started · updated
Nigerian Exchange swings: profit‑taking wipes N648bn, insurance rally adds N481bn
On Wednesday, renewed profit‑taking across major counters triggered a broad‑based sell‑off on the Nigerian Exchange (NGX). The All‑Share Index fell 0.41% to 246,980.17 points and total market capitalisation contracted by roughly N648 billion to N159.344 trillion. The decline was driven chiefly by TIP, which dropped about 9.9%, and NREIT, down about 8.9%, while insurance stocks remained in demand among bargain hunters.
The previous day, a rebound was led by strong demand for insurance and consumer‑goods stocks. The NGX All‑Share Index rose 0.30% to 247,984.55 points, adding N481 billion to market capitalisation, which climbed to N159.992 trillion. Insurance companies such as Lasaco Assurance led the gains, rising 10% to N2.20 per share, followed by Linkage Assurance and Trans‑Nationwide Express. Analysts linked the rally to the looming July 31 insurance recapitalisation deadline, which spurred investor interest. Trading volume on the rally day reached 676.92 million shares, valued at N36.43 billion.
Entities
Aruna Kebira · HBM Nigeria Plc · LASACO Assurance · LINKASSURE · Lasaco Assurance Plc · NREIT · Nigerian Exchange (NGX) · Nigerian Exchange (NGX) · SUNU Assurance · TIP
Claims
What the coverage asserts, and how many sources carry each claim.
- [● 2 SOURCES] The loss was led by TIP, which fell about 9.91%, and NREIT, which fell about 8.85%. punchng.com · nairametrics.com
- [○ 1 SOURCE] The rally was linked to the upcoming July 31 insurance recapitalisation deadline. realnewsmagazine.net
- [DISPUTED] On Wednesday, the NGX All‑Share Index fell 0.41% to 246,980.17 points. punchng.com · nairametrics.com
- [● 2 SOURCES] On Tuesday, the NGX All‑Share Index rose 0.30% to 247,984.55 points. bizwatchnigeria.ng · realnewsmagazine.net
- [● 3 SOURCES] Insurance stocks led gains, with Lasaco Assurance rising 10% to N2.20 per share. bizwatchnigeria.ng · realnewsmagazine.net
- [● 2 SOURCES] Market capitalisation contracted by approximately N648 billion to N159.344 trillion on that day. punchng.com · nairametrics.com
- [● 2 SOURCES] Market capitalisation increased by about N481 billion to N159.992 trillion. bizwatchnigeria.ng · realnewsmagazine.net
- [● 2 SOURCES] Trading volume on the rally day was 676.92 million shares, valued at N36.43 billion. bizwatchnigeria.ng · realnewsmagazine.net