Insurance equities dominated trading on the Nigerian Exchange Limited (NGX) between December 29, 2025, and January 2, 2026, as investors channelled significant funds into the sector, pushing total transaction value to ₦19.48 billion within four trading sessions.
According to the NGX Activity Summary for equities, insurance carriers, brokers, and services accounted for 8,702 deals, with over 4.01 billion shares exchanged, reinforcing the sector’s growing appeal amid expectations of regulatory reforms, improved earnings, and recapitalisation-driven consolidation.
Cornerstone Insurance Plc emerged as the most actively traded stock by volume, recording an exceptional 3.68 billion shares traded in 328 deals, valued at ₦18.56 billion, and closing at ₦5.96. Market watchers attribute the surge to speculative positioning and portfolio rebalancing ahead of anticipated corporate actions.
AIICO Insurance Plc followed with strong market interest, posting 2,108 deals, as 46.42 million shares were traded at ₦3.88, valued at ₦175.16 million. Mutual Benefits Assurance Plc also featured prominently, with 33.62 million shares exchanged in 996 deals, worth ₦108.62 million, closing at ₦3.41.
Commenting on the trend, Celestine Ukpong, an economist, said the rally in insurance stocks reflects a broader reassessment of undervalued financial assets on the NGX.
“Insurance companies have historically traded below intrinsic value. What we are seeing now is a gradual correction as investors position ahead of recapitalisation requirements and improved macroeconomic stability in 2026,” Ukpong noted.
He added that rising financial inclusion and increased awareness of insurance products could further support earnings growth across the sector in the medium term.
Stocks with stronger price positioning also recorded notable activity. NEM Insurance Plc traded 4.09 million shares valued at ₦104.85 million, closing at ₦26.80, while AXA Mansard Insurance Plc exchanged shares worth ₦56.57 million at ₦13.70.
Other insurers, including Lasaco Assurance Plc, Linkage Assurance Plc, Veritas Kapital Assurance Plc, and Sovereign Trust Insurance Plc, recorded steady volumes, reflecting broad-based participation beyond a few bellwether stocks.
Providing a financial markets perspective, Peter Adebayo, FCA, said investor interest in insurance stocks is being driven by expectations of stronger balance sheets and improved governance.
“With recapitalisation discussions gaining momentum, investors are selectively accumulating insurance stocks they believe will survive consolidation and deliver better returns. This explains the heavy volumes, particularly in low- and mid-priced stocks,” Adebayo explained.
Beyond insurance, activity in other financial services segments remained muted. NPF Microfinance Bank Plc was the sole stock traded in the microfinance banking category, recording 432 deals, with 8.22 million shares exchanged, valued at ₦31.22 million, closing at ₦3.96.
The mortgage banking segment also witnessed limited activity, as Abbey Mortgage Bank Plc traded 1.55 million shares worth ₦9.71 million at ₦6.00, while Infinity Trust Mortgage Bank Plc recorded minimal turnover with 7,093 shares traded, valued at ₦48,712.
Analysts believe the dominance of insurance equities at the start of 2026 may set the tone for market direction in the coming weeks, as investors continue to reposition portfolios in anticipation of earnings releases, regulatory clarity, and macroeconomic reforms.
Insurance stocks dominated NGX trading from Dec 29, 2025, to Jan 2, 2026, as ₦19.48bn changed hands. Analysts Celestine Ukpong and Peter Adebayo explain the surge and investor outlook for 2026.
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