Nigerian Stock Market Gains N100.5bn on Seplat Demand

On the previous trading day, the Nigerian stock market rebounded, with a notable increase in trading volume by 161.79% to 1.4 billion shares. The market capitalization rose by N100.5 billion, closing at N157.150 trillion, largely driven by a 10% price gain in Seplat Energy Plc, which closed at N14,907.80 per share.

The Nigerian Exchange Limited All-Share Index (NGX ASI) increased by 155.03 basis points or 0.06%, closing at 242,378.13 basis points. Sector performance was mixed, with the Oil & Gas and Banking indices advancing by 0.8% and 0.7%, respectively, while the Consumer Goods and Insurance indices declined by 1% and 0.4%.

Despite the overall market gain, market sentiment was negative, with 23 stocks gaining and 29 losing. The total volume traded was valued at N27.14 billion across 46,218 deals.

Cowry Assets Management Limited anticipates downward pressure on the market as investors liquidate positions ahead of the Dangote Refinery IPO.