The Nigerian Exchange (NGX) Limited further improved by 0.52 per cent on Thursday as the market participants continued to react to the signing into law of the Nigerian Insurance Industry Reform Act (NIIRA) 2025 by President Bola Tinubu this week.
Insurance equities, which had been like the Biblical dead bones on the stock exchange, is beginning to rise again as prophesied in Ezekiel 37.
At the moment on Customs Street, stocks under the underwriting sector are traders’ toast, pulling high trading volume and topping the gainers’ chart.
Yesterday, AIICO Insurance was the best-performing equity after it gained 10.00 per cent to sell for N3.19, University Press, AXA Mansard, and Cornerstone Insurance also improved by 10.00 per cent each to settle at N5.61, N13.31, and N5.83, respectively, and Guinness Nigeria appreciated by 9.98 per cent to N141.60.
On the flip side, Chams lost 9.94 per cent to close at N2.90, Austin Laz depreciated by 9.83 per cent to N2.11, Caverton sank by 9.65 per cent to N6.37, UAC Nigeria crashed by 9.44 per cent to N81.50, and John Holt slipped by 9.43 per cent to N7.20.
At the close of transactions, the Nigerian bourse recorded 44 price gainers and 34 price losers, representing a positive market breadth index and strong investor sentiment, triggered by persistent hunger for insurance shares.
During the session, the insurance chalked up 8.76 per cent, the consumer goods space gained 4.08 per cent, and the banking index appreciated by 0.20 per cent.
However, due to profit-taking, the industrial goods counter went down by 1.73 per cent, the energy industry depreciated by 0.93 per cent, and the commodity sector crumbled by 0.53 per cent.
Business Post reports that the All-Share Index (ASI) rose by 756.85 points to 146,570.71 points from 145,813.86 points and the market capitalisation jumped by N479 billion to N92.731 trillion from N92.252 trillion.
A total of 2.0 billion stocks valued at N27.3 billion were traded in 35,291 deals on Thursday compared with 2.7 billion stocks worth N32.6 billion transacted in 35,137 deals on Wednesday, showing a rise in the number of deals by 0.44 per cent, and a decline in the trading volume and value by 25.93 per cent and 16.23 per cent apiece.
Linkage Assurance posted a turnover of 372.4 million units valued at N703.1 million, Prestige Assurance traded 249.3 million units for N357.5 million, Veritas Kapital exchanged 181.9 million units worth N363.0 million, Sterling Holdings transacted 121.0 million units valued at N968.3 million, and Lasaco Assurance sold 58.7 million units worth N217.5 million.