Insurance Stocks Drag Equities Market To N83.568bn Loss
The Nigerian Exchange Limited NGX has commenced trading for the week on a bearish note with stocks from the Insurance sub- sector; Regency Assurance Plc, Coronation Insurance Plc, Linkage Assurance Plc among the biggest losers on Monday.
The NGX’ All-Share Index (ASI) declined by 155.01 index points or 0.33 per cent tickle at 46,687.85 points as against 46,842.86 points it closed on Friday.
Also, the market capitalization, a key indicator on the Nigerian Bourse which measures the value of all listed equities depreciated by N83.568 billion representing 0.33 per cent to stand at N25.169 trillion down from the prebiotic value of N25.253 trillion.
The huge fall of the market was buoyed by losses suffered by medium and small scale firms like Regency Assurance Plc, Japaul Gold Plc, Coronation Insurance Plc, Linkage Assurance Plc and Jaiz Bank Plc,
The market turnover decreased 14.7 per cent with 219.49 million units of shares valued at N1.93 billion in 5,168 deals traded on the NGX as against the previous trading session when investors bought and sold 257.32 million units of shares worth N2.86 billion in 4,586 deals.
The market breadth commenced trading for the week negative with 19 laggard equities and 25 gainers compared to 37 losers and twelve stocks advancing on Friday.
The losers chart was dominated in percentage parameters by Regency Assurance Plc, as the underwriting firm dipped 9.68 per cent to close at N0.28 kobo oer share.
An Oil and Gas firm, Japaul Gold Plc followed with 8.82 per cent loss to close at N0. 31 kobo per share, while Coronation Insurance Plc fell by 6.82 per cent to close at N0. 41 limo oer share.
Similarly, Linkage Assurance Plc and Jaiz Bank Plc declined by 7 per cent and 5.71 per cent to close at N0.47 kobo and N0. 66 kobo per share respectively.
Conversely, Redstarex Plc led the gainers’ table in percentage terms, gaining 10 per cent to close at N2. 97 kobo per share.
In the same vein, NAHCO Plc and Meyer Plc appreciated by 9.79 per cent and 9.72 per cent to close at N4. 71 kobo and N0. 79 kobo per share respectively.
Also, Veritas Kapital Plc rose by 9.52 per cent to close at N0. 23 kobo per share, while UPDC Plc appreciated by 9.21 per cent to close at N0.83 kobo per share.
Analysis of the NGX market activity chart shows that Transnational Corporation of Nigeria Plc was the most active stock, trading a total of 28.94 million units of shares worth N28.48 million, while Zenith Bank Plc close trading as the most valuable equity 12.57 million a shares valued at N278.40 million.
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