AXA Mansard Slides to N99 Billion, 41% Below 52-Week High
INSURANCE: The market value of AXA Mansard Plc’s 9 billion outstanding shares slipped slightly to N99 billion on the Nigerian Exchange amid soft selling.
Data from the local bourse showed the share price closed at N11, down from N11.05 at the beginning of the week, reflecting limited movement amid thin trading in the insurance company’s stock.
The insurance company will open the trading session on Monday at more than 41% below its 62-week high on the Nigerian Exchange. The insurance company’s share price has been quite volatile, but analysts remain hopeful that Q3 could trigger a re-rating.
AXA Mansard is targeting a profit of N5.130 billion for the third quarter of financial year 2026, with estimated insurance revenue of N139.731 billion in the same period.
The insurance stock is priced 41% below its 52-week high after a mountain of sellers trimmed their holdings amid sector uncertainty due to low adoption, limiting earnings surprises.
The company’s board of directors obtained shareholders’ approval to raise additional capital at the annual general meeting held in October, according to its regulatory filing.
The approval is subject to obtaining the relevant regulatory approvals; the Company is authorised to raise up to ₦18.3 billion in additional capital by way of a Rights Issue of the Company’s Ordinary Shares at ₦2.00 each to existing shareholders.
