Interest in Seplat Energy, Others Lift Stock Market by N238.37bn

**Kayode Tokede **

Amid high demand for Seplat Energy Plc and 20 others, the market capitalization of listed companies on the Nigerian Exchange Limited (NGX), yesterday gained N238.37 billion to sustain its positive momentum.

As the stock price of Seplat Energy gained 10 per cent, the market capitalisation that opened for trading at N158.915 trillion, gained per cent or N238.37 billion to close at N159.153 trillion,

CAlso, NGX ASI advanced by 0.15 per cent or 369.05 basis points to close at 246,388.22 basis points from 246,019.17 basis points the stock market closed for trading the previous day as the Month-to-Date and Year-to-Date returns settled higher at +0.9per cent and +58.3per cent, respectively.

Sectoral performance was broadly negative as the NGX Insurance Index dropped by two per cent, NGX Banking Index dipped by 0.3per cent and NGX Consumer Goods Index declined by 0.2per cent, while the NGX Oil & Gas Index advanced by 2.2per cent. The NGX Industrial Goods index closed flat.

However, investor sentiment remained negative as 33 decliners outpaced 21 advancers. Seplat Energy recorded the highest price gain of 10 per cent to close at N13,552.60, per share. Learn Africa followed with a gain of 9.49 per cent to close at N8.65, while Regency Alliance Insurance rose by 4.76 per cent to close at 88 kobo, per share.

Jaiz Bank NPF went up by 4.22 per cent to close at N8.65, while Wapic Insurance appreciated by 4.18 per cent to close at N2.49, per share. On the other hand, RT Briscoe led the losers’ chart by 10 per cent, to close at N9.90, per share.

Critical Minerals Financing Corporation (CMFC) followed with a decline of 9.86 per cent to close at N2.56, while Sovereign Trust Insurance declined by 9.73 per cent to close at N2.04, per share.

Abbey Bank depreciated by 9.68 per cent to close at N7.00, while Daar Communications declined by 8.28 per cent to close at N1.55, per share.

The total volume traded rose by 1.68 per cent to 434.024 million units, valued at N29.3 billion, and exchanged in 42,303 deals. Transactions in the shares of United Bank for Africa (UBA) topped the activity chart with 123.262 million shares valued at N5.227 billion. Guaranty Trust Holding Company (GTCO) followed with 34.254 million shares worth N4.552 billion, while Access Holdings traded 24.883 million shares valued at N747.764 million.

Sovereign Trust Insurance traded 21.211 million shares valued at N46.702 million, while Wapic Insurance sold 20.585 million shares worth N48.480 million.

Looking ahead, Cowry Assets Management Limited said, “the market is expected to sustain its upward trajectory as investor confidence continues to strengthen, buoyed by the FTSE Russell reclassification confirmation.”