Block Trades in Zenith Bank, Seplat Boost Market Index
The Nigerian stock market experienced a significant surge due to strong interest in banking names and block trades. Huge transactions occurred on Zenith Bank, Nigerian Breweries, and Seplat Energy, boosting the Nigerian market index, which reached an all-time high.
The local exchange saw new bullish momentum that lifted the All-Share Index (ASI) 1.63 % to close at 116,786.87 points. The Exchange has gained 13.47% year-to-date due to bargain hunting, as 37 gainers were recorded against 30 decliners.
Despite a balanced breadth, interest in heavyweight stocks drove the rally. Banking stocks surged by 3.25 %, powered by ZENITHBANK (+5.32%), UBA (+5.59%), and GTCO (+4.43%); ZENITHBANK also led trading with 149.9 million shares worth ₦7.21 billion.
Oil & Gas outperformed, jumping 7.49 % on SEPLAT (+9.78%), ARADEL (+7.36%), and OANDO (+4.72%), while NEM’s 10 % spike headlined insurance names.
Consumer counters slipped 0.16% as profit-taking hit HONYFLOUR and NB, and industrials rose 0.09% on BETAGLAS (+9.99%) and DANGCEM (+0.25%). Turnover inched 1.3 % higher to $16.8 million, fueled by block trades.
The market recorded 70 million block trades for ZENITHBANK priced at around ₦48. There was a 36 million block trade in Nigerian Breweries closed at ₦58.
Broker also crossed 110,000 units of SEPLAT stock at ₦5,450.00. Gains in MTNN (+4.79%) and SEPLAT boosted the index, eclipsing ETERNA’s 10 % slide.
Overall, index-heavy banking and energy names anchored the day’s advance amid mixed broader sentiment. Outlook: Trading activity is expected to remain robust in tomorrow’s session. #Block Trades in Zenith Bank, Seplat Boost Market Index Dangote Cement Opens N100bn Commercial Papers for Subscription
