Seplat, 27 stocks lift indices further by N272 billion in bullish trading
The Nigerian Exchange Limited (NGX) for the fourth day, sustained bullish sentiments, yesterday, as gains in Seplat and 27 stocks lifted market capitalisation further by N272 billion.
Yesterday, the market capitalisation of listed increased by 0.9 per cent to N29.411 trillion from N29.139 trillion recorded on the previous day, while the All Share Index (ASI) also appreciated by 498.44 basis points to 53998.12 points from 53499.68 traded on Wednesday.
Volume of transactions also soared as investors traded 2.869 billion shares valued at N8.069 billion in 3940 deals against 200.368 million units valued at N5.524 billion recorded in 3716 deals.
The upturn was impacted by gains recorded in medium and large capitalised stocks, amongst which are Seplat Energy, Geregu Power, MTN Nigeria Communications (MTNN), MRS Oil Nigeria and Nigerian Exchange Group (NGXGroup).
Analysts at GTI Securities Limited said: “We expect positive sentiment to be sustained as investors continue to pile into defensive and financial stocks.”
Afrinvest analysts also said: “Investor sentiment, as measured by market breadth, steadied at 0.19×27 stocks advanced, 13 declined while 72 closed flat. Tomorrow, we expect market performance to be guided by mild profit taking activities.”
Market breadth closed positive as 27 stocks posted gains while 13 declined. MRS Oil Nigeria recorded the highest price gain of 10 per cent to close at N17.60 kobo.
Northern Nigeria Flour Mills (NNFM) followed with a gain of 9.88 per cent to close at N8.90, while International Energy Insurance went up by 9.76 per cent to close at 90 kobo.
Seplat Energy went up by 9.50 per cent to close at N1,325.00, while Cornerstone Insurance appreciated by 9.09 per cent to close at 60 kobo, per share.
On the other hand, SUNU Assurance led the losers’ chart by 8.11 per cent to close at 34 kobo, per share. Mutual Benefits Assurance followed with a decline of 7.69 per cent to close at 36 kobo, while Linkage Assurance went down by 6.25 to close at 45 kobo.
Veritas Kapital Assurance lost 4.76 per cent to close at 20 kobo, while PZ Cussons Nigeria shed 4.65 per cent to close at N10.25 kobo.
The total volume traded increased by 1,331.88 per cent to 2.869 billion shares, worth N8.070 billion, and traded in 3,940 deals. Transactions in the shares of Universal Insurance topped the activity chart with 2.716 billion shares valued at N543.209 million.
AIICO Insurance followed with 13.996 million shares worth N9.168 million, while Guaranty Trust Holding Company (GTCO) traded 13.931 million shares valued at N349.868 million.
Sterling Bank traded 10.245 million shares valued at N17.024 million, while Fidelity Bank transacted 9.881 million shares worth N57.489 million.