NGX Edges Higher As Seplat Surges 10 Percent, Despite Negative Market Breadth

• The Nigerian Exchange (NGX) All-Share Index gained 369.05 points, or 0.15 percent, to close at 246,388.22, extending the market’s marginal recovery.

• Market capitalisation rose by ₦239 billion to ₦159.153 trillion, despite 34 decliners outnumbering 22 gainers.

• Seplat led the gainers with a 10 percent advance, while FG152028S1 and RT Briscoe topped the decliners’ chart with losses of 19.50 percent and 10 percent, respectively.

September 03, () — The Nigerian equities market closed Thursday’s trading session marginally higher, with the benchmark All-Share Index (ASI) gaining 0.15 percent as buying interest in selected stocks, particularly Seplat Energy, helped lift the broader market.

The ASI opened at 246,019.17 points and advanced to 246,388.22 points at the close, representing a gain of 369.05 points.

Similarly, the market capitalisation increased from ₦158.914 trillion at the opening to ₦159.153 trillion, adding ₦239 billion to investors’ wealth.

The modest gain came despite a weaker market breadth, as 34 stocks recorded losses against 22 gainers, indicating that the positive movement in the benchmark was driven largely by gains in selected heavyweight stocks rather than broad-based buying.

Seplat Leads Gainers

• On the gainers’ chart, Seplat Energy emerged as the session’s strongest performer, rising by 10 percent (from ₦12,320.60 to ₦13,552.60).
• UPDC Real Estate Investment Trust followed with a 9.88 percent gain (moving from ₦12.65 to ₦13.90).
• Learn Africa appreciated by 9.49 percent (from ₦7.90 to ₦8.65).
• Regency Alliance Insurance gained 4.76 percent (to close at ₦0.88 from ₦0.84).
• Jaiz Bank rose 4.22 percent (from ₦8.30 to ₦8.65).

The strong performance by Seplat, one of the larger stocks on the exchange, provided significant support to the index and helped offset declines recorded across several other counters.

Decliners Outnumber Gainers

• The decliners’ chart was led by FG152028S1, which fell 19.50 percent (from ₦100 to ₦80.50).
• R.T. Briscoe followed with a 10 percent decline (dropping from ₦11 to ₦9.90)
• CMFC shed 9.86 percent (to close at ₦2.56 from ₦2.84).
• Sovereign Trust Insurance declined 9.73 percent (from ₦2.26 to ₦2.04).
• Abbey Mortgage Bank fell 9.68 percent (from ₦7.75 to ₦7.00).

The breadth of 34 decliners to 22 gainers points to continued selectivity in the market, with the day’s positive index performance masking weakness across a larger number of individual stocks.

Despite the mixed performance across stocks, the NGX maintained its position above the N159 trillion market-capitalisation threshold at Thursday’s close.

The session’s movement also kept the ASI above 246,000 points, although the relatively small 0.15 percent gain suggests that the market remains in a period of cautious consolidation following the stronger advances recorded earlier in the week.

Among stocks that closed unchanged were Dangote Cement, Custodian Investment, Julius Berger, Champion Breweries and Golden Guinea Breweries Plc, among others.

Thursday’s session therefore ended with a marginally positive index performance, but the negative breadth underscored the uneven nature of the market’s current momentum.