Nigerian Stock Market Surges as ASI Crosses 160,000 Points; Tony Elumelu Expands Wealth with Seplat Energy Stake

The Nigerian stock market saw gains with ASI crossing 160,000 points, driven by increased interest in mid and large-cap stocks. Tony Elumelu, through his investment vehicle Heirs Holdings, acquired a 20.07% equity stake in Seplat Energy (NGX: SEPLAT) from Maurel & Prom, enhancing his influence.

Despite positive market performance, sentiments remained negative with 31 stocks declining. Neimeth Pharmaceuticals emerged as the top gainer in terms of volume and value contributed to market activity.

Linkage Assurance (NGX: LINKASSURE) and Tantalite accounted for significant trade volumes.