal Aviation Administration says that the Air China flight landed safely Tuesday in Washington after reporting an engine fire and that its pilot was in contact with air traffic control at all times.

The FAA says Air China Flight 818 departed Dulles at 4:39 p.m. EDT and returned at 5:54 p.m.

A spokesman for the Washington Metropolitan Airport Authority identified the craft as a Boeing 777, which the aircraft maker says seats from 317 to 396 people, reports The Associated Press.

A spokeswoman with Air China didn’t immediately respond to requests for additional information.

Continue Reading

Business

Zenith emerges 2nd most credible lender in Ghana

Published

on

Zenith emerges 2nd most credible lender in Ghana

Z

enith Bank, Ghana, is the second most credible bank in Ghana, according to Credmap Technology Ghana Banking Credibility Index (GBCI).

 

 

According to the firm, the inaugural “credibility-rating” engine is capable of combining crowd-rating and data mining to generate “credibility scores” of individuals and institutions using pooled data about their track record, history, commentary, biography, popular sentiment and reputation.

 

 

The assessment, which covered the 2018 financial year, saw Standard Chartered, Zenith Bank Ghana, Ecobank Ghana, UBA Ghana and Barclays Bank placing 1st, 2nd, 3rd, 4th and 5th respectively.

 

 

The other banks are: Societe Generale (6th), Stanbic Ghana (7th), Fidelity Ghana (8th), Access Ghana (9th) and GCB Bank (10th).

 

 

All 30 of Ghana’s tier-one/universal banks were benchmarked against Credmap’s measures, compared to each other, and then ranked in what became the GBCI, a process that was overseen by a team of senior technical analysts at Konfidants, a management consulting company based in Accra, Johannesburg and Geneva.

 

 

Some major criteria in the computation of the GBCI included executive track record of the board and management membership, educational qualifications of board members and senior management personnel and the emphasis on continuous professional development with the studied banks.

 

 

Others were reputational factors, degree of board independence from shareholder and management control and influence and consistency and accuracy in board management communications as ascertained from comments in the media, advertising, and publications, including official documentation and reports.

 

 

In this inaugural index, the primary focus was on the quality of bank boards and senior management personnel.

 

The Konfidants team believed that in the wake of recent developments in the banking sector, corporate governance and management competence have emerged, by far, as the most critical factors in determining bank performance and success.

 

 

The analysts were able to more rapidly double-check how traditional benchmarks, such as net interest margin, capital adequacy, asset quality, return on equity and return on assets, conceal or reveal the most salient factors in banking governance and reputation.

Continue Reading

Business

Wall Street subdued as focus shifts to Fed meeting

Published

on

Wall Street subdued as focus shifts to Fed meeting

U.S. stocks were little changed on Tuesday as investors moved to the sidelines ahead of the Federal Reserve’s two-day policy meeting, while the impact of weekend attacks on Saudi Arabia’s biggest oil refinery faded.

 

Equity markets took a hit on Monday as the attacks wiped out half of Saudi Arabia’s oil production, sending oil prices soaring, while fuelling geopolitical tensions. But President Donald Trump’s statement that he does not want war and a Reuters report that Saudi Arabia was close to restoring 70% of the oil production lost calmed investor nerves.

 

According to Reuters News, the benchmark S&P 500 index .SPX recovered early losses to rise slightly, with the so-called defensive consumer staples .SPLRCS, utilities .SPLRCU and real estate .SPLRCR sectors posting the biggest gains.

 

The energy index .SPNY tracked a drop in oil prices, after recording its best one-day surge since January on Monday. The U.S. central bank concludes its policy meeting on Wednesday, with traders currently expecting a 63.5 per cent chance of a quarter percentage point cut from the Fed this week, down from 88.8 per cent on Friday, according to CME’s FedWatch.

 

“It’s just typical trading on the vigil of a Fed meeting,” said Peter Cardillo, chief market economist at Spartan Capital Securities in New York. “We haven’t seen any panic from what happened over the weekend. I think (the Fed) will stick with a quarter of a percentage point cut even after the Saudi attack.”

 

Banks .SPXBK, which tend to underperform in a lower interest rate environment, fell 0.95 per cent and were the biggest drag on the S&P 500. Since the last interest rate cut in July, U.S. economic data has shown mixed signals about the domestic economy. While strong retail sales and wage growth have bolstered consumer confidence, a protracted U.S.- China trade war has weighed on manufacturing and business sentiment.

 

Latest data showed U.S. manufacturing output increased more than expected in August, rebounding from a drop in July, while homebuilders’ optimism grew unexpectedly brighter in September. ET, the Dow Jones Industrial Average .DJI was down 22.68 points, or 0.08 per cent, at 27,054.14, the S&P 500 .SPX was up 1.95 points, or 0.07 per cent, at 2,999.91.

 

The Nasdaq Composite .IXIC was up 6.66 points, or 0.08 per cent, at 8,160.21. Among stocks, Chipotle Mexican Grill Inc (CMG.N) rose 3.3 per cent as it added a new steak dish to its menu in the United States for the first time in three years.

Continue Reading

Business

NSE extends decline by N80bn

Published

on

NSE extends decline by N80bn

LOW CONFIDENCE

Airtel Africa Plc led losers with a drop of 10 per cent to close at N283.50 per share

 

Trading activities on the floor of the Nigerian Stock Exchange yesterday witnessed another drop in share prices as bears sustained grip on the local bourse following the sell-off that has pervaded the stock market. The local bourse recorded 22 gainers against 15 losers.

 

Consequently, the All-Share Index dipped 67.55 basis points or 0.6 per cent to close at 27,407.04 index points as against 27.574.32 recorded the previous day while market capitalisation of equities depreciated by N80 billion from N13.421 trillion the previous day to N13.341 trillion as market sentiment remained on the negative territory. Meanwhile, a turnover of198 million shares exchanged in 3,830 deals was recorded in the day’s trading.

 

The premium sub-sector was the most active (measured by turnover volume); with 105.2 million shares exchanged by investors in 1,539 deals. Volume in the sub-sector was largely driven by activities in the shares of Access Bank Plc and Zenith Bank Plc.

 

 

Also, the banking sub-sector, boosted by activities in the shares of Sterling Bank Plc and Ecobank Plc, followed with a turnover of 30.3 million shares in 535 deals. Further analysis of the day’s trading showed that in percentage terms, NEM Insurance Plc topped the day’s gainers’ table with 9.74 per cent to close at N2.14 per share while Livestock Feeds Nigeria Plc followed with 9.52 per cent to close at 46 kobo per share. PZ Cussons Plc added 9.32 per cent to close at N6.45 per share.

 

On the flip side, Airtel Africa Plc led the losers with a drop of 10 per cent to close at N283.50 per share while UACProperty Plc shed 9.55 per cent to close at N1.42 per share. NCR Plc trailed with 9.09 per cent to close at N4.50 per share.

 

 

Continue Reading

 

 

 

 

 

ABUJA MAN REVEALS (FREE) SECRET FRUITS THAT INCREASED MANHOOD AND LASTING POWER IN 7DAYS

 

… CLICK HERE TO GET IT!

 

 

 

Categories

Facebook

Trending

Take advantage of our impressive online traffic; advertise your brands and products on this site. For Advert Placement and Enquiries, Call: Mobile Phone:+234 805 0498 544. Online Editor: Tunde Sulaiman Mobile Phone: 0805 0498 544; Email: tunsul2@gmail.com. Copyright © 2018 NewTelegraph Newspaper.

%d bloggers like this: