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Wapic Insurance leads YTD returns, likely to experience short-term correction

Category: Investors NewsBeat

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Wapic Insurance leads YTD returns, likely to experience short-term correction


Saturday, March 16, 2013/ The Analyst

An analytical x-ray of stocks listed on the Nigerian bourse reveals that Intercontinental Wapic Insurance Plc outperformed all stocks quoted on the Exchange in terms of YTD performance – suggesting that there has been a sustained positive sentiment towards the stock in recent time.

WAPIC has recorded +144.83% YTD gains so far in 2013; closely followed by WEMABANK and CCNN with +132.69% and +125.66% YTD gains respectively. Other top performers to complete the top ten list includes ETERNA, UBA, IPWA, EVANSMED, FO, UNITYBNK and NEM. See table below


In the same way, a cursory glance at the performance of Intercontinental Wapic Insurance Plc among its peers also revealed that it is a better performer. It has recorded a whopping +156.90% YTD gains to lead the pack while NEM came second with +66.67% YTD gains.

Out of the twenty-nine (29) stocks in the peer group; only eight (8) has so far made positive returns while the remaining twenty-one (21) closed flat; suggesting that they are unable to or have yet to yield any positive returns on investment so far in 2013.


Indeed, the average volume of the stock traded in 2013 plunged by -20.28% despite the +156.90% YTD gain recorded in its share price; compared to the +149.61% upsurge in average volume traded in 2012 where a +11.54% return-on-investment was recorded.


A comparison between the return on market index and the share price of WAPIC Plc reveals that both the index and the company’s share price’s returns moved in the same direction with the exception of Year 2010 when the index recorded a positive return and the share price of the firm recorded a negative return.

In Year 2013, YTD performance of the index recorded a +16.51% YTD gain while the share price recorded n impressive +156.90% gain.


Wapic Insurance Plc notified ‘The Exchange’ of its desire to raise N3.5bn by way of a rights issue

A review of the stock’s performance twenty (20) days before and after the rights issue notice reveals that the stock has traded more volumes 20-days after the notice with the share price recording -3.87% losses within similar period while it was otherwise 20-days before the notice was released to the market.


Technical Review- Gauging Investors’ Sentiments:   

We observed that Intercontinental Wapic Insurance Plc experienced in recent time (particularly in the last three (3) months), sustained positive sentiments along with strong continued bargain tendency from investors; while the stock remained bullish in both short and mid-long term period as indicated by its price moving averages.

The stock currently trades below its year high of N1.55kobo by 3.87%, closing at N1.49kobo with a strong prospect of trading above it - after the possible retracement in the near term. 

WAPIC Plc and the NSE X-Compliance Report  

In the latest NSE X-Compliance report dated Feb 8th, 2013; Wapic Insurance Plc was listed among fifty-one (51) quoted firms yet to file their unaudited Q1’ 2012 financials with the symbol (BLS) - Below Listing Standards while the company has ironically declared its Q2’ 2012 results. The detailed Q3’ 2012 result is not available at this time (inspite/despite the declaration of intent to raise funds).

The scheme of merger between Wapic Insurance Plc and Intercontinental Properties Limited was appropriately captured in our last week analysis of new offers on the bloc. 

The offer has Marina Securities Ltd and BGL Plc as the stockbroker and Issuing houses respectively while the insurance firm has also listed about 2.91bn shares of the scheme.


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