Top Performer Veritas Kapital Hits 52-Week High
Veritas Kapital Assurance Plc made it to the top with 25% share price appreciation on the Nigeria Exchange following unusual volume traded in the market last week.
Veritas bucked market trend as investors took position ahead of second quarter of 2024 earnings release. In the just concluded week, volume of shares of Veritas Kapital that exchange hands in the market were in millions.
The company topped best performer for the week in the equities market after investors traded more than 26.5 million of the insurer’s shares on Friday.
On Thursday, more than 40 million shares of Veritas Kapital exchanged hands in the equities market ahead of earnings expectation for the second quarter of the year.
In a bid to realign their respective portfolio, the market experienced selloffs which lasted for three out of five trading session.
Data showed that Veritas Kapital share price grew from 92 kobo at the beginning of the trading week to close at N1.15 on Friday. This is the peak price the insurer stock has reached over the last 12 months.
Its market valuation rose to N15.947 billion on Friday after strong market re-rating despite over N20 billion loss booked by the Nigerian Exchange due to profit taking in other companies stocks.
Last week, the company told the Nigerian Exchange that its board of directors is set to meet in August to ratify Q2- earnings and review its operational strategies.
Veritas Kapital also announced the commencement of closed period with effect from July 1, 2024, according to details from its regulatory filing.
The notice barred directors, and person discharging managerial responsibility, employees with sensitive information, its advisers and their connected persons to stop dealing in its shares until 24 hours after the company release results. #Top Performer Veritas Kapital Hits 52-Week High
