Staco Insurance drives trading on NSE

Staco Insurance drives trading on NSE
United Bank for Africa

The volume of shares traded on the Nigerian Stock Exchange (NSE) on Monday increased by 387.78 per cent as a result of investors’ rush for stocks of Staco Insurance.

Newsverge reports that investors traded 561.48 million shares valued at N2. 47 billion exchanged in 3,032 deals compared with 115.11 million shares worth N1.42 billion transacted in 2,861 deals on Friday.

An analysis of the activity chart indicated that Staco Insurance was the toast of investors with an exchange of 333.55 million shares valued at N166.78 million.

It was followed by Zenith International Bank 52.91 million shares worth N724.58 million, while Fidelity Bank traded 37.90 million shares valued at N29.92 million.

Stanbic IBTC sold 23.15 million shares worth N407.93 million and Guaranty Trust Bank exchanged 18.41 million shares valued at N487.36 million.

Newsverge also reports that the NSE market indices closed lower in spite of the 387.78 per cent growth in turnover.

The All-Share Index which opened at 25,514.03 dipped 28.86 points or 0.11 per cent to close at 25,485.17.

Similarly, the market capitalisation lost N9 billion or 0.10 per cent to close at N8.818 trillion compared with N8.827 trillion achieved on Friday.

The 7Up Bottling Company led the gainers’ table today, growing by N3.99 to close at N80 per share.

Unilever followed with a gain of N1.60 to close at N33.90 and PZ Industries gained 60k to close at N14.59 per share.

Stanbic IBTC increased by 29k to close at N18 and United Bank for Africa added 11k to close at N5.50 per share.

Conversely, Lafarge Africa recorded the highest loss to lead the losers’ table, shedding N1.11 to close at N39.90 per share.

Ecobank Transnational Incorporated trailed with a loss of 18k to close at N9 and Champion Breweries lost 12k to close at N2.28 per share.

United Capital was down by 4k to close at N2.66, while Fidelity Bank also dropped by 4k to close at 77k per share.