…Wapic Insurance Plc rebrands to Coronation Insurance Plc
SAT, 24 OCT, 2020-theGBJournal-The ongoing civil unrest across the country weighed on investors sentiment, as activity levels remained weak with the value and volume of trades falling 14.4% w/w and 23.0% w/w respectively.
Mid-week sell-offs resulted in the market recording its biggest loss since October 7th, as the ASI declined by 0.8 However, bargain hunting in the last two trading sessions of the week (Thur: +0.4%; Fri:+0.5%) completely wiped off the week’s losses and pushed the market into the green.
As such, the All-Share Index ended the week with a marginal gain (+0.1% w/w), representing the fifth consecutive weekly gain. Notably, investors’ interest in NB (+5.7%), DANGCEM (+0.7%), STANBIC (+2.3%) and INTBREW (+18.2%) drove the benchmark index higher to 28,697.06 points. The MTD and YTD return for the index grew to 6.9% apiece. The Consumer Goods (+2.9%) index was the lone advancer as the Banking (-1.4%), Oil & Gas (-0.7%), Insurance (-0.6%) and Industrial Goods (-0.1%) declined.
All other indices finished lower with the exception of NSE-Main Board, NSE 30, NSE MERI Growth and NSE Consumer Goods which appreciated by 0.79%, 0.14%, 0.68% and 2.86% while the NSE ASeM Index closed flat.
Trading in the top three equities namely Guaranty Trust Bank Plc, Access Bank Plc and United Bank for Africa Plc (measured by volume) accounted for 633.527 million shares worth N10.006 billion in 3,887 deals, contributing 42.08% and 50.87% to the total equity turnover volume and value respectively.
‘’Despite the heat in the socio-political landscape triggered by the degeneration of the #ENDSARS protests, we do not expect a material dent to investors’ appetite for stocks,’’ Cordros Research analysts said in a note to theGBJournal.
‘’We reiterate that pent up system liquidity and the hunt for alpha-yielding opportunities in the face of increasingly negative real returns in the fixed income market remain positive for stocks. However, we advise investors to trade in only fundamentally justified stocks as the weak macro environment remains a significant headwind for corporate earnings.’’
Overall, twenty-eight equities appreciated in price during the week, lower than thirty-five equities in the previous week. Thirty-five equities depreciated in price, higher than twenty three equities in the previous week, while ninety-nine equities remained unchanged, lower than one hundred and four recorded in the previous week.
Meanwhile, Dealing Members were notified of the lifting of suspension of Union Dicon Salt Plc, one of the six listed companies that were suspended on 1 September 2020. The suspension placed on trading on the shares of the Union Dicon Salt Plc was lifted on Monday, 19 October 2020.
Trading in the shares of Sunu Assurances Nigeria Plc was on Monday, 19 October 2020 placed on full suspension.
The Nigerian Stock Exchange said, the suspension is necessary to allow for closure of the Company’s register of members in order to determine shareholders eligible for the share capital reconstruction as at the Qualification Date of 16 October 2020. The period of the suspension is from 19 October 2020 to 30 October 2020.
Also, Dealing Members were notified that the change of name of Wapic Insurance Plc to Coronation Insurance Plc has been implemented by The Nigerian Stock Exchange.
This is in line with the approval of the shareholders of the Company at its Annual General Meeting held on 12 August 2020 and the receipt by the Company of a new certificate of incorporation from the Corporate Affairs Commission (CAC) and re-registration by the National Insurance Commission (NAICOM).