Access Holdings Plc, a leading provider of financial services and solutions, has successfully completed the acquisition of Megatech Insurance Brokers Limited, a reputable insurance brokerage company with a strong customer base and a wide range of products. This acquisition is part of its strategic vision to expand our presence and capabilities in the insurance sector, and to offer her clients more value-added services and solutions.
Megatech Insurance Brokers Limited has been operating since 2010 and has established itself as one of the most trusted and reliable insurance brokers in the market. They offer a variety of insurance products, such as life, health, property, motor, travel, and business insurance, as well as risk management and consultancy services. They have a team of experienced and qualified professionals who are committed to delivering excellent customer service and satisfaction.
By acquiring Megatech Insurance Brokers Limited, they are adding a valuable asset to our portfolio of businesses, and we are enhancing our ability to serve our clients better. We will leverage the expertise, network, and reputation of Megatech Insurance Brokers Limited to offer more comprehensive and competitive insurance solutions to our existing and potential customers.
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We believe that this acquisition will create significant value for our shareholders, customers, employees, and partners. We look forward to working closely with the management and staff of Megatech Insurance Brokers Limited to ensure a smooth transition and a successful integration. We also welcome their customers to the Access Holdings Plc family, and we assure them that we will continue to provide them with the best service and support possible.
We would like to thank all the parties involved in this transaction for their cooperation and professionalism. We would also like to express our gratitude to the relevant regulatory authorities for their timely approval and guidance. We are confident that this acquisition will strengthen our position as a leading financial services provider in the region and will enable us to achieve our long-term goals and objectives.
Nigerian stocks surged last week. The All-Share Index gained 13.84% last week.
Nigerian stocks soared to new heights last week, as investors cheered the positive economic outlook and the easing of covid-19 restrictions. The All-Share Index, which tracks the performance of all listed equities on the Nigerian Stock Exchange, gained 13.84% last week, closing at 48,544.43 points on Friday. This was the highest weekly gain since April 2015, and the highest closing level since February 2018.
The rally was driven by strong demand for blue-chip stocks across various sectors, such as banking, consumer goods, oil and gas, and telecommunications. Some of the top gainers were Dangote Cement, MTN Nigeria, Zenith Bank, Nestle Nigeria, and Guaranty Trust Bank. Analysts attributed the bullish sentiment to several factors, including the recovery of oil prices, the stability of the naira exchange rate, the improvement of foreign exchange liquidity, and the optimism about the covid-19 vaccine rollout.
The Nigerian stock market has been one of the best performing in the world in 2020, despite the challenges posed by the pandemic and the recession. The All-Share Index ended the year with a whopping 50.03% return, outperforming other major indices such as the S&P 500 (16.26%), the FTSE 100 (-14.34%), and the MSCI Emerging Markets (18.31%). The market capitalization of listed equities also increased by 62.42% to N21.06 trillion in 2020.
Looking ahead, experts believe that the Nigerian stock market will continue to enjoy positive momentum in 2021, as the economy rebounds from the recession and the vaccination program accelerates. They also expect more corporate earnings growth, dividend announcements, and attractive valuations to support the market performance. However, they also cautioned that investors should be mindful of the potential risks, such as political uncertainty, security challenges, inflationary pressures, and external shocks.