Seplat Energy gains 10% in market value on buy pressure

Investors of Seplat Energy Plc earned about N64.728 billion from the shares of the company on Wednesday amid increased buy pressure on the company’s stock.

The company gained a maximum of 10 per cent after yesterday’s trading session to begin the month of February on a positive note.

This was despite the CBN’s recent hike of the monetary policy rate by 100 basis points to 17.5 per cent.

The gain: The company’s stock price rose to N1,210 per share at the close of trading yesterday from N1,100 it opened the previous trading session, representing a growth of 10 per cent or N64.728 billion.

Further analysis showed that Seplat Energy closed the trading day with N7.1 billion in market capitalization as against N6.4 billion on the previous day.

The NGX began the second month of the year on a positive trajectory as the local bourse extended the bullish rally for the fourth consecutive session.

The All-Share index gained 0.49 per cent to close at 53,499.68 points, the highest since 31 May 2022.

Buy interest in Nestle Nigeria Plc which gained +1.84 per cent, Zenith Bank Plc with a gain of +2.00 per cent and GTCO,+0.40 per cent sustained the market in the positive route.

Consequently, the ASI’s year-to-date (YTD) return rose to 4.39 per cent, while the market capitalization gained N142.17 billion to close at N29.14 trillion.

Further analysis of today’s market activities showed trade turnover settled lower relative to the previous session, with the value of transactions down by 6.13 per cent.

A total of 200.37m shares valued at N5.52 billion were exchanged in 3,716 deals. GTCO a gain of +0.40 per cent led the volume chart with 16.61 million units traded, while Geregu Power which gained +8.47 led the value chart in deals worth N1.64 billion.