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Insurance sector pushes market to recovery

Friday at 20,903.16 while the market capitalization of the 188 First -Tier equities increased to N6.62 trillion. The NSE-30 Index also appreciated by 31.03 points or 3.4 cent to close at 931.39.

The Insurance sector was the most active during the week (measured by turnover volume); with 6.96 billion shares worth N12.01 billion exchanged by investors in 1,365 deals. Volume in the Insurance sector was largely driven by activity in the shares of Guaranty Trust Assurance Plc. Trading in the shares of the Insurance Company accounted for 6.773 billion shares, representing 97.4 per cent and 81.9 per cent of the sector’s turnover and total volume traded during the week, respectively.

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Last week, ASI and NSE-30 Indices appreciated by 1.9 per cent and 2.2 per cent, respectively. Three of the four sectorial indices appreciated compared with all the four that so appreciated during the preceding week. The NSE Food/Beverage Index appreciated by 0.81 points or 0.1 per cent to close at 633.46. The NSE Banking Index appreciated by 13.09 points or 4.5 per cent to close at 301.01. The NSE Insurance Index appreciated by 0.66 points or 0.5 per cent to close at 150.23.

However, the NSE Oil/Gas Index depreciated by 0.23 points or 0.1 per cent to close at 245.34. A turnover of 8.5 billion shares worth N24.5 billion in 19,706 deals was recorded this week, in contrast to a total of 1.4 billion shares valued at N9.9 billion exchanged last week in 16,934 deals. The Banking sector, boosted by activity in the shares of Diamond Bank Plc, Zenith Bank Plc and UBA Plc followed on the week’s activity chart with a sector turnover of 1.313 billion shares valued at N8.04 billion traded in 10,428 deals. Last week, the Banking sector led on the activity chart and was followed by the Insurance sector.

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However, 33 equities appreciated in price during the week, same as in the preceding week. Also, as in the preceding week, Dangote Cement Plc led on the gainers’ table with a gain of N7.00 or 7.0 per cent to

close at N107.00 per share while Lafarge Cement WAPCO Nigeria Plc followed with a gain of N3.05 or 7.8 per cent to close at N42.00 per share. Other price gainers’ include Flour Mills of Nigeria 2Plc with

3.01, Nigerian Breweries Plc  2.40 per share, NCR (Nig) Plc  1.22, Guaranty Trust Bank Plc 1.00, Roads Nigeria Plc – 0.88, Ashaka Cement Plc – 0.71, Access Bank Plc – 0.56, Diamond Bank Plc – 0.49.

Similarly, 29 stocks depreciated in price, lower than the 30 of the preceding week. Nestle Nigeria Plc led on the price losers’ table, dropping by N1.55 per share to close at N400.01 per share while UACN Property Development Co. Plc followed with a loss of N0.76 to close at N11.59 per share. Other price losers include Dangote Sugar Refinery Plc – 0.50, PZ Cussons Nigeria Plc -0.45, Chemical & Allied Products

Plc 0.41, Unilever Nigeria Plc 0.40, Ecobank Nigeria Plc – 0.39, Nigerian Aviation Handling Co. Plc 0.36,Avon Crowncaps & Containers (Nig) Plc 0.31, Longman Nigeria Plc 0.22


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