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Twenty Nigerian insurance firms’ market capitalisation reached N590.26bn, according to data from the Nigeria Exchange Limited at the close of trading on Wednesday.

AIICO Insurance Plc recorded a market capitalisation of N68.82bn, reflecting a 9.94 per cent increase in its stock price, which closed at N1.88. The company recorded 352 trades and a trading volume of 54,330,872 shares.

AXA Mansard Insurance Plc followed with a market capitalisation of N85.5bn. The stock price rose by 3.83 per cent to close at N9.50, with 118 trades and 2,874,592 shares exchanged.

Consolidated Hallmark Insurance Plc stock price fell by 5.82 per cent, closing at N3.40. The company’s market cap stands at N36.86bn, with 46 trades and 1,666,864 shares traded.

Cornerstone Insurance Plc, with a market cap of N71.39bn, saw a 5.30 per cent drop in its stock price, closing at N3.93. The company had 105 trades and a trading volume of 7,233,385 shares.

Coronation Insurance Plc recorded a slight decline of 0.74 per cent, closing at N2.67. The company’s market capitalisation is N64.06bn, with 122 trades and 6,045,461 shares exchanged.

Goldlink Insurance Plc’s market capitalisation is N909.99m, with no change in its stock price, which remained at N0.20. The company had no trades during the period.

Guinea Insurance Plc stock price rose by 2.06 per cent, closing at N0.99. The market cap stands at N7.86bn, with 154 trades and a trading volume of 25,501,155 shares.

International Energy Insurance Plc stock price remained unchanged, closing at N2.00. The company has a market capitalisation of N2.57bn, with 18 trades and 82,242 shares traded.

Lasaco Assurance Plc recorded a 2.44 per cent decline, with its stock price closing at N3.60. The market cap is N6.6bn, with 37 trades and 1,404,884 shares exchanged.

Linkage Assurance Plc saw a 9.72 per cent increase in its stock price, closing at N1.58. The market capitalisation stands at N24.33bn, with 79 trades and 8,187,830 shares traded.

Mutual Benefits Assurance Plc closed at N0.61, with no trades recorded. The market cap is N12.24bn.

NEM Insurance Plc saw a 0.76 per cent decrease in its stock price, closing at N13.00. The company’s market capitalisation is N65.21bn, with 107 trades and 3,955,683 shares exchanged.

Prestige Assurance Plc stock price dropped by 2.10 per cent, closing at N1.40. Its market cap stands at N18.55bn, with 146 trades and 13,107,089 shares exchanged.

Regency Assurance Plc recorded a 4.17 per cent decline in its stock price, closing at N0.92. The market capitalisation is N11.04bn, with 106 trades and 9,999,030 shares traded.

Sovereign Trust Insurance Plc stock price rose by 4.17 per cent, closing at N1.50. The company’s market cap is N21.34bn, with 73 trades and 4,927,312 shares exchanged.

Staco Insurance Plc stock price remained unchanged, closing at N0.48. The market capitalisation is N4.48bn, with no trades recorded.

Standard Alliance Insurance Plc stock price remained unchanged at N0.20, with no trades or change in market capitalisation, which stands at N2.58bn.

Sunu Assurances Nigeria Plc recorded a significant 9.99 per cent decline in its stock price, closing at N9.01. The market capitalisation is N52.36bn, with 103 trades and 1,351,669 shares exchanged.

Universal Insurance Plc stock price dropped by 8.97 per cent, closing at N0.71. The company’s market cap is N11.36bn, with 309 trades and 56,614,976 shares exchanged.

Veritas Kapital Assurance Plc saw a 4.58 per cent increase in its stock price, closing at N1.60. Its market capitalisation stands at N22.19bn, with 203 trades and 25,498,979 shares traded.

The PUNCH reported that the National Insurance Commission and some other stakeholders in the insurance industry have said that the passage of the new Insurance Consolidated Bill by the Senate will lead to a bigger sector.

-By Temitope Aina

The equity market began 2025 on a positive note, with the Nigerian Exchange recording a gain of N155bn as the All Share Index appreciated by 0.25 per cent.

The index closed at 103,180.14 points, up from 102,926.40, marking year-to-date, month-to-date, and week-to-date gains of 0.25 per cent, 0.25 per cent, and 1.02 per cent, respectively.

Also, the market capitalisation also rose to N62.918tn, resulting in an aggregate of 829.75m unit shares traded in 11,752 deals valued at N5.67bn.

The market breadth was positive, with 58 equities recording gains against 8 decliners.

Leading the gainers, National Cash Register, RT Briscoe, Cutix, International Energy Insurance plc, and Mansard all appreciated by 10.00 per cent, closing at N5.50, N2.75, N2.53, N1.87, and N9.02, respectively.

On the decliners’ list, Ellah Lakes led with a 4.75 per cent drop to close at N3.01, followed by NASCON and CWG, which fell by 4.31 per cent and 3.25 per cent to close at N30.00 and N7.45, respectively.

In terms of trading volume, Royal Exchange led the pack with 290.99m shares worth N318.64m, followed by Chams with 63.68m shares and AIICO with 58.60m shares.

For value traded, Zenith Bank dominated with trades worth N680.67m, while Access Corporation and UBA followed, recording N430.78m and N415.66m in value traded, respectively.

Additionally, sub-indices also posted performances, with the Insurance Index leading the way, rising by 9.5 per cent year-to-date and 22.23 per cent for the week. The Main Board Index increased by 0.3 per cent year-to-date and 1.51 per cent for the week. The Consumer Goods Index gained 0.16 per cent year-to-date and 2.27 per cent for the week.

Although the Banking Index saw a one-week decline of 0.68 per cent, it still closed 0.27 per cent higher year-to-date.

The PUNCH reported that the Nigerian Exchange Limited has recorded growth in the 2020s, breaking away from the challenges of the 2015–2019 period. The NGX All-Share Index has surged by 283.45 per cent since 2020, rising from 26,842.07 points at the end of 2019 to 102,926.40 points as of December 2024.

-By Temitope Aina

 

 

The Nigerian naira weakened to N1,541.36/$ on the first day of trading in the New Year.

According to the NFEM rate data available on the website of the Central Bank of Nigeria, this is a 0.36 per cent depreciation compared to the closing rate of 2024 which was N1,535.82/$.

Some authorised dealers quoted the dollar at N1,545/$, an improvement compared to the N1,550/$ quoted on Tuesday while others quoted the naira at N1520/$ at the close of trading on Thursday.

At the parallel market, the naira closed trading at N1,655/$  compared to N1670/$ on Tuesday.

The naira had recorded a 40.9 per cent depreciation in 2024 when compared to the official rate at the close of 2023, which stood at 907.11/$.

The significant depreciation comes amid the CBN’s introduction of several foreign exchange policies aimed at enhancing market transparency and attracting foreign investors.

The latest reform was the introduction of the Electronic Foreign Exchange Matching System which set new guidelines for authorised Foreign Exchange dealers in December. This introduction saw the naira gain some semblance of stability.

Meanwhile, in the money market, the Nigerian Interbank Offered Rate experienced downward movements across all maturities, signalling liquidity in the banking system. However, the Open Repo Rate fell by 0.61 per cent to 26.69 per cent, while the Overnight Lending Rate decreased by 0.55 per cent to 27.25 per cent.

Trading in the secondary market for FGN bonds was subdued, resulting in a slight uptick in the average yield to 19.76 per cent. In Nigeria’s sovereign Eurobonds market, buy pressure across the short, mid, and long ends of the yield curve led to a  6 bps decrease in the average yield to 9.62 per cent.

-By Oluwakemi Abimbola

 

 

 

 

 

The Nigerian Exchange has launched the Equity-Based Commodity Index, a market commodity index designed to track the performance of companies primarily operating in the energy, agriculture, mining, metals, and natural resources sectors.

The starting constituents of the index include Geregu Power Plc, Multiverse Mining and Exploration Plc, Okomu Oil Palm Plc, Presco Plc, Seplat Energy Plc, Transcorp Power Plc, and Aradel Holdings Plc.

The initial value of the NGX Equity-Based Commodity Index is set at 1,000.

In addition to launching the new index, the Nigeria Exchange Limited also provided updates on the changes in its incoming and existing indices.

In the NGX 30 Index, which tracks the largest and most liquid companies, Conoil Plc, International Breweries Plc, Oando Plc, and Transcorp Power Plc are the incoming constituents. However, Guinness Nigeria Plc, Sterling Holding Company Plc, Total Nigeria Plc, and Flour Mills Nigeria Plc will be exiting the index.

The NGX Consumer Goods Index will see Golden Guinea Breweries Plc added to its list of constituents, while Flour Mills Nigeria Plc will exit.

For the NGX Banking Index, Wema Bank Plc has been included, while Sterling Holding Company Plc will be removed.

Changes are also occurring in the NGX Insurance Index, with Guinea Insurance Plc and International Energy Insurance Plc joining the index. Conversely, LASACO Assurance Plc and Mutual Benefits Assurance Plc will be exiting.

The NGX Industrial Index will not see any changes, as there are no incoming or exiting companies.

In the NGX Oil & Gas Index, Aradel Holdings Plc, MRS Plc, and Oando Plc are the new additions, while Japaul Oil and Services will be exiting.

The NGX Pension Index will see Aradel Holdings Plc and Transcorp Power Plc included, with Flour Mills Nigeria Plc and Cadbury Nigeria Plc being removed.

In the NGX Lotus Islamic Index, Aradel Holdings Plc is the sole incoming constituent, while Dangote Sugar Refinery Plc exits.

The Corporate Governance Index will remain unchanged, with no new additions or removals.

In the NGX Pension Broad Index, Aradel Holdings Plc will join, while Flour Mills Nigeria Plc exits.

The Afrinvest Bank Value Index remains unaffected by the rebalancing, with no changes to its constituents.

In the Afrinvest Div Yield Index, Red Star Express Plc will be included, while FCMB Group Plc and Dangote Cement Plc will exit.

The Meristem Growth Index will add FCMB Group Plc, while Access Bank Plc and Zenith Bank Plc will be removed.

Lastly, in the Meristem Value Index, Access Bank Plc, Dangote Sugar Refinery Plc, and Zenith Bank Plc are the new additions, while AIICO Insurance Plc, Nigerian Breweries Plc, FCMB Group Plc, and Flour Mills Nigeria Plc will exit.

The Chief Executive Officer of NGX, Jude Chiemeka, highlighted that the Exchange continues to advance towards its goal of becoming the leading securities exchange by introducing products that deepen the market and enhance liquidity while connecting Nigeria to the global economy.

Also, the Head of Trading & Products at NGX, Abimbola Babalola, stated that the Exchange’s indices are managed and rebalanced semi-annually, allowing investors to track market movements effectively and optimise their investment strategies.

-By Temitope Aina

 

 

 

 

Nigerian Breweries Plc has announced the listing of 20.7bn ordinary shares of 50 kobo each on the Daily Official List of the Nigerian Exchange Limited.

In a statement filed by the company secretary, Uaboi Agbebaku, on Tuesday, the shares, which arose from the company’s rights issue of 22.6bn ordinary shares at N26.50 per share, were officially listed on Monday, December 30, 2024.

“Nigerian Breweries Plc (the ‘Company”) is pleased to notify its esteemed shareholders and the trading public that the allotted 20,706,894,542 ordinary shares of 50 Kobo each (arising from the Company’s Rights Issue of 22,607,491,232 ordinary shares of 50 Kobo each at N26.50 per share) were formally listed on the Daily Official List of the Nigerian Exchange Limited today, Monday, December 30, 2024.”

With this development, the total outstanding shares of Nigerian Breweries on the NGX have increased from 10.28bn to 30.98bn ordinary shares of 50 kobo each.

“With this listing, the total outstanding shares of the company listed on the NGX have now increased from 10,276,132,378 ordinary shares to 30,983,026,920 ordinary shares of 50 Kobo each,” the statement read.

The PUNCH reported that Nigerian Breweries Plc has announced that it would be raising about N600bn via a rights issue.

Also, in September, Nigerian Breweries Plc announced plans to reduce its foreign exchange losses through a N599.1bn rights issue. The company secretary, Uaboi Agbebaku, emphasised that the rights issue was aimed at eliminating forex losses from the company’s balance sheet and reducing its interest burden on local debts amid Nigeria’s 26 per cent monetary policy rate.

-By Temitope Aina