October 12, 2005/Source The Guardian
The number of insurance companies on the official list of the Nigerian Stock Exchange swelled yesterday following the listing of Great Nigeria Insurance Plc\'s 800 million shares at N1.20 per share.
With the listing, the number of insurance companies quoted increased to 23 and the market capitalisation of the Stock Exchange rose from N2.363 trillion to N2.381 trillion.
Besides, the volume of trading was enhanced as the company\'s 673.13 million shares worth N848 million changed hands, thus making the insurance sub-sector the most active at yesterday\'s trading with 680.7 million shares worth N860.8 million.
Speaking at the listing ceremony, the company\'s Managing Director, Mr Gbadebo Oladejo told stockbrokers that the 44 year-old company plans to become a very dominant player in the industry.
With current shareholders\' fund in excess of N1.8 billion, he said the company is planning to raise its shareholders\' fund to N5 billion between now and the first quarter of next year, and would also diversify into other areas.
In his own remarks, the Assistant Director-General of the Stock Exchange, Mr. Lance Elakama said: \"If you invest in the stock you will not regret it. I believe in prompt settlement of claims, and the company does that.\"
Meanwhile, investors staked N2.2 billion on 779.8 million shares yesterday, up from 61.5 million shares valued at N753.9 million exchanged on Monday.
The banking sub-sector followed the insurance sub-sector in volume terms with 70.6 million shares worth N771.3 million, while the healthcare sub-sector ranked third with 4.9 million shares worth N8.43 million.
Further breakdown of the banking sub-sector indicated that Guaranty Trust Bank Plc traded the highest volume with 34.1 million shares worth N423.2 million followed by Oceanic Bank International Plc with 7.23 million shares worth N45.7 million.
N the healthcare sub-sector, Ekocorp Plc sold the highest volume with 3.99 million shares worth N3.04 million, followed by Evans Medical Plc with 414, 179 shares worth N1.25 million.
Total Nigeria Plc led the price gainers up by 550 kobo to close at N193.50, followed by Texaco Nigeria Plc, Cadbury Nigeria Plc, Nestle Nigeria Plc and Oando Plc with 394 kobo, 251 kobo, 245 kobo and 100 kobo to close at N119, N62.25, N185,45 and N97.
On the other hand, UACN Plc led the price losers, down by 39 kobo to close at N15.62, while Cement Company of Northern Nigeria (CNN) and Japaul Oil Plc lost 15 kobo and 11 kobo respectively, closing at N7.85 and N2.18.