Seplat’s N185bn drop lowers NGX to lowest level in two weeks
By Esther Agbo
Seplat Energy Plc saw a significant decline on the Nigerian Exchange (NGX) today, with its share price dropping by 8.30percent to close at N3,480. This resulted in a market capitalization decrease of N185.16 billion.
Seplat’s downturn was the primary factor driving the NGX’s overall decline of 0.33percent, leading to an All-Share Index of 99,468.69, the lowest since June 27, 2024.
This performance continued the market’s bearish trend this week, with the NGX falling by 0.55percent from the week’s opening of 100,022.03 points.
There was a 68 percent decline in traded volume, with 296.732 million shares traded today compared to 935.148 million shares yesterday.
The turnover volume decrease also led to a 54 percent drop in turnover value, down to N5.448 billion from N11.840 billion yesterday.
However, No stock within the NGX-30 Index made the top gainers list.
Linkage Assurance posted a 9.80 percent gain, closing as the top gainer while Daar Communications gained 9.62 percent to close at N0.57.
Vitafoam Plc increased by 7.61percent to N21.20, its highest since mid-March, Livestock Feeds continued its bullish run with a 7.32percent gain, marking a 19percent increase over four days. Mecure Industries gained 4.41% to close at N10.00.
Ikeja Hotel Plc led the losers’ list with a 9.29percent decline, Honeywell Flour Mills fell by 8.41percent to N3.16, Seplat Energy Plc dropped by 8.30percent to N3,480.00. Champion Breweries declined by 7.55 percent to N3.06 and Sunu Assurances Nigeria fell by 4.62percent to N1.24.
Moreover, Fidelity Bank was the most traded stock with 46.783 million shares, despite a 0.48percent decline to N10.45, Linkage Assurance, the top gainer, had 32.122 million shares traded. Access Holdings, amidst a bearish run, saw a turnover of 23.235 million shares, Transcorp traded 129 million shares, AIICO Insurance had 15.633 million shares traded.
In terms of value, Seplat Energy led with a turnover value of N1.15 billion, Airtel Africa followed with N569.14 million, Fidelity Bank recorded N482.46 million, Transcorp Power had N464.32 million, Access Holdings recorded N445.71 million.
Mixed trading sentiments were observed among stocks worth over one trillion, with Seplat Energy posting an 8.30 percent loss and Airtel Africa gaining 0.14percent. Banking stocks such as Zenith Bank and GTCO Holdings gained 0.13percent and 0.22percent respectively, while FBN Holdings and UBA posted gains of 0.44percent and 1.10percent. However, Access Holdings declined by 1.04percent.
