Fortis Global Insurance Plc emerged as the top loser on the Nigerian Exchange (NGX) on Monday, with its share price dropping 9.50 percent to close at N1.81 per share. The decline marked a significant fall from its previous closing price of N2.00, representing a loss of N0.19 per share. Despite this steep drop, the broader equities market posted a modest gain, with the NGX All-Share Index rising 0.18 percent to 252,566.84 points. The insurance company’s performance stood in contrast to the overall market momentum, drawing attention from investors and analysts alike.
The decline in Fortis Global Insurance’s stock came after a period of intense trading activity. On Wednesday, September 23, an enormous 860.31 million shares of the company were traded, valued at N1.75 billion. This volume accounted for more than half of the total market turnover that day, highlighting investor interest despite the subsequent price drop. Analysts noted that such high trading volumes often precede volatility, which may have contributed to Monday’s sharp decline.
Other stocks also experienced notable losses during the session. Trans-Nationwide Express dropped 8.47 percent, falling from N2.95 to N2.70. RT Briscoe declined by 6.07 percent to close at N10.05, while Wapic Insurance fell 6.03 percent to N2.18. Omatek Ventures rounded out the top five losers with a 4.73 percent drop, closing at N1.41 after trading at N1.48 the previous day.
On the positive side, several companies recorded strong gains. University Press Plc rose 9.89 percent to N5.00, while Critical Minerals Financing Corporation advanced 9.82 percent to N3.58. ABC Transport gained 9.80 percent to N5.60, Eterna climbed 9.62 percent to N42.75, and Sovereign Trust Insurance increased 9.17 percent to N2.62. These gains helped support the market’s upward trajectory despite Fortis Global Insurance’s steep decline.
Overall, the NGX saw increased trading activity on Monday, with investors exchanging 1.014 billion shares worth N39.02 billion across 61,517 deals. This compared to 708.85 million shares valued at N58.35 billion in 42,496 transactions the previous session. Market capitalisation also rose by approximately N299.36 billion, reaching N163.95 trillion from N163.66 trillion on Friday.
Fortis Global Insurance’s continued downward trend raises questions about investor confidence and potential underlying financial factors. As the company remains under scrutiny, market participants will closely monitor its future performance and any corporate announcements that may influence its stock trajectory.
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