AXA Mansard, IFC, Others Plan Hospital Investment

Goddy Egene and Nosa Alekhuogie

AXA Mansard Insurance Plc is in the process of partnering International Finance Corporation(IFC), a member of the World Bank Group and some companies on the possibility of investing in a hospital project. The insurance firm disclosed this to the Nigerian Stock Exchange in a notification made available yesterday.

According to the company, the proposed investment is a greenfield integrated medical facility comprising a 150-bed multi-specialty hospital and two 10-bed primary health centres/ polyclinics. “The project once approved will be managed and operated by Healthshare Health Solutions Limited, an experienced hospital management company with headquarters in South Africa. AXA Mansard and IFC are still at the preliminary stage of discussions and their boards are yet to pass final resolutions approving the investment,” the company said. Meanwhile, the Nigerian equities market returned to positive territory yesterday after two days of bear trading. Profit taking had dominated trading sessions on Monday and Tuesday following last week’s gains by some stocks.

However, the market rebounded yesterday on bargain hunting, pushing the NSE All-Share Index by 0.07 per cent to close at 25,496.71. Similarly, market capitalisation added N6.5 billion to close at N8.8 trillion, while year-to-date decline stood at 5.1 per cent.

The positive performance was majorly driven by gains in GTBank Plc, Nigerian Breweries Plc and FBN Holdings Plc.

But Trans-nationwide Express Plc led the price gainers’ chart with 4.6 per cent, trailed by Fidson Healthcare Plc, which went up by 4.3 per cent.

Transcorp Plc and AIICO Insurance Plc appreciated by 4.1 per cent and 3.7 per cent respectively, just as FBN Holdings Plc, Oando Plc and Flour Mills of Nigeria Plc 3.2 per cent and 3.1 per cent in that order. Conversely, Unilever Nigeria Plc led the price losers, shedding 5.0 per cent, trailed by Lafarge Africa Plc with 4.9 per cent. Ashaka Cement Plc, Nigerian Aviation Company Plc and Jaiz Bank Plc declined by 4.9 per cent, 4.8 per cent and 4.5 per cent respectively.