The Nigerian Stock Exchange Insurance Index ended the week on a bullish note, after it gained 2.84% to close at 197.46 index points. The appreciation is the highest posted by any of the listed NSE Indices for the week
This is according to a weekly report issued by the Nigerian Stock Exchange, and seen by Nairametrics.
The growth in the NSE Insurance Index for the week can be attributed to the appreciation of most insurance stocks such as; Regency Assurance, Mutual Benefits Assurance and Linkage Assurance Plc which all appreciated with a minimum of 10% for the week.
According to the report, the trio (Regency, Mutual Benefits and Linkage) recorded an increase of 22.2%, 11.43% and 10% respectively, placing the aforementioned firms in the top 10 price gainers for the week.
Recall that during the week, five insurance companies which comprises of; AIICO, NEM, Regency Assurance and 2 others gained a total of N2.29 billion in value for just one day, as earlier reported by Nairametrics.
What you should know
- The NSE All-Share Index and Market Capitalization depreciated by 1.74% to close the week at 38,648.48 and N20.221 trillion respectively.
- Sequel to this, most indices finished lower, except NSE Mainboard, NSE Insurance, NSE ASeM, NSE MERI Growth, NSE Consumer Goods and NSE Oil/Gas Indices, which rose by 0.37%, 2.84%, 0.12%, 0.24%, 2.18 and 0.59% while the NSE Sovereign Bond Index closed flat.
- The NSE Insurance Index returned 4.2% on a Year-to-Date basis.
- On a general note, the Financial Services Industry traded 1.2 billion shares valued at N10.272 billion in 12,518 deals for the week(measured by volume); thus contributing 71.64% and 43.64% to the total equity turnover volume and value respectively