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Experts in the nation’s insurance industry have called on underwriting firms to tap into opportunities in the real estate sector, which valuers estimate at about N59 trillion to contribute to the growth of the economy.
The Guardian gathered that although real estate investment is not admissible as a part of the paid-up capital in the ongoing exercise, insurers perceive property as another investment sanctuary.
Many insurers after the regulatory-induced recapitalisation will have enough funds at their disposal to invest in profitable sectors to give good returns to their shareholders. x
The National Insurance Commission (NAICOM), has raised the minimum paid-up share capital of a life insurance company from N2 billion to N8billion, non-life insurance from N3 billion to N10billion and composite insurance from N5billion to N18billion.
By Goddy Egene
The stock market sustained its positive performance for the second day as the Nigerian Stock Exchange (NSE) All-Share Index (ASI) rose 0.14 per cent to close at 40,221.30, while market capitalisation added N29.5 billion to close at N21.043 trillion.
The gain recorded followed increased buying interest in Lafarge Africa Plc, Zenith Bank Plc and Guaranty Trust Bank Plc. A total of 22 stocks appreciated compared with 20 that depreciated. Market operators said bargaining hunters are positioning for dividends that are being declared for the 2020 earnings season. United Capital Plc and African Prudential Plc had last week announced dividends of 70 kobo and 50 kobo last week.
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’Femi Asu
Investors in the nation’s stock market lost N130bn on Thursday as 30 firms saw their share prices decline at the end of trading.
The Nigerian Stock Exchange All-Share Index fell by 0.63 per cent to 40,212.19 basis points from 40,465.32bps on Wednesday.
The market capitalisation of listed equities dropped by N130bn to N21.04tn from N21.17tn on Wednesday.
A total of 426.27 million shares valued at N4.75bn were traded in 4,972 deals at the end of trading on the floor of the NSE on Thursday.
University Press Plc led the losers on Thursday as its share price declined by 9.09 per cent to close at N1.20.