Continental-Re, Niger Insurance lift overall market turnover by 9.8%

. As Insurance sector maintains positive 8% y/y ROI

The Nigerian insurance sector for the week ended 21 July, 2017, maintained positive year- on- year growth, just as increased trading in the sector during the week lifted the overall volume of stocks traded on the Nigerian Stock Exchange (NSE).

Continental Reinsurance Plc which traded at N1.30 per share recorded the sectors, highest turnover with a turnover of 174,986,650 million shares worth N220, 512,843.81m and was transacted by investors in 52 deals.

Nigeria Insurance plc followed in the sector’s activity table for the week with a total turnover of 168,219,050 million shares worth N84, 109,525.00m, and transacted in 15 deals. The equity price stood at N0.50 per share.

Meanwhile, the combined turnover of the two insurance companies which stood at 343,205,700, lifted the overall equities market turnover for the week which closed the week at 3,627,509,700 shares by 9.8 per cent.

The insurance sector sustained the year on year positive returns during the week with 8.20 per cent y/y. however the quarter to date (qtd) negative at -0.88 per cent, month to date and week to date also closed negative at -2.81 per cent and -3.95 per cent respectively. The sector opened the week at 140.60 points and closed on Friday, July 21 at 136.65 points, indicating weekly change of -3.65 points.

irrespective of the of challenges posed by harsh operating environment, the insurance sector of the Nigerian economy, has maintained a positive 8 per cent returns on investment year on year, as at the close of trade on Friday 21 July, 2017.

Meanwhile during the week ended 21 July, 2017, three insurance companies in adherence to the International Financial Reporting Standards (IFRS) filed their audited and periodic results, the companies are , African Alliance Insurance Company plc which filed its full year audited result ended 31 December 2015 as well as its full year audited result for the year ended 31 December, 2016.

Guinea Insurance Plc during the same week delivered to the Nigerian Stock Exchange (NSE) its 1st quarter unaudited result for the period ended 31March 2017, as well as 2nd quarter unaudited accounts for period ended 30th June, 2017.

Also, for the week ended 21 July, 2017, Lasaco Assurance Plc filled with the Nigerian bourse, its 2nd quarter unaudited financial statements for the period ended 30th June, 2017.