By Chinyere Joel- Nwokeoma
The recapitalisation exercise recently announced by the National Insurance Commission (NAICOM) took a toll on insurance stocks in September with majority of them recording price depreciation.
Data obtained by the News Agency of Nigeria (NAN) from the Nigerian Stock Exchange (NSE) in Lagos showed that insurance equities dominated the losers’ table with Universal Insurance emerging the worst performing stock.
Universal Insurance emerged the worst performing stock in September in percentage terms with a loss of 42.50 per cent to close at 23k per share.
It was trailed by AXA Mansard Insurance with 23.53 per cent to close at N1.95, while Cornerstone Insurance dipped 20 per cent to close at 22k per share.
Flour Mills shed 19.35 per cent to close at N20, while Cement Company of Northern Nigeria (CCNN) lost 18.12 per cent to close at N25.30 per cent.
Other top losers were Lafarge Africa, Niger Insurance,…
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