Leadership (Abuja)

Nigeria: Insurance Stocks Lift Market Activities

Trading activities on the floor of the Nigerian Stock Exchange(NSE)yesterday opened the week in the green as most Mid-cap and Penny stocks, especially in the insurance subsector buoyed market indicators to appreciate by 0.56 per cent.

While the mid-cap stocks pitched their tent on the gainers' table, the penny stock drove volume in the market, even as Linkage Assurance recorded a volume trade of 218.4 million ordinary shares worth N109.2 million swapped in six deals.

However, the transaction in Linkage Assurance was done by swapping, indicating that there was a willing seller and a ready buyer during the day's trade.

A further review of the day's activities showed that 30 companies appreciated in price as Skye Bank Plc led by 5.26 per cent to close at N4.20, NCR Plc followed with a gain of 4.94 per cent to close at N15.08, while Port Paint Plc added 4.78 per cent to close at N4.38.

Cadbury Nigeria Plc and UPL Plc which closed the day's top five gainers appreciated by 4.56 per cent each to close at N29.80 and N4.66 respectively.

On the other hand, DN Meyer led the losers with a loss of 10.00 per cent to close at N2.52,while AIICO and MORISON followed with a loss of 9.09 per cent to close at N0.60. Transcorp and UTC depreciated by 4.21 and 3.43 per cent to close the day at N0.91 and N0.51 respectively.

At the close of trading session, the NSE All-Share Index inched up by 0.56 per cent or 150.37 basis points to close at 26,822.09 as against 26,671.72 recorded the previous session which closed last Friday.

Consequently, market capitalisation appreciated by N48 billion or 0.56 per cent to close at N8.570 trillion as against N8.522 trillion recorded the previous day as the bulls continue to suppress the bears.

The insurance sub sector of the financial Services sector led the market transaction volume with 234 million units valued at N118.9 million exchanged in 124 deals.

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