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Gains in Seplat, 15 stocks lift capitalisation further by N56b

By Helen Oji
19 July 2022   |   4:03 am
Following sustained bargain hunting in Seplat Energy and 15 stocks, the Nigerian equities market reopened in an upbeat yesterday, causing market capitalisation to increase further by N56 billion..

NGX Group building

Following sustained bargain hunting in Seplat Energy and 15 stocks, the Nigerian equities market reopened in an upbeat yesterday, causing market capitalisation to increase further by N56 billion..

In summary, the All-Share Index (ASI) grew by 104.82 absolute points, representing a rise of 0.20 per cent, to close at 52,319.94 points. Similarly, the overall market capitalisation value gained N56 billion to close at N28.214 trillion.

The market positive performance was driven by price appreciation in large and medium capitalised stocks which are; Seplat Energy, Flour Mills of Nigeria, Fidson Healthcare, Guaranty Trust Holding Company (GTCO), Wema Bank and United Capital.

This week, United Capital Plc expected continued bargain hunting as investors continue to look forward to the first half (H1), 2022 earnings season, cherry-picking stocks with potential for strong earnings performance as well as interim dividend payment.

“However, we note that a strong hike in Monetary Policy Rate (MPR) at this week’s MPC meeting could spell bad news for the equities market,” they said.

As measured by market breadth, market sentiment was negative, as 16 stocks gained while 22 others constituted the losers chart. Seplat Energy recorded the highest price gain of 10 per cent to close at N1,430.50, per share.

Cornerstone Insurance followed with a gain 8.77 per cent to close at 62 kobo, while R.T. Briscoe Nigeria went up by 8.11 per cent to close at 40 kobo, per share.

Wema Bank rose by 6.95 per cent to close at N4.00, while Fidson Healthcare gained 5.21 per cent to close at N9.90, per share. On the other hand, Computer Warehouse Group (CWG) led the losers’ chart by 10 per cent to close at 81 kobo, per share.

Academy Press followed with a decline of 9.50 per cent to close at N2.00, while Honeywell Flour Mills lost 9.09 per cent to close at N2.50, per share.

Nigerian Aviation Handling Company (NAHCO) lost 8.81 per cent to close at N6.00, while Regency Alliance Insurance shed 7.41 per cent to close at 25 kobo, per share.

Meanwhile, the total volume of trades fell by 38.83 per cent to 116.281 million units, valued at N3.465 billion, and exchanged in 4,525 deals. Transactions in the shares of United Bank for Africa (UBA) topped the activity chart with 12.926 million shares valued at N96.877 million.

Zenith Bank followed with 10.676 million shares worth N235.677 million, while FBN Holdings (FBNH) traded 8.156 million shares valued at N88.721 million.

Access Holdings traded 6.713 million shares valued at N62.723 million, while GTCO transacted 5.894 million shares worth N125.386 million.

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