Some stocks listed on the Nigerian Exchange have posted triple-digit gains, one of which is Veritas Kapital Assurance (VERITASKAP), which has gained 338 percent year-to-date.
The stock started 2024 with a share price of N0.37 and traded at a share price of N1.62 as of October 7, 2024.
VERITASKAP’s surge in the second half of 2024 has beaten the NGX growth trend. So far in H2, the stock has appreciated by 76 percent, despite the NGX declining by 2 percent during the same period.
Between May and July 2024, VERITASKAP appreciated by over 100 percent, moving from N0.57 as of May 20 to N1.21 as of July 8. During the same period, there was immense buy pressure on VERITASKAP shares, which surprised market observers.
In the Nigerian insurance space, the name ‘Veritas Kapital Assurance’ may not ring bells, but the company has leveraged low penetration in Nigeria to sell its products. It has also strengthened its foothold on the retail end of the market to beat headwinds.
However, due to 2024’s surge, the firm has now hit a market capitalisation of N22.5 billion, making it one of the most capitalised insurance stocks in the NGX.
