Insurance Equities Lead Trading As NGX Turnover Declines

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Three insurance equities accounted for 4.168 billion shares valued at N9.249 billion in 1,660 deals on the Nigerian Exchange Ltd. (NGX) during the week under review.

The equities, Fortis Global Insurance Plc, Lasaco Assurance Plc and Consolidated Hallmark Holdings Plc,  were among the most actively traded stocks during the period.

The activity reflected continued investor interest in the insurance segment following the industry’s recapitalisation exercise.

In the preceding week, Fortis Global Insurance, Cornerstone Insurance Plc and Consolidated Hallmark Holdings led trading activity, accounting for 9.488 billion shares worth N36.219 billion in 1,781 deals.

Overall, the NGX recorded a turnover of 6.242 billion shares valued at N157.764 billion in 186,496 deals during the week.

This represented a decline from the 12.153 billion shares worth N176.058 billion traded in 224,146 deals in the previous week.

Consequently, transaction value fell by 10.39 per cent, while trading volume declined by 48.64 per cent.

The Financial Services Industry dominated trading activity, accounting for 5.594 billion shares valued at N56.431 billion in 82,300 deals.

The sector contributed 89.62 per cent and 35.77 per cent to the total equity turnover volume and value, respectively.

The ICT Industry followed with 143.704 million shares worth N29.793 billion traded in 23,740 deals, while the Services Industry recorded 138.672 million shares valued at N1.751 billion in 11,438 deals.

The market, however, closed the week on a negative note, with the NGX All-Share Index declining by 1.35 per cent to 239,351.16 points.

Similarly, market capitalisation fell by 1.33 per cent to N154.534 trillion.

All sectoral indices closed lower, except the NGX Consumer Goods Index, which appreciated by 0.05 per cent, while the NGX Sovereign…