Fortis Global Insurance Tops Weekly Losers After 27.5% Decline

Fortis Global Insurance Plc emerged as the Nigerian Exchange’s (NGX) worst-performing stock last week after its share price plunged 27.50 percent, capping a week of broad-based losses that saw declining equities outnumber gainers by almost nine to one.

According to the NGX weekly report, Fortis Global Insurance fell from N2.00 to N1.45, representing the steepest decline among all listed equities during the week under review.

Top Weekly Losers

Fortis Global Insurance’s decline came during a difficult week for the broader market, as widespread profit-taking pressured share prices across multiple sectors.

The NGX All-Share Index (ASI) fell 1.60 percent to close at 243,052.74 points, while equity market capitalisation declined by approximately N1.97 trillion to N157.587 trillion.

Market breadth also weakened significantly. Only nine equities recorded gains during the week, compared with 80 stocks that closed lower, highlighting the broad-based nature of the selloff.

Despite finishing as the week’s biggest loser, Fortis Global Insurance remained one of the Exchange’s most actively traded stocks.

Alongside Mutual Benefits Assurance Plc and Sterling Financial Holdings Company Plc, it formed part of the three equities that collectively accounted for 1.544 billion shares worth N4.07 billion, representing 42.33 percent of total market trading volume.

The sharp decline in Fortis Global Insurance underscores the disconnect that can exist between trading activity and price performance.

Although the stock attracted significant investor interest during the week, persistent selling pressure ultimately drove it to the bottom of the NGX performance table, making it the worst-performing equity for the period.