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HomeBusinessInvestors sustain buying in Seplat, Geregu, boosting growth by N142 bln

Investors sustain buying in Seplat, Geregu, boosting growth by N142 bln

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By Ifeyinwa Ezeokoli 


The Nigerian equities market sustained its bullish momentum on Wednesday, as buying interests in Seplat (+10.0 percent) and GEREGU (+8.5 percent) buoyed a third consecutive gain. 

Precisely, the market capitalisation resumed the month of February with a growth of N142 billion to close at N29.140 trillion.

Also, the All-Share Index (ASI) rose by 261.01 points, representing a gain of 0.49 percent to close at 53,499.68. 

Accordingly, the month-to-date and year-to-date returns printed 0.5 per cent and 4.4 per cent, respectively.

The upturn was impacted by gains recorded in medium and large capitalised stocks, amongst which are; Seplat Energy, Nestle Nigeria, Geregu Power, Nigerian Exchange Group and Stanbic IBTC Holdings.

Analysts at GTI Securities Limited said that “we expect positive sentiment to be sustained as investors continue to pile into defensive and financial stocks.”

Market breadth closed flat with 20 gainers and 20 losers.

Industrial and Medical Gas Nigeria and Seplat Energy led the gainers’ chart in percentage terms with10 percent each to close at N7.70 and N1,210 respectively.

Northern Nigeria Flour Mills followed with a gain 9.46 percent to close at N8.10 per share.

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International Energy Insurance went up by 9.33 percent to close at 82k, while Nigerian Aviation Handling Company appreciated by 9.26 percent to close at N8.85 per share. 

On the other hand, Guinness led the losers’ chart in percentage terms by 10 percent to close at N63 per share. 

Ardova followed with a decline of 9.95 percent to close at N17.20, while Academy Press went down by 9.85 to close at N1.19 per share. 

R.T. Briscoe Nigeria lost 9.68 percent to close at 28k, while Cornerstone Insurance shed 8.33 percent to close at 55k per share.

However, the total volume traded decreased by 19.91 percent to 200.37 million shares, worth N5.52 billion traded in 3,716 deals. 

Transactions in the shares of Universal Insurance topped the activity chart with 57.79 million shares valued at N11.56 million. 

Guaranty Trust Holding Company (GTCO) followed with 16.61 million shares worth N415.18 million, while United Bank for Africa (UBA)  traded 11.15 million shares valued at N91.38 million.

Transcorp traded 8.79 million shares valued at N10.91 million, while Geregu Power transacted 8.48 million shares worth N1.63 billion.

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