New Telegraph

Equities: Insurers lead N6bn market loss

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Trading activities on the floor of the Nigerian Exchange Limited (NGX), yesterday, closed negative to upturn previous day’s gain as bears regained grip following sell-off witnessed on blue chip firms. The local bourse recorded 18 gainers against 17 losers to close the trading session on the negative route. Consequently, the All- Share Index dipped 11.24 basis points or 0.02 per cent to close at 47,353.22 index points as against 47,364.46 recorded the previous trading session, while market capitalisation of equities depreciated by N6 billion from N25.526 trillion the previous day to N25.520 trillion as market sentiment returned on the negative territory.

Meanwhile, a turnover of 239.73 million shares exchanged in 3,848 deals was recorded in the day’s trading. The premium sub-sector was the most active (measured by turnover volume); with 75.81 million shares exchanged by investors in 1,391 deals. Volume in the subsector was largely driven by activities in shares of UBA Plc and FBNH Plc. Also, the banking subsector, boosted by activities in shares of GTCO Plc and Fidelity Bank Plc, followed with a turnover of 50.09 million shares in 651 deals.

Further analysis of the day’s trading showed that in percentage terms, UACN Plc topped the day’s gainers’ table by 10 per cent to close at N12.10 per share, while Royal Exchange Plc followed with 9.80 per cent to close at N1.12 per share. Wapic Insurance Plc added 8.16 per cent to close at 53 kobo per share. On the flip side, Niger Insurance Plc led the losers by 9.09 per cent to close at 20 kobo per share, while Cornerstone Insurance Plc shed 6.45 per cent to close at 58 kobo per share. Veritas Kapital Plc trailed with 4.55 per cent to close at 21 kobo per share.

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