… As NAICOM says Insurance industry assets hits N2.1trn in 2021 ***
Trading opened on the floor of the Nigerian Exchange Ltd. (NGX) on Monday on a negative note due to profit-taking in Airtel Africa and 22 others stocks.
The newsmen report that the market capitalisation dipped N75 billion to close at N25.360 trillion from N25.435 trillion achieved on Friday.
Also, the All-Share Index lost 139.02 points to close at 47,063.28 compared with 47,202.30 posted on Friday.
Also read: NGX closes red, down by N45 billion
Accordingly, the month-to-date and year-to-date returns moderated to 1.0 per cent and 10.2 per cent, respectively.
The negative performance of the market was driven by price depreciation in large and medium capitalised stocks which are: Airtel Africa, Nigerian Exchange Group (NGXGroup), BUA Foods, Custodian Investment and Lafarge Africa.
However, the market closed at par with 23 gainers and 23 laggards.
Guinness, Learn Africa and NCR led the gainers’ chart in percentage terms by 10 per cent each to close at N66.55, N1.65 and N3.63 per share, respectively.
University Press followed with 9.81 per cent to close at N2.91, while Academy Press up by 9.56 per cent to close at N1.49 per share.
Pharma-Deko rose by 9.09 per cent to close at N1.80, while NEM Insurance gained 8.13 per cent to close at N3.59 per share.
On the other hand, Japaul Gold and Ventures led the losers’ chart in percentage terms by 7.69 per cent to close at 36k per share.
Courteville Business Solutions followed with 7.27 per cent to close at 51k, while Custodian Investment lost 5.70 per cent to close at N7.45 per share.
NGX Group declined 5.66 per cent to close at N25, while NPF Microfinance Bank shed 5.45 per cent to close at N2.08 per share.
The total volume traded increased by 8.51 per cent to 338.03 million units valued at N5.68 billion exchanged in 5,619 deals.
This was in contrast with 311.50 million shares worth N4.39 billion traded in 4,916 deals on Friday.
Transactions in the shares of Fidelity Bank topped the activity chart with 35.82 million shares valued at N104.93 million.
Access Bank followed with 33.85 million shares worth N353.72 million, while Transcorp traded 32.88 million shares valued at N38.51 million.
Sterling Bank traded 24.51 million shares worth N41.91 million, while Guaranty Trust Bank Holding Company transacted 23.18 million shares worth N613.44 million.
In the meantime, The National Insurance Commission (NAICOM) on Monday said that the insurance industry recorded N2.1 trillion as total assets in its 2021 unaudited industry’s performance report.
Mr Rasaaq Salami, Head, Corporate Communications and Market Development, NAICOM, stated this in a statement in Lagos.
NAICOM said that the Gross Premium Income (GPI), unaudited of the industry also grew to N630 billion in 2021 from N514 billion recorded in the 2020 audited report.
According to the commission, the net claims paid by the industry stood at N238 billion.
The newsmen report that the Nigerian Insurers Association (NIA) had on Tuesday, Feb. 8 announced that insurers paid a total of N224 billion as claims out of N508 billion generated as Gross Premium Written by the industry in 2020.
Mr Ganiyu Musa, Chairman, NIA, had at a news conference in Lagos said the claims paid was 44 per cent of the total industry premium.
Musa said that the association would continue to complement the efforts of NAICOM in its campaign on the domestication of compulsory insurances in states.
“It is our expectation that laws on compulsory insurance can be domesticated in other states just as Lagos state has done.
“Beyond the efforts of the commission, NIA has also upscaled its market development initiatives through strategic engagements with the various states,” he said.