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Seplat, Fidson, Wema top advancers as market opens week in green

Nigeria’s equities market opened the new week in green after rising by 0.20percent or N57billion at the close of trading on Monday July 18.

Seplat Energy Plc led that league of advancers on the Nigerian Bourse, after its share price moved from N1,300.50 to N1,430.50, adding N130 or 10percent, followed by Fidson Healthcare Plc which increased from N9.41 to N9.90, up by 49kobo or 5.21percent, and Wema Bank which rose from N3.74 to N4, adding 26kobo or 6.95percent.

United Capital Research analysts said in their July 18 note ahead of market open that they expect continued bargain hunting this week “as investors continue to look forward to the H1-2022 earnings season, cherry-picking stocks with potential for strong earnings performance as well as interim dividend payment.”

They analysts however noted that a strong hike in MPR at this week’s MPC meeting could spell bad news for the equities market.

Read also: Stock market sees first gain this week

The stock market’s performance indicators –All-Share Index (ASI) and Market Capitalisation – increased from preceding trading day’s 52,215.12 points and N28.157trillion respectively to 52,319.94 points and N28.214trillion.

UBA, Zenith Bank, FBN Holdings, Access Holdings and GTCO were top-5 traded stocks on the Nigerian Exchange Limited (NGX) as investors in 4,525 deals exchanged 116,280,764 shares valued at N3.464billion.

“We expect the market to start off the week mixed, as investors start taking positions in anticipation of Q2 earnings releases,” Vetiva research analysts said in their July 18 noted.

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