Insurance Index Pops as Key Players Attract Investors Attention
In the equities market of the Nigerian Exchange (NGX), the insurance index led the sectoral performance as investors shifted attention to key players ahead of the fourth quarter earnings season.
The insurance index rose by 1.98% due to the latest rally, led by NEM Insurance, AXA Mansard, and others. Generally low priced, insurance stocks provide fresh entry for investors to gain entrance into the equities market.
Trading results revealed that AIICO Insurance gained 83 basis points to close at N1.22 from N1.21 with total market value settling at about N45 billion after earnings forecast
Cornerstone Insurance PLC gained 1.32% in the equities market to close at N3.07 from N3.03, nudging the company’s market valuation to about N56 billion in the local bourse on Tuesday.
Coronation Insurance Climbed by 1.71% day on day on the Nigerian Exchange, closing at N1.19 per share from N1.17. The mild daily gain lifted the Insurance company’s market value to about N28.6 billion on NGX.
The market priced Guinea Insurance higher by 9.8% on the day, closing at N0.56 kobo per share from opening price of N0.51. This lifted the Insurance Company’s market value to about N4.45 billion in the stock market.
AXA Mansard popped higher by 1.35% to N7.50 from N7.40 on the day due to mild rally. The surge in price increased the insurance company’s market capitalisation to N67 billion on Tuesday.
On the downside, Consolidated Hallmark Insurance witnessed a huge selloff that reduced its market price by 4.17% in the local bourse, settling at N2.30 from N2.40 in the previous day. The negative price movement reduced Consolidated Hallmark insurance to less than N25 billion in equities market capitalisation.
Also traded on bearish line, investors in Universal Insurance sold portions of their shares. This plunged the insurance company stock by 5.17% in the equities market.
Sovereign Trust Insurance Plc gained 6.25% yesterday due to renewed interest in the company’s stocks. Its share price increased to N0.85 from 80 kobo at the beginning of the trading session. Sovereign Trust Insurance was valued at N12.09 billion in the equities market as its share price popped.
Regency Alliance Insurance Plc gained 8.7% to settle at 5k from 4.6 kobo at the beginning of the trading session. The gain increased Regency Assurance market value to N5.5 billion.
NEM Insurance market value surged by 5.98% on the day to settle at N9.75 per share from N9.2 opening price. The positive price movement raised the insurance company’s market value to about N49 billion in the equities market.
SUNU Assurance Plc closed flattish at N5.41 per share despite huge share volumes that were traded in the local bourse. The company was valued at N31.436 billion on Tuesday. French Embassy to Empower 1,500 Youths on Agric. Dev’t in Kano
