Insurance Stocks Trigger NGX’s N19.801bn Loss
Three underwriters, Lasaco Assurance Plc, Sovereign Trust Insurance Plc and Linkage Assurance Plc have emerged as losers, leading the downward slide of Insurance stocks which triggered the fall of the Nigerian Exchange Limited (NGX) on Wednesday.
Also, the market Capitalisation lost N19.801 billion or 0.09 per cent to close at N21.925 trillion down from its N21.905trillion previous value.
Overal, the All-Share Index and market capitalisation of the NGX dipped 0.09 percent, while the market grew 2.01 year till date (YTD).
The ASI which opens trading on Wednesday 42,013.39 point fell to 41,975.45 points, losing 37.94 index point or 0.09 percent.
A total of 292,935,882 units of shares valued at N2.059 billion in 4,899 deals were bought and sold by investors on Wednesday’s trading session on the NGX.
However, the market breadth returned negative with 13 advanced equities compared to 20 laggard stocks.
Multiverse Mining and Exploration Plc and Universal Assurance Plc
led the gainers’ table in percentage parameters, gaining 10 percent to close at 22 kobo per share.
Similarly, Honeywell Flour Plc recorded a growth of 9.78 per cent to close at N3 48 kobo per share, while Sterling Bank Plc rose 6.85 per cent to close at N1.56 kobo per share.
Also, Coronation Insurance Plc surged by 6.25 per cent to close at 51 kobo per share.
Conversely, the decliners was led dominated in percentage terms by Lasaco Assurance Plc, falling 9.40 per cent to close at N1.06 kobo per share.
Sovereign Trust Insurance Plc and Chams Plc followed with 8.33 per cent loss to close at 22 kobo per share.
In the same vein, Ardova Plc declined 7.53 percent to close at N13. 50 kobo per share, while Linkage Assurance Plc shed 7.02 percent to close at 53 kobo per share.
The NGX’ market activity chart shows that FBN Holdings shares are still the toast of investors, closing as the most active and valuable equity at 58607943.00 units worth N614. 764 million.
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