Investors Swoop On Insurance Stocks As Market Capitalisation Dips
The sentiment of the Nigerian Stock Market (NSE) investors shifted towards the insurance sector amidst the fall in the shares of major sectors of the economy during the week in review.
The NSE Insurance Index
appreciated by 0.51% during the week, with NEN, AIICO and Linkage Assurance contributing to the growth. NEN, AIICO and Linkage Assurance appreciated by 0.38%, 0.11% and 0.05%, respectively, to close at N2.58, N1.01 and N0.59 per share.
The NSE Banking, Pension and Premium Index all dipped by 5.98%, 4.98% and 3.26%, respectively, while the NSE ASEM Index closed flat.
Also, the NSE All-Share Index and Market Capitalization depreciated by 2.57% to close the week at 34,136.82 and N17.838 trillion respectively.
A total turnover of 11.400 billion shares worth N35.892 billion in 39,265 deals were traded this week by investors on the floor of the Exchange, in contrast to a total of 4.509 billion shares valued at N58.733 billion that exchanged hands the previous week in 47,140 deals.
Twenty-one equities appreciated in price during the week, lower than 69
equities in the previous week, while 55 equities depreciated in price, higher than 12 equities in the previous week.
A total of 85 equities remained unchanged, higher than 80 recorded in the previous week.
The biggest losers in percentage terms for the week was led by FBN Holding which shed 1% to close at N7.25 per share.
While Oando Plc, Nigerian Aviation Handling, Fidelity Bank, FCMB Group and Union Bank declined by 0.30%, 0.35%. 0.39% and 0.70% to close at N2.30, N2.56, N3.03 and N5.50 per share respectively.
Conversely, the top gainers in percentage terms for the week was led by BOC Gas Plc and Conoil Plc which rose by 1.93% and 1.80%, respectively, to close at N6.77 and 20.85 per share.
Also, NEM Insurance, UPDC Real Estate and AIICO Insurance all surged by 0.38%, 0 35% and 0.11% to close at N2.58, N4.15 and N1.01 per share.
The Construction/Real Estate industry (measured by volume) led the activity chart with 8.529 billion shares valued at N6.055 billion in 438 deals; thus contributing 74.82% and 16.87% to the total equity turnover volume and value respectively.
The Financial Services industry followed with 1.991 billion shares worth N19.933 billion in 21,725 deals.
The Conglomerates Industry was third with a turnover of 423.702 million shares worth N526.698 million in 1,962 deals.
Trading in the top three equities namely UAC- Property Development Company Plc, Transnational Corporation of Nigeria Plc and Jaiz Bank Plc (measured by volume) accounted for 9.259 billion shares worth N6.639 billion in 1,958 deals, contributing 81.22% and 18.50%
to the total equity turnover volume and value respectively.
Meanwhile, the NSE has announced the delisting of Fidelity Bank Plc’s N30 billion 16.48% Fixed Rate 7 Year Subordinated.
It stated, “Dealing members are hereby notified that the Exchange has delisted 30,000,000 units of the Fidelity Bank Plc’s N30 billion 16.48% Fixed Rate Seven (7) Year Subordinated Unsecured Bonds Due 2020 from its daily official list effective, 18 November, 2020.
“The delisting becomes imperative as the Bond Issuer opted for early redemption of the Bonds in November 2020 having obtained the Central Bank of Nigeria’s ‘No Objection’ to early redemption of the bond.”
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