Seplat’s N185 billion decline drags NGX to lowest level in two weeks

Seplat Energy Plc experienced a significant decline on the Nigerian Exchange (NGX) today, with its share price falling by 8.30% to close at N3,480. This drop also resulted in a market capitalization decrease of N185.16 billion.

The stock’s decline was the major driving force as the Nigerian Exchange declined by 0.33% to close with an All-Share Index of 99,468.69, the lowest since June 27, 2024.

The day’s market performance also continued the market’s bearish move this week, as the NGX has been on a spate of bearish runs this week, declining by 0.55% from the week’s opening 100,022.03 points.

During the day, there was a 68% decline in traded volume, as only 296.732 million shares were traded today, in contrast with 935.148 million shares yesterday.

Market Highlights

With the decline in turnover volume also came the decline in turnover value, as there was a 54% decline in turnover value to N5.448 billion, from yesterday’s N11.840 billion.

Top Gainers: No stock within the NGX-30 Index made the top gainers list, as Linkage Assurance posted a 9.80% gain to close as the top gainer for the day.

  • Daar Communications took a break from its bearish run to post a 9.62% and close at N0.57.
  • Vitafoam Plc also posted a 7.61% gain to close at N21.20, its highest share price since mid-March.
  • Livestock Feeds posted a 7.32% gain today to continue a bullish run that has seen it gain 19% in four days. Mecure Industries gained 4.41% to close with a share price of N10.00

Top Losers: Ikeja Hotel Plc led the losers’ list as its share price declined by 9.29%, followed by Honeywell Flour Mills which declined by 8.41% to close at N3.16. Seplat Energy Plc lost 8.30% to close at N3,480.00.

Champion Breweries declined by 7.55% to close at N3.06, and Sunu Assurances Nigeria declined 4.62% to close at N1.24.

Top traded stocks: Fidelity Bank was the top traded stock of the day, with 46.783 million shares. It closed the day with a 0.48% decline to close at N10.45. Fidelity was followed by Linkage Assurance, the top gainer of the day with 32.122 million shares.

  • Access Holdings, which have been on a bearish run since the start of its rights issue programme recorded a turnover volume of 23.235 million shares.
  • 129 million shares of Transcorp were traded today, as AIICO Insurance recorded a turnover volume of 15.633 million shares.
  • In terms of value, Seplat Energy was the top traded, as it recorded a turnover value of N1.15 billion, followed by Airtel Africa with a turnover value of N569.14 million.
  • Fidelity Bank recorded a turnover value of N482.46 million.
  • Transcorp Power recorded a turnover value of N464.32 million, and Access Holdings recorded a turnover value of N445.71 million.

SWOOTs and FUGAZ Update

There were mixed trading sentiments for stocks worth over one trillion, as Seplat Energy posted a huge loss of 8.30%, while Airtel Africa posted a 0.14% gain. The banking stocks among the SWOOTs, Zenith Bank and GTCO Holdings posted a 0.13% and 0.22% gain respectively.

Other tier-1 banking stocks, FBN Holdings and UBA posted 0.44% and 1.10% gains respectively. However, Access Holdings declined by 1.04%.



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