Equities Investors’ Wealth Rises by N60bn as Seplat Rallies

Equities Investors’ Wealth Rises by N60bn as Seplat Rallies

Equities investors’ wealth rose by N60bn on Thursday as late hour buying interest in Seplat Energy Plc upturned intraday selloffs in the domestic bourse. The Nigerian Exchange (NGX) recorded a negative performance during the intraday session.

The Nigerian Exchange (NGX) performance indicators spiked as alpha seekers continued to take positions in the local bourse.  Data from the Lagos bourse showed that the All-share index (NGXASI) appreciated by 16 basis points on Thursday to close at 66,548.99.

Driving the uptick, stockbrokers said major market movers on Thursday were SEPLAT (+9.95%), STANBIC (+3.67%) and GTCO (+1.10%). CardinalStone told investors that these gains offset price declines reported in DANGSUGAR (-5.66%), TRANSCOHOT (-4.33%), NASCON (-9.81%) and TRANSCORP (-3.80%). 

“We believe the selloffs in DANGSUGAR and NASCON may likely be linked to the companies’ updated disclosures on the intended merger. Market breadth was positive as 30 gainers outstripped 19 losers”, CardinalStone said.

The total volume traded decreased by 2.5% to 620.98 million units, valued at N7.18 billion, and exchanged in 7,972 deals. STERLINGNG was the most traded stock by volume at 170 million units, accounting for 25.93%.

Trading results from the local bourse indicated that DANGSUGAR topped the value at N160 billion, accounting for 22.29% of market value. 

As measured by market breadth, market sentiment was positive (1.6x), as 31 tickers gained relative to 19 losers. NGXGROUP (+10.0%) and SEPLAT (+10.0%) topped the gainers’ list, while MULTIVERSE (-10.0%) and NASCON (-9.8%) recorded the highest losses of the day.

On sectorial movements, the Oil and Gas (+5.42%) and Banking (+0.33%) sectors closed higher on the price gains in SEPLAT (+9.95%) and STANBIC (+3.67%), respectively. Flour Mills of Nigeria Posts N9.34bn Loss

On the flip side, the Consumer Goods (-1.14%), Insurance (-0.38%), and Industrial Goods (-0.01%) sectors closed in the red due to selloffs in DANGSUGAR (-5.66%), MANSARD (-5.19%), and WAPCO (-0.17%), respectively.

Overall, the equities market inched higher by N59.9 billion to N36.4 trillion amidst the expectation that the local bourse would continue to rise. #Equities Investors’ Wealth Rises by N60bn as Seplat Rallies