Heavy Trades Seen In WAPIC Insurance, Oando

Trading for the last four days of November opened on Monday, with heavy volume movements in the shares of WAPIC Insurance Plc and energy giant- Oando Plc.
Investdata News learnt there were no price movements in the shares of both companies for different reasons.
While the non-movement in the price of Oando follows from the October 23, 2017 technical suspension placed on its shares by the Securities & Exchange Commission (SEC), following allegations of infractions by the management that of WAPIC Insurance, according to market musings is the result of realignments ahead of its planned rights issue.
At the close of trading, Oando Plc’s 3,998,925 units had been crossed in 17 deals for N5.99, the highest volume seen since the freeze on its share price, while 21,772,986 units were on full offer.
Also, 650,541,968 units of WAPIC Insurance had changed hands in just 20 deals at the par value price of 50 kobo.
WAPIC Insurance, in June received approval of shareholders to raise additional N10bn capital, in what Aigboje Aig-Imoukhuede explained at the annual general meeting, is “in view of the recent adoption of the risk-based supervision model by the National Insurance Commission (NAICOM) and the directive to insurance companies to implement the Solvency II Capital Allocation model by 2018.
“Shareholders’ approval of the additional capital raise for the company is a testament of their belief and confidence in the company. More specifically, the current transformational journey that the company embarked upon under its current leadership inspired shareholders and demonstrated in practical terms the centrality of the exercise to shareholder value creation,” he added.