The stock market closed Thursday on a mixed note, as a sharp sell-off in insurance stocks dragged the market capitalisation downward despite a strong rebound in overall trading activity.
At the end of the session, the All-Share Index declined, with market capitalisation falling by ₦357.34 billion to ₦91.9 trillion. Market activity surged, as a total of 2,455,627,815 shares worth ₦22,215,500,713.31 were traded in 43,505 deals — representing an 83 per cent increase in volume, a 10 per cent rise in turnover, and a 42 per cent jump in the number of deals compared to Wednesday, August 13.
A total of 127 equities participated in trading, with market breadth negative as 22 stocks gained while 52 declined.
In the banking sector, United Bank for Africa gained 0.52 per cent to close at ₦48.30, Access Holdings advanced 0.18 per cent to ₦27.65, and Ecobank Transnational Incorporated rose 0.66 per cent to ₦38.05. However, Zenith Bank slipped 0.76 per cent to ₦72.00, and Fidelity Bank shed 0.48 per cent to ₦21.00.
The ICT sector recorded modest gains, with CWG adding 0.63 per cent to ₦16.00 and Chams Holding jumping 8.06 per cent to ₦2.95.
The insurance segment led the day’s losses, with Lasaco Assurance and Sovereign Trust Insurance plunging 10.00 per cent each to ₦4.50 and ₦3.24, respectively. Wema Bank also dropped 10.00 per cent to ₦20.70, AIICO Insurance fell 9.89 per cent to ₦4.19, and both Cornerstone Insurance and International Energy Insurance declined 9.98 per cent.
Lafarge Africa gained 0.73 per cent to ₦138.00, while Dangote Cement closed flat at ₦577.00. The oil and gas segment ended the day unchanged.
The recent trading performance of several listed companies indicates a notable downward trend in their share prices. LASACO saw its price decline from ₦5.00 to ₦4.50, representing a decrease of 0.50 naira or ten per cent. Similarly, SOVRENINS experienced a reduction in share price from ₦3.60 to ₦3.24, also falling by 0.36 naira, which is equivalent to a ten per cent drop.
UPDC’s share price moved from ₦8.00 down to ₦7.20, losing 0.80 naira, reflecting a ten per cent decline. CILEASING mirrored this trend with its price decreasing from ₦8.00 to ₦7.20, also a loss of 0.80 naira or ten per cent. WEMABANK’s shares fell from ₦23.00 to ₦20.70, a decrease of 2.30 naira, likewise representing a ten per cent fall.
Heavy Trades in Insurance Stocks
Universal Insurance Plc (UNIVINSURE) emerged as the most actively traded insurance stock with 390,399,978 shares valued at ₦577,438,423.11. AIICO Insurance Plc ranked second in value terms, recording ₦1,108,568,348.31 from 236,570,366 shares.
Linkage Assurance Plc posted 214,265,645 shares worth ₦589,186,340.55, while Mutual Benefits Assurance Plc traded 157,531,421 shares valued at ₦638,659,149.40. Regal Insurance Plc recorded 109,853,018 shares worth ₦191,028,496.72, the lowest among the top five.
Combined, the five insurers accounted for more than ₦3.1 billion in trades, underlining significant capital flow into the insurance sector despite heavy price declines.
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