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Relating Stories

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• Insurance, Banks stimulate market
• Insurance drives trading

 

 

 

 

 

Insurance drives trading

•As twin indicators dip

By OLUTAYO OLUBI

THE Insurance subsector, as it did in the previous week, was the most active subsector during the week (measured by turnover volume), the subsector led on the activity chart and was followed by the Banking subsector.
Investors traded 2 billion shares worth N2.42 billion in 10,713 deals. Volume in the Insurance subsector was largely driven by activity in the shares of Investment and Allied Assurance Plc. Trading in the shares of the Insurance Company accounted for 1.51 billion shares, representing 76per cent of the subsector's turnover.

The Banking subsector, boosted by activity in the shares of Intercontinental Bank Plc, First City Monument Bank Plc, and First Bank of Nigeria Plc, followed on the week's activity chart with a turnover of 1.44 billion shares valued at N31.26 billion in 3 8,426 deals.. The All-Share Index dropped by 3.57per cent to close on Friday at 50, 422, 78. The market capitalization of the 209 First -Tier equities closed lower at Nl0.10 trillion.

A turnover of 4.05 billion shares worth N43.74 billion in 73,781 deals was recorded in the week, in contrast to a total of 3.4 billion shares valued at N40.83 billion exchanged the previous week in 71,899 deals.

Nineteen (19) stocks appreciated in price during the week, higher than the eighteen (18) in the preceding week. Ninety - Two (92) stocks depreciated in price during the week, higher than the ninety-one (91) in the preceding week.