NEM Insurance, other major gainers push NGX-ASI higher by 0.70%

Nigeria’s equities market increased further by 0.70 percent on Wednesday as investors sentiment favoured insurance stocks like that of NEM Insurance Plc. The market’s return this year has risen to 41.67 percent, according to August 6 trading data. This week, the stock market has risen by 3.22 percent, while it’s up by 4.25 percent month-to-date (MtD).

Buy interests in insurances stocks like NEM, Axa Mansard, and Mutual Benefits also helped push the market higher. NEM Insurance rallied most after its share price rose from day-open low of N27 to N29.70, adding N2.70 or 10percent.

Looking at the major advancers shows that Haldane Mccall Plc rose from N4.40 to N4.84, adding 44kobo or 10 percent. Learn Africa was also up, from N5.70 to N6.27, adding 57kobo or 10 percent.

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Jaiz Bank rose from N4.30 to N4.73, adding 43kobo or 10 percent, while another major gainer SCOA Plc rallied from N5 to N 5.50, adding 50kobo or 10percent.

Other insurance stocks like Mutual Benefit moved up from N2.20 to N2.42, after adding 22kobo or 10 percent. AXA Mansard moved from N11 to N12.10, adding N1.10 or 10percent.

At the close of trading on Wednesday, the Nigerian Exchange Limited (NGX) All-Share Index (ASI) and Market Capitalisation increased further from preceding trading day’s lows of 144,796.37points and N91.608trillion respectively to 145,813.86 points and N92.251trillion.

In 35,137 deals, investors exchanged 2,698,375,707 shares valued at N32.630billion. Consolidated Hallmark, Linkage Assurance, Sterling Financial Holdings Company, AIICO, and Zenith Bank were actively traded stocks.

TAGGED:bdothernews NEM Insurance Nigeria's equities market

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ByIheanyi Nwachukwu

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Iheanyi Nwachukwu, is a creative content writer with almost two decades journalism experience writing on banking, finance, capital markets, and tax. The multiple awards winning journalist is Assistant Editor, BusinessDay. Iheanyi holds BSc Degree in Economics from Imo State University; Master of Science (MSc) Degree in Management from University of Lagos. Iheanyi has attended several work-related trainings including (i) Advanced Writing and Reporting Skills (Pan African University, Lagos); (ii) News Agency Journalism (Indian Institute of Mass Communication {IIMC}, New Delhi, India); and (iii) Capital Markets Development and Regulations (International Law Institute {ILI} of Georgetown University, Washington DC, USA). Other trainings Iheanyi attended include: Economic/Political Risk Analysis (By Thomson Reuters Foundation); International Financial Journalism (IFJ) (By PMA Media Training, UK); Effective Business Writing Skills (By Phillips Consulting); Reporting on Corporate Governance (By International Finance Corporation (IFC) & Thomson Reuters Foundation UK); etc. In addition, he has participated in high-level economy & markets events in Dubai, South Africa, Morocco, and other African countries like Zambia, Ghana and Gambia.