Stock Market Rebounds, Gains N100.5bn on Demand for Seplat
Kayode Tokede
The Nigerian stock market, yesterday staged a rebound with volume rising by 161.79 per cent to 1.4 billion shares as market capitalisation closed higher by N100.5 billion amid demand for Seplat Energy Plc, 22 others.
As the stock price of Seplat Energy gained 10 per cent, the Nigerian Exchange Limited All-Share Index (NGX ASI) gained 155.03 basis points or 0.06 per cent to close at 242,378.13basis points. Similarly, the overall market capitalisation value rose by N100.5 billion to close at N157.150 trillion.
Sectoral performance was mixed as the Oil & Gas (+0.8per cent) and Banking (+0.7per cent) indices advanced while the Consumer Goods (-one per cent) and Insurance (-0.4per cent) indices closed lower. The Industrial Goods index closed flat.
As measured by market breadth, market sentiment was negative as 23 stocks gained relative to 29 losers. Seplat Energy recorded the highest price gain of 10 per cent to close at N14,907.80, per share. Japaul Gold & Ventures followed with a gain of 9.83 per cent to close at N2.57, while Tantalizer rose by 8.29 per cent to close at N3.79, per share.
Secure Electronic Technology appreciated by 7.94 per cent to close at 68 kobo, while Access Holdings rose by 5.66 per cent to close at N28.00, per share.
On the other hand, R.T. Briscoe and Aradel Holdings led the losers’ chart by 10 per cent each to close at N8.10 and N1,413.00 respectively, while Champion Breweries followed with a decline of 9.91 per cent to close at N10.00, per share.
International Breweries lost 9.80 per cent to close at N9.20, while CWG declined by 9.28 per cent to close at N17.60, per share.
The total volume traded advanced by 161.8 per cent to 1.40 billion units, valued at N27.14 billion, and exchanged in 46,218 deals. Transactions in the shares of Fortis Global Insurance topped the activity chart with 1.031 billion shares valued at N1.494 billion. Mutual Benefits Assurance followed with 59.555 million shares worth N167.812 million, while Access Holdings traded 28.570 million shares valued at N791.714 million.
GTCO traded 25.736 million shares valued at N3.334 billion, while Zenith Bank transacted 14.318 million shares worth N1.779 billion.
Looking ahead, Cowry Assets Management Limited said, “the market is anticipated to return to downward pressure as investors continue liquidating positions across the Insurance and Banking sectors ahead of the Dangote Refinery IPO, which is set to commence at the start of the coming week.”