How Insurance Sector negative statement drags NE All-Share Index to a 39,156.28 close during the week

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Insurance as risk absorber sector, pay attention to any security threat always……

The overall report of Nigerian Exchange (NE) All-Share Index have reported 1.11% merger growth to close on 39,156.28 and Market Capitalization close on N20.409 trillion at weekend respectively.

Nevertheless, the report further disclosed that with the exception of NE Insurance and ASeM which reported decline by 4.12% and 2.00% respectively, all other indices finished higher, while the NE Growth Index closed flat.

The further analysis of trading activities on June 11th, 2021 showed equity traded stood at a total turnover of 1.058 billion shares worth N12.831 billion in 17,854 deals were traded this week by investors on the floor of the Exchange, in contrast to a total of 1.082 billion shares valued at N9.548 billion that exchanged hands last week in 17,933 deals.

According to the report at the end of week trading, the Financial Services Industry led the activity chart with 714.677 million by volume of shares valued at N5.951 billion traded in 9,718 deals; thus contributing 67.53% and 46.38% to the total equity turnover volume and value respectively.

The Consumer Goods Industry came second on the chart with 97.181 million shares by volume worth N3.297 billion in 3,006 deals and the ICT Industry followed closely with a turnover of 75.987 million shares worth N583.715 million in 679 deals.

The exchange also reported that the trading in the top three equities namely Zenith Bank Plc, Sterling Bank Plc and Fidelity Bank Plc by volume accounted for 261.344 million shares worth N2.712 billion in 2,862 deals, contributing 24.70% and 21.13% to the total equity turnover volume and value respectively.

The equity trading summary showed Thirty-five (35) equities appreciated in price during the week, higher than thirty-three (33) in the previous week. Thirty-six (36) equities depreciated in price higher than thirty-three (33)

equities in the previous week, while eighty-nine (89) equities remained unchanged lower than ninety-four (94) equities recorded in the previous week.

In his opinion, Mr Celestine Ukpong, an astute investor and economist on telephone conversation disclosed that the negative statement of the insurance sector index among its peers’ index is an indicator or warning signal of what may happened to economic activities during the week long of June 12 crisis. Insurance as risk absorber sector, pay attention to any security threat always and call for proper harness and manage by government securities agency, not to turn #ENDSARS saga, he added.

 

Mr Ukpong cited the previous week index report on June 4 which said all other indices finished higher with the exception of NE Consumer Goods and NE Oil/Gas to support his above statement.

 

 


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