The Nigerian stock market kicked off the week on a positive note with gains in Seplat Energy following the Federal Government’s approval of its acquisition of ExxonMobil’s onshore assets on Monday, October 21, 2024.
The deal, valued at $1.28 billion, added N376 billion to the stock market’s capitalisation.
The Chief Executive Officer of the Nigerian Upstream Petroleum Regulatory Commission (NUPRC), Gbenga Komolafe, announced the approval at the agency’s third anniversary on Monday.
The Nigerian Exchange Limited (NGX) market capitalisation, which opened at N59.425 trillion, gained N376 billion or 0.63 per cent to close at N59.801 trillion.
The All-Share Index also advanced by 0.63 per cent or 620.33 points to close at 98,690.61, against 98,070.28 recorded on Friday.
Consequently, the Year-To-Date (YTD) return increased to 31.99 per cent.
Investors’ interest in Guaranty Trust Holding Company Plc (GTCO), Zenith Bank, United Bank for Africa (UBA), and Oando Plc, among other equities also contributed to the market’s surge.
FG approves ExxonMobil’s $1.28bn assets divestment to Seplat
Meanwhile, the stock market breadth closed positive with 32 losers and 18 gainers.
Daar Communications and Ikeja Hotel led the gainers’ table by 10 per cent each to close at 66k and N 7.70 per share, respectively.
Regency Alliance Insurance also led by 8.20 per cent on the losers’ table to close at 56k per share.
Analysis of the stock market activities showed trade turnover settled higher relative to the previous session, with the value of transactions up by 130.46 per cent.
A total of 405.02 million shares valued at N27.57 billion were exchanged in 8,281 deals, compared with 358.85 million shares valued at N11.96 billion traded in 6,719 deals posted in the previous session.
UBA led the activity chart in volume with 138.15 million shares, while Seplat in value of deals worth N18.35 billion.
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