Guaranty Trust Assurance Plc (GTASSURE), a Nigerian insurer, gained for the time this month, as some investors were “taking position” on the stock, according to Vetiva Asset Management Ltd.
The stock rose 4.9 percent to 1.28 naira by the close in Lagos, the commercial capital, the first one-day advance since May 31.
“We suspect that some strategic investors are taking position on the stock,” Pabina Yinkere, head of research at Vetiva, said by phone from Lagos today.
The stock has fallen 9.9 percent this year, compared with a rise of 1.5 percent in the Nigerian Stock Exchange All-Share Index.
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