To say that the 2021 financial period was a bullish year for equities in the Nigerian capital market would be stating the obvious. The 2021 period had eight months of positive returns and four months of bearish season for the Nigerian capital market.
Interestingly, the market ended with a positive return of 6.7 percent amid a remarkable last-minute rally that helped push the value of listed stocks up by N1.23trn.
Expectedly, the market liquidity and the record rally were driven majorly by domestic institutional and retail investors, thus reinforcing the potential of Nigerian investors in stabilizing and growing the market.
Based on analysis by THE WHISTER , three insurance companies emerged as the worst performing stocks as of the end of January. These stocks are: Sunu Assurance Nigeria Plc
With a capital depreciation of 26.83 per cent, the company led the table of the top losers in January. The company’s share price dropped from 40 kobo when trading started on the Exchange on January 4 to 30 Kobo as of the end of January this year.
The Company was incorporated as Equity Assurance Nigeria on December 13, 1984 and was licensed to underwrite all classes of general business. The company operates with a recently increased authorized share capital and shareholders’ fund.
The company is a corporate member of the West African Insurance Company Association (WAICA) and the Nigeria Insurers’ Association (NIA), the official umbrella of registered insurance companies in Nigeria, as well as The Africa Insurance Organisation (AIO).
The company changed its name from Equity Assurance Plc to SUNU Assurances Nigeria Plc with due approval from the shareholders and its regulator, National Insurance Commission (NAICOM). The approval was dated 29th March, 2018 and a new license was issued by NAICOM.
In its third quarter 2021 unaudited results for the period ended September 30th, 2021, the company’s gross premium grew by 52 per cent to N5.1bn from N3.4bn in the previous quarter, while profit before tax grew by 117 per cent to N317m. Sovereign Trust Insurance Plc
Sovereign Trust Insurance Plc followed on the top losers table losing 23.33 per cent of its share price. The company’s share price dropped from 28 kobo per share on January 4 when trading commenced for this year to 23 kobo as of the end of January.
The insurance firm commenced business in January 1995 following the restructuring and recapitalization of the then Grand Union assurances Limited. The company is licensed as […]