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Seplat Energy, others lift NGX index by 0.55% in sustained market rally streak

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By Ifeyinwa Ezeokoli 

The Nigerian stock market on Wednesday sustained the uptrend as gains in Seplat Energy and 33 others bolstered performance by 0.55 per cent.

Precisely, the All-Share Index inched higher by 266.01 points, representing an increase of 0.55 per cent to close at 48,837.76 points.

Also, the market capitalisation inched higher by N143 billion to close at N26.329 trillion.

The NGX 30 Index increased by 0.17 percent to close at 1,856.72 points as against 1,853.66 points at the previous close.

The market gain was driven by price appreciation in large and medium capitalised stocks amongst which are; Seplat Energy, Guinness, MTN Nigeria Communications (MTNN), Chemical Allied Products (CAP) and Cadbury.

GTI Securities Limited said that: “The market closed positively, as investors increased buying interest in all the sectors to continue the markets’ bullish trend.

“We expect positive sentiments to persist, as investors take positions, as companies’ Q1 2022 financial result rolls out.”

Market sentiment, as measured by market breadth was positive with 34 gainers in relative to 17 losers.

Cadbury and Multiverse Mining and Exploration recorded the highest price gain of 10 per cent each to close at N9.35 and 22k, per share respectively.

READ ALSO: Access Bank Holdco lists 35.5 bln shares, as NGX CEO commends newly restructured firm

Trans-Nationwide Express followed with a gain 9.88 per cent to close at 89k per share.

CAP rose by 9.77 per cent to close at N21.90, while Seplat Energy appreciated by 9.09 per cent to close at N1,200 per share.

On the other hand, Champion Breweries led the losers’ chart by 6.88 per cent to close at N2.30 per share.

FTN Cocoa Processors followed with a decline of 5.13 per cent to close at 37k, while Linkage Assurance depreciated by 3.92 per cent to close at 49k per share.

Courteville Business Solutions declined by 3.77 per cent to close at 51k, while Fidelity Bank depreciated by 3.47 per cent to close at N3.62 per share.

Meanwhile, the total volume of trades rose by 207.9 per cent to 759.648 million units valued at N5.54 billion and exchanged in 5,032 deals.

Transactions in the shares of FCMB Group topped the activity chart with 50.39 million shares valued at N1.76 billion.

Transcorp followed with 36.18 million shares worth N41.85 million, while Honeywell Flour Mills traded 25.07 million shares valued at N92.82 million.

FBN Holdings traded 16.96 million shares valued at N201.81 million, while AIICO Insurance transacted 16.60 million shares worth N12.52 million.

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