Insurance firms, Seplat drive NGX to N317bn gain


NGXGains reported by insurance firms, Seplat Energy, JapaulGold and May& Baker Plc drove the market capitalization of the Nigerian Exchange up by N317bn, extending the bullish rally into its 12th day on Thursday.

The All-Share Index and the market capitalisation rose by 0.57 per cent to close at 102,149.93 points and N55.900tn, respectively. The year-to-date gains of the benchmark index also rose to 36.61 per cent from 35.82 per cent at the end of the previous trading session.

In terms of participation in the market, the key factors such as deals, volume and value of traded units ended up in the green zone.

The market cap crossed 100,000 basis points on Wednesday.

The value of traded equities improved by 28.19 per cent to N10.302bn, while the traded volume appreciated by 3.21 per cent to 504.194 million units.

The number of deals executed on the exchange stood at 12,235, marking a 1.28 per cent increase over the previous day’s figure.

Market sentiment was also positive as reflected in 33 gainers compared to 29 losers.

Commenting on the ASI crossing the 100,000 points, the National Coordinator of the Independent Shareholders Association of Nigeria, Moses Igbrude, said it signalled that good times were here for the market after a long time of the capital market being undervalued.”

To minority investors, he said, “The market will witness a lot of activities in terms of capital raising by many companies, so minority shareholders should brace up to take up their rights when the need arises and invest more according to their capacity.”

Meanwhile, Seplat Energy Plc has become the equity with the highest price tag on the NGX, closing at N3,074 per unit on Thursday.

The local oil exploration firm, which is listed also on the London Stock Exchange, has a market cap of N1.809tn.

It gained 4.82 per cent to close trading at 143.60 British Pound Sterling at London Stock Exchange.

The next equity with a high price tag is Airtel Africa at N2,000 per unit with a market cap worth N7.516tn.

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