By Seun Ibiyemi
The Nigerian Exchange Limited (NGX) extended its losing streak to a third consecutive day on Wednesday, as steep declines in Axa Mansard Insurance, Learn Africa, and Legend Internet dragged the market lower by 0.45 percent.
Axa Mansard Insurance led the sell-off, plunging 9.95 percent to close at N14.39 per share, down N1.59 from N15.98. Learn Africa followed, shedding 78 kobo or 10 percent to settle at N7.02, while Legend Internet also dropped 10 percent, slipping from N5.30 to N4.77, a loss of 53 kobo.
Universal Insurance was another major loser, falling 9.60 percent to N1.13 from N1.25.
Although trading activity remained robust in bellwether stocks such as Access Holdings, Fidelity Bank, GTCO, UBA, and AIICO, overall sentiment stayed cautious. Market data showed that 482.76 million shares worth N19.67 billion were exchanged across 28,193 deals, an 18.45 percent rise in traded volume compared to the previous session.
At the close of trading, the All-Share Index (ASI) slipped from 138,780.55 points to 138,157.16 points. Market capitalisation also contracted, falling from N87.810 trillion to N87.416 trillion, while the year-to-date return slid further to 34.23 percent.
In a separate development, Sovereign Trust Insurance Plc unveiled plans to raise as much as N20 billion through a combination of capital market instruments, including a public offering, private placement, or rights issue. The proposal is subject to shareholder approval at the firm’s 30th Annual General Meeting (AGM) set for September 25 in Lagos.
The insurer also recommended a dividend of 5 kobo per ordinary share, less withholding tax, for shareholders on its register as of September 5, with payment expected immediately following the AGM.