CAPITAL MARKET
Stock Market Resilient to Survive Economic Upheavals’
The nation’s stock market will remain resilient to survive the current upheavals in the economy as well as the security challenges, the Chairman, Securities Dealing Houses Association of Nigeria (ASHON), Chief Onyenwechukwu Ezeagu, has said. The economy has been experiencing a fragile growth, which is being threatened by the heightened insecurity across the country. However, speaking on the impact of this development on the stock market, Ezeagu said despite the challenges, the market should remain attractive because it would come out strong. This Day
NGX Index Rises 0.5% as Dangote Cement, Okomu Lift Market
Gains recorded by Dangote Cement Plc, Okumo Oil Palm Plc and Dangote Sugar Refinery Plc helped the local bourse to appreciate yesterday, thereby reversing losses of the previous day.Consequently, the Nigerian Exchange (NGX) Limited All-Share Index (ASI) rose 0.5 per cent to close at 38,881.70, while market capitalisation added N101.8 billion to be at N20.3 trillion.The market had opened for the week on Monday on a negative note after recovering last week. However, the bulls regained controlled yesterday. This Day
ECONOMY
W’Bank Raises GDP Growth Forecast for Nigeria to 1.8%
The World Bank has increased Nigeria’s Gross Domestic Product (GDP) growth projection for 2021 to 1.8 per cent, higher than the 1.1 per cent it had estimated for the country earlier this year.The Washington-based institution, in its June 2021 Global Economic Prospect released yesterday, also forecast the GDP growth to hit 2.1 per cent for the country in 2022, compared with the 1.8 per cent it had predicted for Nigeria in the earlier report released in January. This Day
Insurance industry’s recapitalisation target to be driven by risk appetite’
The new recapitalisation exercise brewing in the insurance industry is expected to triple the current capacity of underwriters across the country from the present paid-up capital of N2 billion, N3 billion, N5 billion, and N10 billion for life, general, composite insurance, and reinsurance licenses respectively, The Guardian has learnt. Already, the process to begin the new capitalization exercise has begun as the Consolidated Insurance Bill which prescribed the fresh capital has reached an advanced stage of being passed into law by the National Assembly. The Guardian
15.8m subscribers lose telephone lines to ban on SIM registration in Q1
No less than 15.8 million subscribers have lost access to telecommunications services in the country, as a result of government policies, especially that of the ban on new SIM cards activation and replacement of subscribers’ damaged/missing SIM. Similarly, the announcement of the National Identity Number (NIN)-Subscriber Identity Module (SIM) enrolment processes that commenced last December equally compounded the sector’s challenges. The Guardian