AXA Mansard, AIICO, Custodian Insurance, and other players in the insurance sector are driving a mild intraday rally on the Nigerian Exchange (NGX) Wednesday.
The market’s uptrend remains modest, fuelled largely by lightweight stocks that continue to dominate the current bullish run. Anticipation of recapitalisation in the insurance industry has drawn investor interest to underpriced insurance shares, triggering a re-rating of the sector. At the start of the month, all listed insurance firms had a combined market capitalisation below ₦700 billion.
Stockbrokers also noted some price movements in banking and oil and gas equities, with marginal gains in consumer goods. By midday, the NGX All-Share Index had inched up 0.07%, according to a market note from Alpha Morgan Limited, reflecting positive sentiment.
Analysts attributed the slight uptick to investor appetite for select mid- and large-cap stocks. Top gainers at the session included MANSARD (+9.99%), AIICO (+9.93%), CUSTODIAN (+9.50%), OANDO (+5.77%), and WEMABANK (+5.75%). Others were UACN (+4.20%), NAHCO (+3.86%), UCAP (+3.39%), NASCON (+2.84%), FCMB (+1.35%), FIRSTHOLDCO (+0.46%), and ACCESSCORP (+0.36%).
