Insurance stocks drive NSE turnover by 50%

By Michael Eboh & Lisa Chiekwu
Equity trading on the Nigerian Stock Exchange (NSE) was boosted last week by activity in the Insurance sub-sector, accounting for 49.9 per cent of the market turnover.
Specifically, a turnover of 4.61 billion shares valued at N61.9 billion in 78,882 deals, representing an appreciation of 9.24 per cent from the penultimate week’s turnover of 4.22 billion shares valued at N70.8 billion in 77,374 deals.
The Insurance sub-sector dominated the other sub-sector, as its turnover value in a single week hit an all-time high, crossing the N10 billion market. It recorded a turnover of 2.26 billion shares valued at N10.42 billion in 19,337 deals. Trading in the sub-sector as driven by investors’ interest in the shares of Lasaco Assurance Plc, Equity Assurance Plc, and NEM Insurance. Trading in the shares of the companies accounted for 49.57 per cent of the sub-sector’s turnover.
Lasaco Assurance emerged the most active in the sector, with a turnover of 535.67 million shares valued at N2.17billion in 3,345 deals, Equity Assurance Plc followed with the exchange of 344.01 million shares valued at N1.12 billion in 2,918 deals, while NEM Insurance Plc recorded 239.59 million shares valued at N936.18 million in 2,823 deals.
The Banking sub-sector followed on the sectorial analysis with a turnover of 1.53 billion shares valued at N37.11 billion in 35,990 deals. Fidelity Bank Plc recorded the highest transaction in the sub-sector, trading 289.36 million shares valued at N3.48 billion in 3,443 deals, followed by Oceanic Bank International Plc with the exchange of 181.86 million shares valued at N5.16 billion in 2,954 deals and Intercontinental Bank Plc recorded 172.74 million shares valued at N6.99 billion in 3,066 deals.
Boosted by gains on the share prices of highly capitalised stocks, the performance indicators, the All-share index and market capitalisation both appreciated in the week under review by 0.14 per cent. Specifically, the index which opened the week at 58,406.36 points closed at 58,211.69 points while the capitalisation closed at N10.59 trillion from N10.58 trillion at which it opened.
Chevron Oil Nigeria Plc recorded the highest share price gain, rising by N52.67 per share to close at N243.40 per share, Julius Berger Nigeria Plc followed with a gain of N9.42 to close at N94.45 per share and Beta Glass Company Plc garnered N4.59 to close at N24.15 per share.
Other share price gainers include: Platinum Habib Bank Plc N4.00, Guinness Nigeria Plc N3.00, Cadbury Nigeria Plc N2.99, Chemical and Allied Products Plc N2.39, Big Treat Plc N2.26, Japaul Oil and Maritime Services Plc N2.24, Cutix Plc N1.95 among others.
On the contrary, African Petroleum Plc recorded the highest share price loss, dropping by N10.11 to close at N260.00 per share, followed by Mobil Oil Nigeria Plc with a loss of N9.44 to close at 180.00 per share while Ashaka Cement Plc dipped by N8.38 to close at N46.57 per share.
Other share price losers include: Nestle Nigeria Plc N8.10, Oando Plc N5.67, Afribank Nigeria Plc N4.33, Nigerian Bottling Company Plc N3.45, Northern Nigerian Flour Mills Plc N3.32, West African Portland Cement Company Plc N3.14, Cement Company of Northern Nigeria Plc N3.12 among others.