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Insurance stocks dip as NSE market value rises by N11bn

Michael Eboh
The bullish run on the   Nigerian Stock Exchange (NSE) continued, Tuesday, as the value of listed equities appreciated by N11.47 billion. This was in spite of the decline recorded in the share prices of major companies in the Insurance sub-sector.

The market capitalisation and All-share index, both representing equities’ value, appreciated by 0.22 per cent each, while the NSE Insurance index slumped by 1.5 per cent. The capitalisation which opened at N5.314 trillion dropped by N11.47 billion to close at N5.325 trillion while the index shed 47.86 basis points to close at 22,231.66 points from 22,183.80 points at which it opened.

The NSE Insurance Index which opened the day’s trading at 234.04 points, dropped by 3.5 per cent to close at 230.54 points.
Ashaka Cement Plc led 31 other stocks on the price gainers’ table, rising by N0.65 to close at N13.67 per share, Cement Company of Northern Nigeria Plc followed with a gain of N0.65 to close at N14.15 per share and Cadbury Nigeria Plc garnered N0.64 to close at N13.44 per share.

Other share price gainers include: UAC Nigeria Plc N0.62, First City Monument Bank Plc N0.39, Nigerian Aviation Handling Company Plc N0.39, National Salt Company Plc N0.30, Ecobank Transnational Incorporated N0.20, Stanbic IBTC Bank Plc N0.17, United Bank for Africa Plc N0.16 among others.

On the contrary, Alumaco Plc recorded the most share price loss, dropping by N1.38 to close at N26.33 per share, Julius Berger Nigeria Plc followed with a loss of N1.10 to close at N28.50 per share and Glaxo SmithKline Consumer Plc dipped by N0.99 to close at N22.01 per share.

Other share price losers include: Eterna Oil and Gas Plc N0.30, Vitafoam Plc N0.27, Dangote Flour Mills Plc N0.15, Incar Plc N0.14, Costain (West Africa) Plc N0.11, Guaranty Trust Assurance Plc N0.11, Intercontinental Bank Plc N0.11 among others.

Equity trading appreciated by 36.01 per cent as a turnover of 502.53 million shares valued at N2.66 billion was recorded in 7,099 deals, in contrast to the previous day’s turnover of 369.48 million shares valued at N1.61 billion in 7,183 deals.

The Banking sub-sector dominated the other sub-sectors, accounting for 67.54 per cent of the market turnover, with 339.4 million shares valued at N2.02 billion in 3,932 deals. FinBank Plc recorded the highest transaction in the sub-sector, trading 135.08 million shares valued at N83.9 million 163 deals, followed by Zenith Bank Plc with the exchange of 78.42 million shares valued at N1.25 billion in 240 deals.


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