Stock Market Rebounds, Gains N328bn on Demand for Seplat, Others

Yesterday, the Nigerian Exchange Limited's stock market experienced a rebound, propelled by renewed buying interest in Seplat Energy Plc and 25 other companies. The market capitalization surged by N328 billion, raising the NGX All-Share Index by 0.20 per cent to 252,366.8 basis points. This marked a year-to-date return of 62.18 per cent, with the market capitalization expanding to N163.86 trillion.

The market's positive performance was driven by price appreciation in large and medium capitalised stocks, including Seplat Energy, Fidson Healthcare, Stanbic IBTC Holdings, First Holdco, and Champion Breweries. Fidson Healthcare led the gainers' list with a 9.94 per cent increase, closing at N91.80 per share. Sunu Assurance and Champion Breweries also saw notable gains, closing at N2.88 and N11.15 per share, respectively, both up by 9.92 per cent.

However, not all stocks fared well. International Breweries led the decliners' list, falling by 7.18 per cent to N8.40 per share. Other notable declines included Tantalizer at 6.67 per cent to N3.50, Honeywell Flour Mills at 4.85 per cent to N31.40, Vitafoam Nigeria at 4.66 per cent to N134.90, and Austin Laz & Company at 3.48 per cent to N2.22 per share.

The total volume of trade increased by 596.70 per cent, with 2.915 billion units traded, valued at N78.664 billion. The Livestock Feeds shares saw the highest activity, with 2.2 billion shares traded worth N19.470 billion. Other top traded stocks included First Holdco, VFD Group, Access Holdings, and United Bank for Africa (UBA). Market sentiment remained bullish, with 26 stocks advancing compared to 21 that declined, resulting in a positive market breadth.