Seplat, Nahco, others cause market’s positive start to February

Nigeria’s equities market opened the new month of February on a positive note, rising by 0.49 percent or N142billion on Wednesday. Year-to-date (YtD), the market has increased by 4.39percent.

The Nigerian stock market has maintained a positive month-on-month (m/m) close since November 2022. It grew by 3.72percent in January as record rally in December filtered into the new year.

While full year results of listed companies take centre stage, market watcher expect the rally to continue as investors position in companies with history of dividend payment.

The record positive on Wednesday at the Nigerian Exchange Limited (NGX) was caused mostly by investors who bought among others the shares of Seplat, Nahco, IMG (Industrial & Medical Gases Nigeria), Northern Nigeria Flour Mills and International Energy Insurance.

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Seplat led the advancers league after rising from N1,100 to N1,210, up N110 or 10percent. It was followed by Nahco which rose from N8.10 to N8.85, up by 75kobo or 9.26percent.

Also, IMG rose increased from N7 to N7.70, up by 70kobo or 10percent, and Northern Nigeria Flour Mills which rose from N7.40 to N8.10, up by 70kobo or 9.46percent.

The market’s key performance indicators – the All-Share Index (ASI) and equities capitalisation rose from preceding day’s 53,238.67 points and N28.997trillion to 53,499.68 points and N29.139trillion.

Universal Insurance, GTCO, UBA, Transcorp, and Geregu were top-5 traded stocks as investors in 3,716 deals exchanged 200,368,242 shares valued at N5.524billion.