Valuation Update With 7 Day Price Move • May 06
Investor sentiment improves as stock rises 15% After last week's 15% share price gain to ₦1.87, the stock trades at a trailing P/E ratio of 11.1x. Average trailing P/E is 10x in the Insurance industry in Nigeria. Total returns to shareholders of 490% over the past three years. Announcement • Mar 06
Linkage Assurance Plc has filed a Follow-on Equity Offering in the amount of NGN 16.2624 billion. Linkage Assurance Plc has filed a Follow-on Equity Offering in the amount of NGN 16.2624 billion.
Security Name: Ordinary Shares
Security Type: Common Stock
Securities Offered: 12,320,000,000
Price\Range: NGN 1.32
Transaction Features: Rights Offering New Risk • Feb 04
New major risk - Earnings quality The company has a high level of non-cash earnings. Accrual ratio: 27% This is considered a major risk. Non-cash earnings can arise from many different things. However, if a company consistently has a high level of non-cash earnings, it may be a sign that they are recognizing revenue from customers before the full value of the sales are received as cash or they are not depreciating the value of their assets appropriately. These are practices that inflate earnings, while not providing a similar increase to cash flows. Companies in some select industries naturally have a high level of non-cash earnings and it is not a major concern. However, in the worst case scenario it can be an early sign of performance manipulation by management. Currently, the following risks have been identified for the company: Major Risk High level of non-cash earnings (27% accrual ratio). Minor Risks Paying a dividend despite having no free cash flows. Share price has been volatile over the past 3 months (11% average weekly change). Profit margins are more than 30% lower than last year (15% net profit margin). Market cap is less than US$100m (₦32.2b market cap, or US$23.3m). Reported Earnings • Jan 31
Full year 2025 earnings released: EPS: ₦0.26 (vs ₦0.30 in FY 2024) Full year 2025 results: EPS: ₦0.26 (down from ₦0.30 in FY 2024). Revenue: ₦28.2b (up 39% from FY 2024). Net income: ₦4.02b (down 28% from FY 2024). Profit margin: 14% (down from 27% in FY 2024). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has increased by 21% per year but the company’s share price has increased by 73% per year, which means it is tracking significantly ahead of earnings growth. New Risk • Nov 21
New major risk - Share price stability The company's share price has been highly volatile over the past 3 months. It is more volatile than 90% of Nigerian stocks, typically moving 10% a week. This is considered a major risk. Share price volatility increases the risk of potential losses in the short-term as the stock tends to have larger drops in price more frequently than other stocks. It may also indicate the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. Currently, the following risks have been identified for the company: Major Risks Share price has been highly volatile over the past 3 months (10% average weekly change). High level of non-cash earnings (21% accrual ratio). Minor Risks Unstable dividend paying track record with dividend experiencing an annual drop of over 20% in the past. Profit margins are more than 30% lower than last year (19% net profit margin). Market cap is less than US$100m (₦31.0b market cap, or US$21.4m). Valuation Update With 7 Day Price Move • Nov 10
Investor sentiment deteriorates as stock falls 15% After last week's 15% share price decline to ₦1.62, the stock trades at a trailing P/E ratio of 6.6x. Average trailing P/E is 9x in the Insurance industry in Nigeria. Total returns to shareholders of 445% over the past three years. New Risk • Oct 31
New major risk - Earnings quality The company has a high level of non-cash earnings. Accrual ratio: 21% This is considered a major risk. Non-cash earnings can arise from many different things. However, if a company consistently has a high level of non-cash earnings, it may be a sign that they are recognizing revenue from customers before the full value of the sales are received as cash or they are not depreciating the value of their assets appropriately. These are practices that inflate earnings, while not providing a similar increase to cash flows. Companies in some select industries naturally have a high level of non-cash earnings and it is not a major concern. However, in the worst case scenario it can be an early sign of performance manipulation by management. Currently, the following risks have been identified for the company: Major Risk High level of non-cash earnings (21% accrual ratio). Minor Risks Unstable dividend paying track record with dividend experiencing an annual drop of over 20% in the past. Share price has been volatile over the past 3 months (11% average weekly change). Profit margins are more than 30% lower than last year (19% net profit margin). Market cap is less than US$100m (₦36.2b market cap, or US$25.0m). Reported Earnings • Oct 30
Third quarter 2025 earnings released: EPS: ₦0.09 (vs ₦0.007 in 3Q 2024) Third quarter 2025 results: EPS: ₦0.09 (up from ₦0.007 in 3Q 2024). Revenue: ₦7.10b (up 70% from 3Q 2024). Net income: ₦1.33b (up ₦1.20b from 3Q 2024). Profit margin: 19% (up from 3.0% in 3Q 2024). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 38% per year but the company’s share price has increased by 93% per year, which means it is tracking significantly ahead of earnings growth. Valuation Update With 7 Day Price Move • Aug 20
Investor sentiment deteriorates as stock falls 16% After last week's 16% share price decline to ₦2.29, the stock trades at a trailing P/E ratio of 15.4x. Average trailing P/E is 12x in the Insurance industry in Nigeria. Total returns to shareholders of 508% over the past three years. Valuation Update With 7 Day Price Move • Aug 06
Investor sentiment improves as stock rises 17% After last week's 17% share price gain to ₦1.74, the stock trades at a trailing P/E ratio of 11.7x. Average trailing P/E is 8x in the Insurance industry in Nigeria. Total returns to shareholders of 380% over the past three years. New Risk • Aug 05
New major risk - Earnings quality The company has a high level of non-cash earnings. Accrual ratio: 27% This is considered a major risk. Non-cash earnings can arise from many different things. However, if a company consistently has a high level of non-cash earnings, it may be a sign that they are recognizing revenue from customers before the full value of the sales are received as cash or they are not depreciating the value of their assets appropriately. These are practices that inflate earnings, while not providing a similar increase to cash flows. Companies in some select industries naturally have a high level of non-cash earnings and it is not a major concern. However, in the worst case scenario it can be an early sign of performance manipulation by management. Currently, the following risks have been identified for the company: Major Risk High level of non-cash earnings (27% accrual ratio). Minor Risks Paying a dividend despite having no free cash flows. Share price has been volatile over the past 3 months (10% average weekly change). Profit margins are more than 30% lower than last year (16% net profit margin). Shareholders have been diluted in the past year (20% increase in shares outstanding). Market cap is less than US$100m (₦35.3b market cap, or US$23.1m). New Risk • Jul 31
New minor risk - Shareholder dilution The company's shareholders have been diluted in the past year. Increase in shares outstanding: 20% This is considered a minor risk. Shareholder dilution occurs when there is an increase in the number of shares on issue that is not proportionally distributed between all shareholders. Often due to the company raising equity capital or some options being converted into stock. All else being equal, if there are more shares outstanding then each existing share will be entitled to a lower proportion of the company's total earnings, thus reducing earnings per share (EPS). While dilution might not always result in lower EPS (like if the company is using the capital to fund an EPS accretive acquisition) in a lot cases it does, along with lower dividends per share and less voting power at shareholder meetings. Currently, the following risks have been identified for the company: Minor Risks Paying a dividend despite having no free cash flows. Share price has been volatile over the past 3 months (11% average weekly change). Profit margins are more than 30% lower than last year (16% net profit margin). Shareholders have been diluted in the past year (20% increase in shares outstanding). Market cap is less than US$100m (₦33.0b market cap, or US$21.6m). Reported Earnings • Jul 30
Second quarter 2025 earnings released: EPS: ₦0.069 (vs ₦0.18 in 2Q 2024) Second quarter 2025 results: EPS: ₦0.069 (down from ₦0.18 in 2Q 2024). Revenue: ₦6.72b (down 13% from 2Q 2024). Net income: ₦1.06b (down 68% from 2Q 2024). Profit margin: 16% (down from 43% in 2Q 2024). The decrease in margin was primarily driven by higher expenses. Over the last 3 years on average, earnings per share has increased by 54% per year whereas the company’s share price has increased by 58% per year. Announcement • Jun 19
Linkage Assurance Plc, Annual General Meeting, Jul 31, 2025 Linkage Assurance Plc, Annual General Meeting, Jul 31, 2025, at 10:00 W. Central Africa Standard Time. Location: agip recital hall, muson centre, onikan, lagos Nigeria Reported Earnings • May 21
First quarter 2025 earnings released: EPS: ₦4.80 (vs ₦0.047 in 1Q 2024) First quarter 2025 results: EPS: ₦4.80 (up from ₦0.047 in 1Q 2024). Revenue: ₦5.83b (up 40% from 1Q 2024). Net income: ₦732.9m (flat on 1Q 2024). Profit margin: 13% (down from 18% in 1Q 2024). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has increased by 77% per year but the company’s share price has only increased by 48% per year, which means it is significantly lagging earnings growth. Valuation Update With 7 Day Price Move • May 07
Investor sentiment deteriorates as stock falls 16% After last week's 16% share price decline to ₦1.13, the stock trades at a trailing P/E ratio of 3.5x. Average trailing P/E is 4x in the Insurance industry in Nigeria. Total returns to shareholders of 88% over the past three years. Valuation Update With 7 Day Price Move • Apr 08
Investor sentiment deteriorates as stock falls 16% After last week's 16% share price decline to ₦1.20, the stock trades at a trailing P/E ratio of 3.7x. Average trailing P/E is 4x in the Insurance industry in Nigeria. Total returns to shareholders of 182% over the past three years. New Risk • Feb 06
New minor risk - Profit margin trend The company's profit margins are lower than last year and have reduced by more than 30%. Net profit margin: 23% Last year net profit margin: 36% This is considered a minor risk. A large drop in profit margin could indicate the company does not have strong competitive advantages or it is yet to establish itself and its core business. Even if it is a well established business, this may make it a much riskier investment than one that has a combination of proven competitive advantages and a stable or growing profit margin. Currently, the following risks have been identified for the company: Major Risk High level of non-cash earnings (81% accrual ratio). Minor Risks Paying a dividend despite having no free cash flows. Share price has been volatile over the past 3 months (9.9% average weekly change). Profit margins are more than 30% lower than last year (23% net profit margin). Market cap is less than US$100m (₦22.8b market cap, or US$15.2m). New Risk • Jan 09
New minor risk - Share price stability The company's share price has been volatile over the past 3 months. It is more volatile than 75% of Nigerian stocks, typically moving 8.1% a week. This is considered a minor risk. Share price volatility indicates the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. It also increases the risk of potential losses in the short term as the stock tends to have larger drops in price more frequently than other stocks. Currently, the following risks have been identified for the company: Major Risk High level of non-cash earnings (95% accrual ratio). Minor Risks Paying a dividend despite having no free cash flows. Share price has been volatile over the past 3 months (8.1% average weekly change). Market cap is less than US$100m (₦24.3b market cap, or US$15.7m). Valuation Update With 7 Day Price Move • Jan 03
Investor sentiment improves as stock rises 31% After last week's 31% share price gain to ₦1.41, the stock trades at a trailing P/E ratio of 3.6x. Average trailing P/E is 3x in the Insurance industry in Nigeria. Total returns to shareholders of 224% over the past three years. Valuation Update With 7 Day Price Move • Dec 19
Investor sentiment improves as stock rises 20% After last week's 20% share price gain to ₦1.08, the stock trades at a trailing P/E ratio of 2.8x. Average trailing P/E is 3x in the Insurance industry in Nigeria. Total returns to shareholders of 144% over the past three years. New Risk • Sep 17
New major risk - Financial data availability The company has not reported any financial data. This is considered a major risk. With no or incomplete audited reported financial data, it is virtually impossible to assess the company's investment potential. Currently, the following risks have been identified for the company: Major Risks No financial data reported. Market cap is less than US$10m (₦15.1b market cap, or US$9.18m). Minor Risks Unstable dividend paying track record with dividend experiencing an annual drop of over 20% in the past. Share price has been volatile over the past 3 months (9.4% average weekly change). Reported Earnings • Jul 31
Second quarter 2024 earnings released: EPS: ₦0.21 (vs ₦0.18 in 2Q 2023) Second quarter 2024 results: EPS: ₦0.21 (up from ₦0.18 in 2Q 2023). Revenue: ₦6.27b (up 35% from 2Q 2023). Net income: ₦3.31b (up 17% from 2Q 2023). Profit margin: 53% (down from 61% in 2Q 2023). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has increased by 114% per year but the company’s share price has only increased by 15% per year, which means it is significantly lagging earnings growth. Announcement • Jul 11
Linkage Assurance Plc, Annual General Meeting, Jul 31, 2024 Linkage Assurance Plc, Annual General Meeting, Jul 31, 2024, at 10:00 W. Central Africa Standard Time. Location: agip recital hall, muson centre 8/9 marina, onikan, lagos Nigeria Upcoming Dividend • Jul 11
Upcoming dividend of ₦0.05 per share Eligible shareholders must have bought the stock before 15 July 2024. Payment date: 31 July 2024. The company last paid an ordinary dividend in May 2018. The average dividend yield among industry peers is 6.7%. Valuation Update With 7 Day Price Move • Jul 01
Investor sentiment improves as stock rises 22% After last week's 22% share price gain to ₦1.10, the stock trades at a trailing P/E ratio of 3.6x. Average trailing P/E is 3x in the Insurance industry in Nigeria. Total returns to shareholders of 29% over the past three years. New Risk • Feb 20
New minor risk - Share price stability The company's share price has been volatile over the past 3 months. It is more volatile than 75% of Nigerian stocks, typically moving 10% a week. This is considered a minor risk. Share price volatility indicates the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. It also increases the risk of potential losses in the short term as the stock tends to have larger drops in price more frequently than other stocks. Currently, the following risks have been identified for the company: Major Risks High level of non-cash earnings (49% accrual ratio). Market cap is less than US$10m (₦12.6b market cap, or US$8.42m). Minor Risk Share price has been volatile over the past 3 months (10% average weekly change). New Risk • Feb 12
New major risk - Market cap size The company's market capitalization is less than US$10m. Market cap: ₦14.7b (US$9.95m) This is considered a major risk. Companies with a small market capitalization are most likely businesses that have not yet released a product to market or are simply a very small company without a wide reach. Either way, risk is elevated with these companies because there is a chance the product may not come to fruition or the company's addressable market or demand may not be as large as expected. In addition, if the company's size is the main factor, it is less likely to have many investors and analysts following it and scrutinizing its performance and outlook. Currently, the following risks have been identified for the company: Major Risks High level of non-cash earnings (49% accrual ratio). Market cap is less than US$10m (₦14.7b market cap, or US$9.95m). Reported Earnings • Feb 01
Full year 2023 earnings released: EPS: ₦0.30 (vs ₦0.18 in FY 2022) Full year 2023 results: EPS: ₦0.30 (up from ₦0.18 in FY 2022). Revenue: ₦17.2b (up 36% from FY 2022). Net income: ₦4.22b (up 64% from FY 2022). Profit margin: 25% (up from 20% in FY 2022). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 63% per year but the company’s share price has only increased by 35% per year, which means it is significantly lagging earnings growth. Reported Earnings • Oct 29
Third quarter 2023 earnings released: EPS: ₦0.032 (vs ₦0.049 in 3Q 2022) Third quarter 2023 results: EPS: ₦0.032 (down from ₦0.049 in 3Q 2022). Revenue: ₦3.62b (down 1.7% from 3Q 2022). Net income: ₦446.8m (down 36% from 3Q 2022). Profit margin: 12% (down from 19% in 3Q 2022). The decrease in margin was primarily driven by higher expenses. Over the last 3 years on average, earnings per share has increased by 45% per year but the company’s share price has only increased by 34% per year, which means it is significantly lagging earnings growth. Reported Earnings • Jul 29
Second quarter 2023 earnings released: EPS: ₦0.20 (vs ₦0.09 in 2Q 2022) Second quarter 2023 results: EPS: ₦0.20 (up from ₦0.09 in 2Q 2022). Revenue: ₦5.77b (up 60% from 2Q 2022). Net income: ₦2.82b (up 127% from 2Q 2022). Profit margin: 49% (up from 35% in 2Q 2022). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 18% per year but the company’s share price has increased by 35% per year, which means it is tracking significantly ahead of earnings growth. Reported Earnings • Apr 30
First quarter 2023 earnings released: EPS: ₦0.003 (vs ₦0.011 in 1Q 2022) First quarter 2023 results: EPS: ₦0.003 (down from ₦0.011 in 1Q 2022). Revenue: ₦2.42b (up 9.8% from 1Q 2022). Net income: ₦46.7m (down 69% from 1Q 2022). Profit margin: 1.9% (down from 6.8% in 1Q 2022). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has fallen by 14% per year but the company’s share price has increased by 17% per year, which means it is well ahead of earnings. Reported Earnings • Jan 27
Full year 2022 earnings released: EPS: ₦0.17 (vs ₦0.28 loss in FY 2021) Full year 2022 results: EPS: ₦0.17 (up from ₦0.28 loss in FY 2021). Revenue: ₦12.6b (up 72% from FY 2021). Net income: ₦2.33b (up ₦6.32b from FY 2021). Profit margin: 19% (up from net loss in FY 2021). The move to profitability was primarily driven by higher revenue. Over the last 3 years on average, earnings per share has fallen by 48% per year but the company’s share price has increased by 14% per year, which means it is well ahead of earnings. Board Change • Nov 16
Less than half of directors are independent There is 1 new director who has joined the board in the last 3 years. The new board member was not an independent director. The company's board is composed of: 1 new director. 8 experienced directors. 1 highly experienced director. 1 independent director (9 non-independent directors). Independent Non-Executive Director Shehu Abubakar was the last independent director to join the board, commencing their role in 2019. The following issues are considered to be risks according to the Simply Wall St Risk Model: Minority of independent directors. Insufficient board refreshment. Reported Earnings • Oct 30
Third quarter 2022 earnings released: EPS: ₦0.049 (vs ₦0.021 in 3Q 2021) Third quarter 2022 results: EPS: ₦0.049 (up from ₦0.021 in 3Q 2021). Revenue: ₦3.74b (up 42% from 3Q 2021). Net income: ₦692.4m (up 130% from 3Q 2021). Profit margin: 19% (up from 11% in 3Q 2021). Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 88 percentage points per year, which is a significant difference in performance. Reported Earnings • Aug 01
Second quarter 2022 earnings released: EPS: ₦0.089 (vs ₦0.085 loss in 2Q 2021) Second quarter 2022 results: EPS: ₦0.089 (up from ₦0.085 loss in 2Q 2021). Revenue: ₦3.71b (up 199% from 2Q 2021). Net income: ₦1.24b (up ₦2.43b from 2Q 2021). Profit margin: 34% (up from net loss in 2Q 2021). The move to profitability was driven by higher revenue. Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 96 percentage points per year, which is a significant difference in performance. Reported Earnings • May 01
First quarter 2022 earnings released: EPS: ₦0.011 (vs ₦0.064 loss in 1Q 2021) First quarter 2022 results: EPS: ₦0.011 (up from ₦0.064 loss in 1Q 2021). Revenue: ₦2.29b (up 53% from 1Q 2021). Net income: ₦149.4m (up ₦1.05b from 1Q 2021). Profit margin: 6.5% (up from net loss in 1Q 2021). The move to profitability was primarily driven by higher revenue. Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 97 percentage points per year, which is a significant difference in performance. Board Change • Apr 27
Less than half of directors are independent There is 1 new director who has joined the board in the last 3 years. The new board member was an independent director. The company's board is composed of: 1 new director. 9 experienced directors. 1 highly experienced director. 1 independent director (10 non-independent directors). Independent Non-Executive Director Abubakar Dahiru was the last independent director to join the board, commencing their role in 2019. The following issues are considered to be risks according to the Simply Wall St Risk Model: Minority of independent directors. Insufficient board refreshment. Reported Earnings • Jan 30
Full year 2021 earnings: Revenues and EPS in line with analyst expectations Full year 2021 results: ₦0.24 loss per share (down from ₦0.14 profit in FY 2020). Revenue: ₦7.84b (down 10% from FY 2020). Net loss: ₦2.37b (down 222% from profit in FY 2020). Revenue was in line with analyst estimates. Over the last 3 years on average, earnings per share has fallen by 60% per year but the company’s share price has increased by 14% per year, which means it is well ahead of earnings. Reported Earnings • Nov 01
Third quarter 2021 earnings released: EPS ₦0.03 (vs ₦0.041 in 3Q 2020) The company reported a soft third quarter result with weaker earnings and profit margins, although revenues improved. Third quarter 2021 results: Revenue: ₦2.65b (up 17% from 3Q 2020). Net income: ₦301.1m (down 48% from 3Q 2020). Profit margin: 11% (down from 25% in 3Q 2020). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has increased by 15% per year whereas the company’s share price has increased by 11% per year. Reported Earnings • Aug 01
Second quarter 2021 earnings released: ₦0.12 loss per share (vs ₦0.063 profit in 2Q 2020) The company reported a poor second quarter result with weaker earnings, revenues and control over costs. Second quarter 2021 results: Revenue: ₦1.32b (down 50% from 2Q 2020). Net loss: ₦1.19b (down 234% from profit in 2Q 2020). Over the last 3 years on average, earnings per share has increased by 37% per year but the company’s share price has only increased by 9% per year, which means it is significantly lagging earnings growth. Reported Earnings • May 02
First quarter 2021 earnings released: ₦0.09 loss per share (vs ₦0.034 loss in 1Q 2020) The company reported a soft first quarter result with increased losses and weaker control over costs, although revenues improved. First quarter 2021 results: Revenue: ₦1.50b (up 22% from 1Q 2020). Net loss: ₦902.1m (loss widened 167% from 1Q 2020). Over the last 3 years on average, earnings per share has increased by 41% per year but the company’s share price has only increased by 8% per year, which means it is significantly lagging earnings growth. Upcoming Dividend • Apr 28
Inaugural dividend of ₦0.05 per share Eligible shareholders must have bought the stock before 04 May 2021. Payment date: 26 May 2021. The company last paid an ordinary dividend in May 2018. The average dividend yield among industry peers is 4.1%. Reported Earnings • Feb 03
Full year 2020 earnings released: EPS ₦0.19 (vs ₦0.14 in FY 2019) The company reported a strong full year result with improved earnings, revenues and profit margins. Full year 2020 results: Revenue: ₦8.72b (up 26% from FY 2019). Net income: ₦1.94b (up 34% from FY 2019). Profit margin: 22% (up from 21% in FY 2019). The increase in margin was driven by higher revenue. Combined ratio: 89.0% (up from 88.0% in FY 2019). Over the last 3 years on average, earnings per share has increased by 6% per year whereas the company’s share price has increased by 5% per year. Reported Earnings • Jan 30
Full year 2020 earnings released: EPS ₦0.19 (vs ₦0.14 in FY 2019) The company reported a strong full year result with improved earnings, revenues and profit margins. Full year 2020 results: Revenue: ₦8.77b (up 27% from FY 2019). Net income: ₦1.94b (up 34% from FY 2019). Profit margin: 22% (up from 21% in FY 2019). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 6% per year but the company’s share price has increased by 18% per year, which means it is tracking significantly ahead of earnings growth. Is New 90 Day High Low • Jan 06
New 90-day high: ₦0.59 The company is up 34% from its price of ₦0.44 on 08 October 2020. The Nigerien market is also up 34% over the last 90 days, indicating the company’s price trend is similar to the market over that time. However, it outperformed the Insurance industry, which is up 33% over the same period. Is New 90 Day High Low • Oct 29
New 90-day high: ₦0.48 The company is up 20% from its price of ₦0.40 on 29 July 2020. The Nigerien market is up 18% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Insurance industry, which is flat over the same period. Is New 90 Day High Low • Oct 06
New 90-day high: ₦0.44 The company is up 17% from its price of ₦0.38 on 08 July 2020. The Nigerien market is up 14% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Insurance industry, which is up 9.0% over the same period.