AIICO, N.E.M, LASACO, others lift liquidity status

Investors’ preference to trade on their shares heightened for AIICO Insurance, N.E.M, Lasaco insurance and two other insurance companies, as they closed the week ended Friday, 20th October as the drivers of sectoral activities.

Meanwhile, there are some insurance stocks that had remained illiquid as sustained offers of such stocks in the market over long period fail to secure a bid, indicating illiquid nature of the stock, yet some are still priced below the per value pricing at OTC rates.

Report on trading activities for insurance companies listed on the Nigerian Stock Exchange (NSE) showed that the combined turnover by five insurance companies peaked at 42,356.694 million shares, accounting for about 97.4 per cent turnover recorded by the sector during the week.

The report showed that AIICO Insurance which has maintained liquidity level and robust turnover week on week, recorded the highest volume of shares transaction in the sector with a total of 26,698,060 million shares worth N15, 042,024.31 which was recorded in 147 deals at closing price of N0.54 per share.

N.E.M insurance placed second on the sector’s activity table for the week with 5,214,509million shares of the company valued N7,149,689.29 traded by investors in 88 deals, closing at N1.34 per share.

Lasaco Assurance commanded high investors’ sake during the week under review, as it pulled a total of 4,877,790 million shares worth N2, 438,895.00m exchanged by investors in 5 deals. The company opened week today at N0.50 per share.

The trend was sustained by Wapic Insurance and Continental Reinsurance as they pulled remarkable turnover as well during the week. While Wapic Insurance that close the week’s trade at N0.51 per share, pulled 2,471,576 million shares worth N1,239,200.19m in 122 deals, Continental Reinsurance recorded 2,471,576 million shares valued N1,239,200.19m in 52 deals and closed at N1.35 per share.