Bulls sustain dominance as Seplat, 14 stocks lead NGX N48bn gain

The bulls maintained dominance on the equities sector of the Nigerian Exchange Limited (NGX), occasioned by gains in Seplat and 14 stocks, as market capitalisation increased by N48 billion.

The All-Share Index (ASI) grew by 88.20 absolute points, representing an increase of 0.19 per cent to close at 47,482.73 points, while the overall market capitalisation value gained N48 billion to close at N25.591 trillion.

The market gain was driven by price appreciation in large and medium capitalised stocks, among which are: Seplat Energy, MTN Nigeria Communications (MTNN), Nigerian Exchange Group (NGXGroup), Unilever Nigeria and Royal Exchange.

On market performance, GTI Securities Limited said, “The stock market extends positive sentiments, fuelled by the surging oil prices, boosting the country’s attractiveness to investments. We expect this trend to be maintained all through the week.”

However, market sentiment, as measured by market breadth, was negative as 34 stocks declined while 15 others recorded price appreciation. Seplat Energy recorded the highest price gain of 9.99 per cent to close at N945.90, per share. Royal Exchange followed with a gain 9.49 per cent to close at N1.50, while Courteville Business Solutions up by 9.09 per cent to close at 60 kobo.

Veritas Kapital Assurance rose by 4.55 per cent to close at 23 kobo, while FCMB Groups appreciated by 3.23 per cent to close at N3.20, per share. FTN Cocoa gained 2.78 per cent to close at 37 kobo while Regal Insurance added 2.38 per cent to close at 43 kobo.

Oando garnered 1.46 per cent to close at N4.85 kobo. Unilever appreciated by 1.07 per cent to close at N14.20 kobo while MTNN added 1.00 per cent to close at N203.

On the other hand, Cutix led the losers’ chart by 10 per cent, to close at N2.43 kobo. Learn Africa followed with a decline of 9.96 per cent to close at N2.35 kobo while Global Spectrum Energy Services declined by 9.79 per cent to close at N3.78 kobo.

Caverton Offshore Support Group shed 9.68 per cent to close at N1.40, while R.T. Briscoe Nigeria depreciated by 9.41 per cent to close at 77 kobo, per share.

TransNational Corporation of Nigeria lost 8.13 per cent to close at N1.13 kobo. Japaul Gold depreciated by 7.69 per cent to close at 36 kobo.

Linkage Assurance shed 7.27 per cent to close at 51 kobo. African Prudential depreciated by 7.14 per cent to close at N6.50 kobo. Sunu Assurance also declined by 7.14 per cent to close at 39 kobo.

The total volume traded increased by 23.2 per cent to 370.543 million units, valued at N7.853 billion, and exchanged in 6,045 deals. Transactions in the shares of FCMB Group topped the activity chart with 57.582 million shares valued at N183.865 million. Transnational Corporation of Nigeria (Transcorp) followed with 45.181 million shares worth N52.240 million, while Zenith Bank traded 23.085 million shares valued at N624.750 million.

MTNN traded 22.250 million shares valued at N4.557 billion, while Niger Insurance transacted 19.687 million shares worth N6.105 million.