Seplat, Tier-1 banks raise stock market by N6bn

The Nigerian equity market closed positive on Thursday with a gain of N6 billion, driven by investors’ interest in Seplat and sustained interest in Tier-one banks’ stocks.

Gains in United Bank for Africa (UBA), Access Corporation, FBN Holdings, Guaranty Trust Holding Company (GTCO), Nigerian Breweries, International Breweries and African Prudential, among other advanced equities, boosted the market performance.

Consequently, the Nigerian Exchange Ltd. (NGX) market capitalisation gained N6 billion Naira, or 0.01 per cent, to close at N56.227 trillion, up from N56.221 trillion.

The All-Share Index also rose slightly by 0.01 per cent, or 11 points, to close at 99,396.23, compared to 99,385.44 recorded on Wednesday.

As a result, the Year-To-Date (YTD) return increased slightly to 32.93 per cent.

Meanwhile, market breadth closed positive, with 33 gainers and 16 losers on the exchange.

On the gainers’ table, Cutix and Seplat led with a 10 per cent increase each to close at N4.40 and N3,794.90 per share, respectively.

LASACO Assurance followed with a 9.95 per cent gain to close at N2.32 per share.

Computer Warehouse Group gained 9.85 per cent to close at N7.25, and United Capital advanced by 9.79 per cent to close at N24.10 per share.

On the other hand, Daar Communications led the losers’ table with an 8.93 per cent decline to close at 51k per share.

C&I Leasing Plc trailed with an 8.54 per cent drop to close at three Naira per share.

Consolidated Hallmark Holdings lost 7.98 per cent to close at N1.73, MTN Nigeria dropped 6.89 per cent to close at N200, and Regency Alliance Insurance shed 6.52 per cent to close at 43k per share.

An analysis of market activities showed that trade turnover settled higher compared to the previous session, with the value of transactions advancing by 154.67 per cent.

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A total of 529.37 million shares valued at N10.49 billion were exchanged in 7,616 deals, compared to 276.36 million shares valued at N4.12 billion in 7,597 deals posted in the previous session.

GTCO led the activity table in volume and value, with 66.05 million shares worth N2.93 billion, followed by UACN with 46.35 million shares valued at N706.59 million.

Access Corporation traded 39.71 million shares worth N754.17 million, Consolidated Hallmark Holdings sold 31.60 million shares worth N54.86 million, and Universal Insurance transacted 30.76 million shares worth N10.53 million.

(NAN)