The Nigerian Stock Exchange listed the entire share capital of African Alliance Insurance Company Plc into its daily official list.
The company‘s 16.7 billion ordinary shares of 50 kobo each was listed by introduction at N3.50 per share on Thursday, representing a total of N58.45bn. At the close of trading activities, the share price increased by 67 kobo or five per cent to close at N3.67 per share.
In its financial statement for the year ended, December 31, 2008, the company recorded a gross premium of N918.m, compared to N667.7m in 2007, while its total income stood at N1.85bn compared with N450m recorded in 2007.
Meanwhile, the listing of the company contributed significantly to the improvement in the major indicators on Thursday.
Specifically, the market capitalisation of the 211 listed equities rose by 2.5 per cent or N122bn from N4.885tn the preceding day, to N5.007tn.
Similarly, the NSE‘s All-Share Index appreciated by 1.3 per cent or 272.26 basis points to 21,542.58, up from 21,270.32 recorded the previous day.
Market analysts have, however, traced the positive development to the positive statements made by the Governor of the Central Bank of Nigeria, Mr. Lamido Sanusi, on the market.
According to them, investors in the capital market, who have lost confidence following losses of the past months, have been encouraged by the CBN governor. They said since the market was information-driven, things might begin to look up.
Stocks in the banking sub-sector continued to hold investors interest, as it accounted largely for total volume traded.
In the sub-sector, 303.555 million shares, valued at N2.230bn were exchanged by investors, in 3,093 transactions with trading accounting for 71 per cent of total volume.
Turnover in the sub-sector was driven by activity in the shares of Bank PHB Plc and Guaranty Trust Bank Plc.
Guinness Nigeria Plc had the highest price appreciation for the day, rising by 1.8 per cent or N2.47 to close at N140 per share, while Oando Plc lost the highest, shedding 4.6 per cent or N4.50 to close at N92.50 per share.