Business

Insurers lead losers as market sheds N123bn

Equities trading activities on the floor of the Nigerian Stock Exchange yesterday closed on the negative route to upturn previous day’s gain as bears regained grip following the sell- off witnessed on blue chip firms. The local bourse recorded 24 gainers against 11 losers to close the trading session with three insurance firms, African Alliance, Mutual Benefits Assurance and Sovereign Trust dominating the losers.

Consequently, the All- Share Index dipped 234.08 basis points or 0.60 per cent to close at 38,697.17 index points as against 38,931.25 recorded the previous trading session while market capitalisation of equities depreciated by N123 billion from N20.369 trillion the previous day to N20,246 trillion as market sentiment returned on the negative territory.

Meanwhile, a turnover of 169.36 million shares exchanged in 3,568 deals was recorded in the day’s trading. The premium sub-sector was the most active (measured by turnover volume); with 47.96 million shares exchanged by investors in 1,227 deals.

Volume in the sub-sector was largely driven by activities in shares of Zenith Bank Plc and UBA Plc. Also, the insurance subsector boosted by activities in shares of AXA-Mansard Assurance Plc and AIICO Insurance Plc followed with a turnover of 46.11 million shares in 287 deals. Further analysis of the day’s trading showed that in percentage terms, SMURFIT Plc topped the day’s gainers’ table by 10 per cent to close at 22 kobo per share while International Breweries Plc followed with 9.89 per cent to close at N5.00 per share.

Champion Breweries Plc added 9.09 per cent to close at N2.40 per share. On the flip side, African Alliance Insurance Plc led the losers by 8.33 per cent to close at22 kobo per share while Mutual Benefits Assurance Plc and Sovereign Trust Insurance Plc shed 7.14 per cent each to close at 39 kobo and 26 kobo per share respectively. UPL Plc trailed with 4.92 per cent to close at N1.16 per share.

 

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