…as Insurance stocks dominate NGX trading with shares worth N5.4bn
By Seun Ibiyemi
The Nigerian equities market closed the just-ended trading week on a bearish note, as investors suffered a combined loss of N832 billion amid a shortened trading schedule due to the Eid-el-Maulud public holiday.
Trading activities were limited to four sessions after the Federal Government declared Friday, September 5, 2025, a public holiday.
The market posted losses in three of the four sessions, recording gains only on Thursday.
Market capitalisation fell to N87.937 trillion from N88.769 trillion the previous week, while the All-Share Index (ASI) depreciated by 0.94 per cent to close at 138,980.01 points, compared to 140,295.50 points the week before.
The bearish momentum was most pronounced at the start of the week, as the Exchange shed N362.77 billion on Monday, followed by a loss of N622.95 billion on Tuesday and N367.29 billion on Wednesday.
Thursday brought some relief with a rebound of N520.63 billion.
In total, investors traded 3.117 billion shares worth N90.295 billion in 118,018 deals during the week, compared to 3.199 billion shares valued at N85.399 billion exchanged in 142,477 deals the previous week.
The Financial Services Industry led activity, accounting for 81.55 per cent of total turnover volume and 33.62 per cent of value with 2.542 billion shares worth N30.357 billion traded in 52,390 deals.
The Services Industry and Consumer Goods Industry followed, trading 114.61 million shares and 105.45 million shares respectively.
Sovereign Trust Insurance Plc, Access Holdings Plc, and Fidelity Bank Plc were the most traded stocks, contributing 54.05 per cent of total equity turnover volume and 10.87 per cent of value.
Market breadth remained negative, with 64 equities declining compared to 57 in the previous week, while 19 gained, lower than 32 recorded in the prior week.
Sovereign Trust Insurance Plc led the gainers’ chart with a 14.23 per cent rise, followed by Secure Electronic Technology Plc with 12.94 per cent and Cornerstone Insurance Plc with 12.36 per cent.
On the losers’ chart, Daar Communications Plc shed 21.10 per cent to lead the decliners, trailed by UPDC Plc with 13.85 per cent and Aiico Insurance Plc with 13.61 per cent.
Meanwhile, investors in insurance stocks on the Nigerian Exchange Ltd. (NGX) traded 1.8 billion shares valued at N5.4 billion during the week ended .
This is according to the data revealed from the NGX.
Conversely, investors transacted 763.5 million shares worth N2.3 billion last week.
Consequently, the market witnessed an uptrend in the market volume and value this week.
The uptrend was driven by Sovereign Trust, AIICO, Mutual Benefits, Lasaco, AXA Mansard, and 12 others.
Sovereign Trust Insurance led the market, trading 1.45 million shares valued at N4.3 billion across 667 transactions.
AIICO Insurance followed with 80.2 million shares worth N227.6 million in 2,709 deals.
Also, Mutual Benefits Assurance sold 35.2 million shares valued at N126.9 million across 1,084 transactions, and Lasaco Assurance transacted 37.6 million shares valued at N107.5 million in 578 deals.
While AXA Mansard Insurance traded 6.6 million shares worth N101.4 million across 737 deals, Veritas Kapital Assurance transacted 34.5 million shares valued at N66.7 million in 761 transactions.
Consolidated Hallmark Holdings sold 14.3 million shares worth N59.5 million across 551 deals, and NEM Insurance traded 2.1 million shares valued at N58.9 million in 461 transactions.
For Universal Insurance, 49.45 million shares worth 57.8 milion was traded across 636 deals, while WAPIC Insurance transacted 14.6 million shares valued at N48.8 billion in 468 transactions.
Cornerstone Insurance sold 6.1 million shares worth N40.97 million across 394 deals, and Prestige Assurance traded 22.8 million shares valued at N38.3 million in 449 transactions.
Also, Linkage Assurance transacted 16.1 million shares worth N33.4 million across 302 deals, while Guinea Insurance sold 15.1 million shares valued at N22.9 million in 618 transactions.
Sunu Assurances traded 2.6 million shares worth N13.8 million across 247 transactions, and Regency Alliance Insurance transacted 4.1 million shares valued at N5.35 million in 83 deals.
Also, International Energy Insurance sold 854,646 shares worth N2.9 million across 20 transactions.
Commenting, Mr Aruna Kebira, Managing Director of Globalview Capital Ltd., said the recent surge in demand for insurance stocks was linked to the Nigerian Insurance Industry Reform Act (NIIRA), signed into law by President Bola Tinubu on Aug. 5.
He noted that sell pressure on insurance stocks could rise in the coming weeks, given the robust provisions of the new law.
According to him, one of the key highlights is the strengthening of Nigeria’s participation in the ECOWAS Brown Card Insurance Scheme.
He added that this provided cross-border coverage and claims handling for accident victims within ECOWAS region.
He, however, advised prompt implementation of the Act.
He said, “Insurance stocks have the potential to grow bigger because of the provisions of NIIRA 2025.
“When the provisions have been fully implemented, there would be no insurance stock that would belong to the penny group of stocks on the NGX.”