Insurance Sector Leads Broad-Based Sell-Off As Stock Market Ends Week Negative
- The Nigerian stock market has ended the week on a negative as investors took profits mainly from insurance stocks
- In terms of value, on Friday, Guaranty Trust Holding Company (GTCO) led with transactions worth N2 billion.
- In the last trading day, the losers' table includes Lasaco Assurance Plc and International Energy Insurance Plc
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Legit.ng journalist Dave Ibemere has over a decade of business journalism experience with in-depth knowledge of the Nigerian economy, stocks, and general market trends.
The Nigerian Exchange closed the week on a negative note, extending losses for the third consecutive trading day.
Data from the Nigerian Exchange showed that on Friday, August 15, the All-Share Index (ASI) fell by 671.81 points to close at 144,628.20, representing a 0.46% drop.
Source: Getty Images
While market capitalisation lost N472.36 billion to N91.50 trillion from N92 trillion earlier in the week.
On a week-on-week basis, the market shed 0.78%, resulting in a total loss of N718 billion in investors’ wealth.
The stock market’s return year-to-date (YtD) decreased to +40.52%. This month, the market has risen by 3.41%.
In the review trading week, equities market recorded three days of negative closes as against two days of positives, as investors invade the local bourse in hunt for profit following weeks of rally.
The market was pressured by sell-offs in NEM Insurance Plc, Conoil Plc, Ellah Lakes Plc, MTN Nigeria Plc, and 35 other stocks. The Insurance sector led the decline among major sectors.
Here is a snapshot of the market
Sectoral performance (one-day change)
- Insurance Index: -8.73% (largest decline)
- Industrial Index: -1.84%
- Oil & Gas Index: -0.69%
- Consumer Goods Index: -0.32%
- Banking Index: +0.56% (only sector in positive territory)
Top 5 gainers
- Mutual Benefits Assurance: +10.00%
- Ikeja Hotel: +9.95%
- Wema Bank: +9.90%
- Deap Capital Management & Trust: +9.52%
- Triple Gee & Company: +8.32%
Top 5 decliners
- Lasaco Assurance: -10.00%
- International Energy Insurance: -10.00%
- Linkage Assurance: -10.00%
- Meyer: -9.95%
- Veritas Kapital Assurance: -9.92%
Source: Getty Images
Most traded stocks by volume
- Universal Insurance: 308.8 million shares
- AIICO Insurance: 117.9 million shares
- Mutual Benefits Assurance: 102.4 million shares
- Veritas Kapital Assurance: 70.4 million shares
- Sovereign Trust Insurance: 62.1 million shares
Most traded stocks by value
- Guaranty Trust Holding Company: N2.0 billion
- Zenith Bank: N992.3 million
- FBN Holdings: N787 million
- Lafarge Africa: N699.6 million
- United Bank for Africa: N675.8 million
Sterling parent company declares 157% profit growth
Earlier, Legit.ng reported that Sterling Financial Holdings Company Plc (Sterling HoldCo), the parent company of Sterling Bank, has announced a profit after tax of N41.78 billion in the first half of 2025(H1)
This was captured in its unaudited financial results released on Wednesday, July 30, on the NGX.
The H1, 2025 profit achieved is a 157% jump from N16.26 billion in the corresponding period of 2024.
Gross earnings increased by 39.7% to N212.61 billion, driven by a 38.3% growth in interest income and a 45% rise in non-interest income.
Source: Legit.ng
