Cornerstone Insurance Jumps by 25% after Earnings Forecast
Cornerstone Insurance Plc stock market prices surged by 25% as the company’s earnings forecast whipped up investment sentiments. The insurance company’s share price rose to N3.2 on Friday in the equities segment of the Nigerian Exchange due to rock solid share volume demanded by investors, from N2.56.
The 25% capital appreciation lifted Cornerstone Insurance’s market value to N58.132 million. The insurance company breached a new 52-week high briefly on Thursday before the share plunged on the back of mild profit taking on Friday.
MarketForces Africa revealed that two shareholders have 79% combined interest in Cornerstone Insurance Plc as of December 2023.
In a regulatory filing, Cornerstone Insurance forecasted N2.072 billion in profit for the first quarter of the financial year 2025. Insurance revenue for the period is expected to settle at N10.656 billion.
Due to the adjustment for insurance expenses and the reinsurance contract held, Cornerstone Insurance estimated net insurance revenue to print at N2.10 billion in Q1-2025.
According to the Register of Members at 31 December 2023, no shareholder held more than 5% of the issued share capital of the company except Capasure Limited (30.54%) and BANC-ASSURE LIMITED (48.46%), 8,803,503,588.
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