International Energy Insurance Gains 57.14% in One Week

February 6, 2023
International Energy Insurance

By Dipo Olowookere

Shares of International Energy Insurance appreciated 57.14 per cent on the floor of the Nigerian Exchange (NGX) Limited last week, closing at 99 Kobo compared with the preceding week’s 63 Kobo.

The underwriting is getting the attention of investors after the embargo on trading on the company’s stocks was lifted a few weeks ago.

In the week, Northern Nigerian Flour Mills gained 44.44 per cent to trade at N9.75, Geregu Power rose by 36.88 per cent to N219.00, MRS Oil improved by 20.94 per cent to N19.35, and John Holt increased by 20.91 per cent to N1.33.

On the flip side, Chams lost 16.67 per cent to close at 25 Kobo, Guinness Nigeria, Ikeja Hotel, and NCR Nigeria declined by 10.00 per cent each to finish at N63.00, 99 Kobo, and N3.24, respectively, while Academy Press shed 9.85 per cent to end at N1.19.

At the close of the trading week, 55 equities were on the gainers’ chart, higher than the 44 equities on the log in the previous week; 27 equities were on the losers’ table, lower than the 29 equities in the preceding week; and 75 equities remained unchanged, lower than 84 equities recorded in the prior week.

The off-market deal in the shares of Universal Insurance last week caused a significant expansion in the activity chart as it recorded the sale of 3.789 billion stocks worth N27.500 billion in 20,333 deals, in contrast to the 756.769 million stocks valued at N13.653 billion transacted in 18,248 deals in the previous week.

An analysis showed that financial equities recorded 3.461 billion units valued at N7.182 billion in 8,978 deals, contributing 91.35 per cent and 26.12 per cent to the total trading volume and value, respectively.

In the five-day trading week, conglomerates stocks recorded the sale of 78.306 million units worth N210.522 million in 746 deals, while consumer goods shares witnessed a turnover of 54.009 million units worth N1.923 billion in 3,405 deals.

Business Post reports that Universal Insurance, GTCO, and Zenith Bank were the busiest stocks in the week, trading 3.048 billion units valued at N4.653 billion in 2,674 deals, accounting for 80.45 per cent and 16.92 per cent of the total trading volume and value apiece.

The All-Share Index (ASI) and the market capitalisation appreciated last week by 2.95 per cent to 54,213.09 points and N29.528 trillion, respectively.

Similarly, all other indices finished higher with the exception of the consumer goods index, which depreciated by 0.42 per cent, while ASeM and sovereign bond indices closed flat.

Dipo Olowookere

Dipo Olowookere is a journalist based in Nigeria that has passion for reporting business news stories. At his leisure time, he watches football and supports 3SC of Ibadan.

Mr Olowookere can be reached via [email protected]

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