Business
Expert Predicts Rebound In Price Of Stocks
Chief Executive Officer, Foresight Securities and Investment Ltd, Mr.Charles Fakrogha on Wednesday predicted a gradual rebound in the prices of stocks.
Fakrogha told newsmen in Lagos that it was a natural phenomenon that prices of stocks could depreciate very low to a certain stage, before it would start rebounding.
According to him, the little appreciation noticed in the prices of stocks in the past two days was as a result of the decline in prices, which have started to rise.
He said that the appreciation of the stock prices would continue to be slow, until the electioneering period elapsed.
Fakrogha said that this would continue until the second quarter of the year when the capital market was expected to stabilise.
He said that the electioneering activities and the fall in the value of the naira and crude oil prices had made local and foreign investors to withdraw or sell-off their shares.
Fakrogha said that the situation had caused sell pressure in the market that had resulted to a fall in the prices of stocks.
“A significant appreciation in the prices of stocks is likely to be observed in the market in the second quarter, when the election might be over and the economy becomes generally stabilised,” he said.
Meanwhile, the market All-Share Index for the second consecutive day improved further by 128.21 points.
The Index rose by 0.43 per cent, to close at 29,907.66, in contrast to the 29,779.45 achieved on Tuesday.
The market capitalisation, which opened at N9.945 trillion, grew by N16 billion or 0.16 per cent, to close at N9.961 trillion.
Guinness topped the gainers’ table with N2.99, to close at N131.99 per share.
Forte Oil followed with a gain of N2.98, to close at N227.98, while Unilever gained N1 to close at N34.5 per share.
PZ Cussons appreciated by 75k, to close at N27, while Seplat rose by 51k to close at N301.51 per share.
Conversely, Wapco Lafarge topped the losers’ chart with a loss of 95k, to close at N81.05 per share.
Nigerian Breweries trailed with a loss of 89k to close at N144, while Flour Mill lost 8k to close at N39 per share.
Oando Oil depreciated by 28k to close at N15.6, while Redstarex declined by 18k to close at N3.44 per share.
Reports say that a total volume of 242.760 million shares worth N3.670 billion were traded in 3,892 deals.
This was in contrast to the 468.181 million shares valued at N4.66 billion traded in 4,346 deals on Tuesday.
Access Bank emerged the most traded stock with 31.24 million shares worth N167.83 million.
It was followed by Unilever with 28.97 million shares valued at N1.01 billion, while Diamond Bank traded 27.13 million shares worth N107.66 million.
General Manager, EMS Nigeria, Mr Osadolar Eboigbodin (left) conferring with PHCCIMA Financial Secretary, Mr Prince A. Ogidigben, during PHCCIMA council meeting in Port Harcourt, recently. Photo: Nwiueh Donatus Ken
MoniePoint Inc. a digital financial firm in Nigeria, has said it is empowering community pharmacists across the country with innovative payment solutions to improve access to drugs.
The financial firm said it had also provided loans for pharmacists under the aegis of the Association of Community Pharmacists of Nigeria (ACPN) to drive healthcare delivery in the country.
MoniePoint in a release titled, “Inside Nigeria’s community pharmacies: How Moniepoint drives healthcare access with payments and funding”, has reaffirmed its commitment to providing digital payment solutions to improve health outcomes in Nigeria.
The release examined how community pharmacies play a crucial role as vital access points for medical care in Nigeria, especially in areas with limited hospital or clinic access.
According to the release, the ACPN National Chairman, Ambrose Igwekwam, highlighted the critical role played by community pharmacies in Nigeria’s healthcare system over the years.
Igwekwam, however, expressed concerns over the challenges confronting the nation’s pharmaceutical industry which he said was hindering access to affordable medicines.
The pharmacist listed poor infrastructural systems, power, transportation, regulatory bottlenecks, importation dependency, and limited research opportunities as major challenges facing the pharmaceutical sector.
He also stressed the need for robust collaborative efforts with institutions like Moniepoint to strengthen the sector.
“As Nigeria continues to grow, improving local pharma manufacturing to meet the demands of this growth presents a key opportunity for us all.
“There is also the African Continental Free Trade Area Agreement, which is expected to boost our industry, especially when we start producing our drugs locally, which will provide the much needed foreign exchange from exports.
“We are also seeing advancements in digital health and technology which would hopefully deepen the practice of e-prescription in Nigeria”, the ACPN boss said.
Corlins Walter
In order to enhance customer service and streamline operations, the Chartered Insurance Institute of Nigeria (CIIN) has called on stakeholders in the insurance industry to embrace Artificial Intelligence (AI).
The President of the institute, Yetunde Ilori, made this call at the 2024 Office Representatives Committee (ORC) Workshop, organised by the institute, with the theme “AI and the Future of the Insurance Industry”, in Lagos.
Ilori at the event, emphasised the importance of AI adoption, noting that it was not a threat to jobs but rather a tool to improve efficiency across the insurance sector.
“It is not about AI taking over our jobs, but about us using AI to simplify processes and give maximum satisfaction to all the customers we serve whether as underwriters, brokers, loss adjusters, or in educating our members”, she said.
The workshop, which brought players in the insurance sector together, aimed to address how AI could be leveraged to transform business processes and improve customer interactions.
The Chairman of the ORC, Monica Nwachukwu, underscored the role of AI in modernising the industry, adding, “AI can automate customer and claims processes, allowing insurers to provide faster and more efficient services to their customers”.
She explained how AI could help extract data from legacy systems, enhancing decision-making processes.
“By integrating AI with APIs, insurers can feed valuable data into AI solutions to improve operations and customer service”, she added.
In his address, the Managing Partner of A4S and Training Heights, Orlando Odejide, stressed the need for companies to align their strategies with future technologies like AI, especially as they prepare for 2025.
“Any organisation that wants to grow into the future must have its strategic plan in place. If your strategy for 2025 is not ready, it should be done by October”, he advised.
He encouraged participants to think critically about how AI could be integrated into their business models to ensure they remain competitive.
“The idea is for you to use this workshop as a platform to think about your organization and how AI can help streamline your processes and improve growth”, Odejide noted.
In order to gain global respect and recognition, the National Space Research and Development Agency (NASRDA) has reaffirmed its determination to pursue its goal in ensuring that Nigeria’s space capabilities are recognised on the world stage.
The agency also reaffirmed its commitment to positioning Nigeria as a key player in the global space economy.
In a statement by the Director of Media and Corporate Communications, Dr. Felix Ale, NASRDA revealed that the Director-General of the agency, Matthew Adepoju, emphasised this during recent engagements at the 79th United Nations General Assembly and the Nigerian Association of Chambers of Commerce, Industry, Mines and Agriculture (NACCIMA) and Global Alliance Business Association international conference in Michigan, United States.
The statement noted that Adepoju outlined a forward-thinking agenda, stressing the importance of Nigeria’s space programme as a leader in research, exploration, and technological innovation.
“Our goal is to ensure that Nigeria’s space capabilities are recognised on the world stage.
“We must foster collaborations with global space agencies to enhance our satellite capabilities and technological infrastructure”, he stated.
The NASRDA boss said the agency is focusing on enhancing satellite capabilities, expanding international collaborations, and leveraging space science for national development.
He said NASRDA will have no stone unturned in pursuit of excellence, ensuring the agency secures the necessary resources and recognition to propel it forward.
“The relationships we build today will pave the way for tomorrow’s advancements in space science.
“Innovation and progress thrive in an environment built on collaboration and inclusivity”, he stated.
He emphasised that with the support of the government, international partners, and a dedicated team, NASRDA is poised to make significant strides in the evolving global space landscape.
“We are on the brink of a new era for Nigeria’s space agency. Together, we will ensure our nation stands out in the global space economy”, he said.
Corlins Walter