The shares of insurance companies today continued a free fall following the implementation of the new pricing rule by the Nigerian Stock Exchange, NSE.
The new pricing rule will see the prices of over one third of the quoted companies falling to as low as one kobo after the initial floor price of 50 kobo was removed.
At the end of the trading, Lasaco Assurance led the losers, dropping by 9.52 percent to close at N0.38 from N0.42, followed by African Alliance Insurance Company with 8.33 percent decline to close at N0.44 from N0.48.
Livestock Feeds Plc closed as the third on the list of top five losers chart, declining by 4.92 percent to close at N1.16 from N1.22. Africa Prudential was down 4.90 percent to close at N4.66 from N4.90, while Custodian and Allied Plc recorded 4.89 percent price decline to close at N4.28 from N4.50 per share.
Consequently, the market capitalisation of all listed equities fell by N59 billion or 0.4 percent to settle at N15.955 trillion from N15.896 trillion in the previous day.
On the other hand, 22 gainers emerged at the close of the day’s trading led by Aiico Insurance Plc, which appreciated 8.82 percent to close at N0.74 from N0.68.
This was followed by Unilever Nigeria Plc that appreciated by 5.06 percent to close at N46.75 from N44.50. UPL Plc went up by 4.85 percent to close at N2.38 from N2.27.
Cement Company of Northern Nigeria, CCNN, shares went up by 4.79 percent to close at N18.60 from N17.75, while Royal Exchange Plc chalked up by 4.76 percent to close at N0.44 from N0.42 per share.