Seplat Drives Market’s New low as NGX-ASI Decreases by 0.33%

Nigeria’s stock market had little buy-side activity on the Lagos Bourse, which led to a 0.33 percent or N188 billion decline in value on Thursday.

Seplat Energy Plc’s stocks were mostly seen on the sell side of the Nigerian Exchange Limited (NGX), which contributed to the market’s recent low.

The energy company’s share price dropped the highest on the Bourse, shedding N314.90 in a single day and going from N3,794.90 to N3,480, or 8.30 percent.
It was followed by that of Ikeja Hotel which was down from N7 to N6.35, losing 65 kobo or 9.29 percent.

Also, Honeywell Flour Mills dropped from N3.45 to N3.16, losing 29kobo or 8.41 percent. Another major laggard, Champion Breweries decreased from N3.31 to N3.06, losing 25 kobo or 7.55 percent.

At the close of trading on Thursday, the Nigerian Exchange Limited (NGX) All Share Index (ASI) and Market Capitalisation which stood the preceding trading day at 99,802.06 points and N56.456trillion respectively dropped to 99,468.90 points and N56.268trillion.

Amid dearth of positive triggers, investors in 7,126 deals exchanged 296,731,688 shares worth N5.447 billion. Fidelity Bank, Linkage Assurance, Access Holdings, Transcorp and AIICO were actively traded stocks on Thursday.

The stock market’s year-to-date (YtD) return stood lower at 33.03 percent. The market has decreased this month by 0.59 percent, while this week, it has decreased by 0.55 percent.