Business
Equity Price Fall To Continue Until Sept. -Experts
L-R: Chairman, Rivers Ethnic Youth Leader Coalition, Comrade Livingstone Membere, Leader, Bonny Youths Federation, Barr Simeon Wilcox and Chairman, Finima Youth Congress, Comrade Ala Hart, during a press briefing by the leadership of the Niger Delta Youth Organsation over location of NLNG Dry Dock to Badagry, Lagos, last Sunday
Some capital market operators have said that the free fall of equities in the nation’s bourse would persist because of the absence of a visible government’s policy direction and economic uncertainties.
They told newsmen in separate interviews in Lagos on monday that the market was contending with many unsettled factors.
The immediate President, the Association of Stockbroking Houses of Nigeria (ASHON), Alhaji Rasheed Yusuuf attributed the persistent downward trend to the Federal Government delayed economic blue print and appointment of ministers.
Yusuuf said that investors would continue with their ‘wait and see’ attitude until September when government would announce its ministers as promised by President Muhammadu Buhari.
“We still don’t know the policy government wants to pursue and this is affecting the market because market is a reflection of the economy,” he said.
He said that “the trend will continue till September when government lays out its economic policy”.
Yussuf said that the e-dividend payment platform unveiled by the Securities and Exchange Commission (SEC) on July 29 alone would not turnaround the market unless there were positive economic policies from the government.
He also stated that the Central Bank of Nigeria (CBN) tight economic policy in defending the nation’s currency was affecting the market.
The Managing Director, APT Securities and Funds Ltd., Mallam Garbe Kurfi said that policy direction was very important in kick-starting the market.
Kurfi said that call for further devaluation of the naira to its appropriate position and non-collection of dollar deposit by banks were affecting the market.
He added that release of banks debtors would also affect the market this week because “investors will wait to ascertain to know who and who is affected to know where to put their investment”.
According to him, investors are offloading their shares for payment of school fees because most of our middle class have their children schooling abroad.
Meanwhile reports say that a turnover of 1.37 billion shares worth N17.95 billion were exchanged by investors in 17,391 deals last week.
This was against 1.73 billion shares valued N23.39 billion exchanged in 15,043 deals in the preceding week.
The Financial Services Industry led the activity chart with 837.74 million shares worth N7.37 billion traded in 9,923 deals.
The Oil & Gas sector followed with a turnover of 200.37million shares valued N3.37 billion exchanged in 1,444 deals.
The third place was occupied by ICT Industry with 115.89 million shares worth N59.52 million achieved in 133 deals.
The All-Share Index lost 911.42 points or 2.93 per cent to close at 30,180.27 against 31,091.69 achieved in the preceding week.
Also, the market capitalisation depreciated by N312 billion or 2.93 per cent to close at N10.345 trillion, compared with N10.657 trillion posted in the comparative week.
Portland Paints and Products topped the losers’ chart in percentage terms, dropping by 18.35 per cent or 89k to close at N3.96 per share.
UACN Property trailed with a loss of 13.87 per cent or N1.39 to close at N8.63, while Paints and Coating Manufactures dipped 13.53 per cent or 18k to close at N1.15 per share.
On the other hand, Trans Nationwide Express led the gainers’ table in percentage terms, growing by 19.32 per cent or 17k to close at N1.05 per share.
E-Tranzact garnered 13.21 per cent or 42k to close at N3.60, while National Aviation Handling Company appreciated by 10.39 per cent or 48k to close at N5.10 per share.
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