Wema Bank (-10%) topped the list of losers in Thursday’s trading on the NGX as the All Share Index declined by 0.34% to settle at 145, 864.8 points due to profit-taking in midcapped stocks, especially the insurance sector. Similarly, Market Capitalization dropped to N91.9 trillion.
On the gainers side, JULI PLC(+10%) led followed by Lotus Hall and Mergrowth.
Bullish Insurance Run Abate
Insurance stocks started the week on a bullish run but as witnessed with Wednesday’s trading, the decline in select insurance stocks continued on Thursday.
Insurance stocks took the hardest hit this hour with Sovrenins, Co, Linkassure, and Sunu Assurance all plunging knocking them clean off their 52-week high perches. In addition to Wema, other top losers included LASACO (-10%), Cileasing (-10%), UPDC (-10%), Sovrenins (-10%).
Insurance Stocks Rake in Trading Volume
In terms of activity levels, total volume increased by 83% to 2.4 billion units worth N22 billion. UNIVINSURE PLC has the highest volume with 390m units traded, AIICO traded 236m units, Linkassure 214m units, Mutual Benefits 157m units and Regal Insurance 109m units.
NB PLC had the highest value trade worth N1.8 billion while Ellalakes, Accesscorp, Zenithbank and Allco followed suit.
