Stock Market Rebounds, Gains N328bn on Demand for Seplat, Others - THISDAYLIVE

The stock market section of the Nigerian Exchange Limited (NGX) rebounded yesterday, as renewed buying interest in Seplat Energy Plc , 25 others lifted the market capitalisation by N328 billion.

The NGX All-Share Index by 0.20 per cent to close at 252,366.8 basis points, strengthening its year-to-date return to 62.18 per cent. 

Consequently, market capitalisation expanded by N328 billion to close at N163.86 trillion.

The market positive performance was driven by price appreciation in large and medium capitalised stocks which are; Seplat Energy, Fidson Healthcare, Stanbic IBTC Holdings, First Holdco and Champion Breweries.

Market sentiment remained bullish, with 26 advancers, outweighing 21 decliners, resulting in a positive market breadth. Fidson Healthcare led gainers’ chart by 9.94 per cent to close at N91.80, per share. Sunu Assurance followed with a gain of 9.92 per cent to close at N2.88, while Champion Breweries appreciated by 9.85 per cent to close at N11.15, per share.

 Caverton Offshore Support Group rose by 9.59 per cent to close at N4.00, while Fortis Global Insurance gained 9.42 per cent to close at N1.51, per share.

On the other hand, International Breweries led the losers’ chart by 7.18 per cent to close at N8.40, per share. Tantalizer followed with a decline of 6.67 per cent to close at N3.50, while Honeywell Flour Mills fell by 4.85 per cent to close at N31.40, per share.

Vitafoam Nigeria dropped by 4.66 per cent to close at N134.90, while Austin Laz & Company depreciated by 3.48 per cent to close at N2.22, per share.

Overall, the total volume of trade increased by 596.70 per cent to 2.915 billion units, valued at N78.664 billion, and exchanged in 28,318 deals. Transactions in the shares of Livestock Feeds topped the activity chart with 2.2 billion shares valued at N19.470 billion. First Holdco followed with 324.335 million shares worth N32.400 billion, while VFD Group traded 137.501 million shares valued at N1.609 billion.

Access Holdings traded 26.745 million shares valued at N718.969 million, while United Bank for Africa (UBA) transacted 16.582 million shares worth N690.751 million.

Looking ahead, Cowry Assets Management Limited said, “sustained buying interest, improving market breadth, and increased trading volumes could reinforce near-term bullish momentum, although selective profit-taking and weakness in consumer goods stocks may temper further gains.”

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