Ecobank, Seplat, 16 Others Lift Stock Market

Gains recorded by Ecobank Transnational Incorporated, Seplat Petroleum Development Company Plc and 16 others on Thursday helped to end a two-day rout in the equities market of the Nigerian Stock Exchange.

After six consecutive days of closing higher, the market had retreated on Tuesday as key market indices declined by about 1.3 per cent followed by a 1.9 per cent slide on Wednesday.

The NSE All-Share Index rose to 24,261.69 basis points on Thursday from 24,056.12 basis points, while the market capitalisation of listed equities was up by N71bn to close at N8.34tn.

All other indices finished higher on Thursday, with the exception of the NSE Insurance Index, NSE Lotus Islamic Index and NSE Industrial Index, which increased, while the NSE ASeM remained unchanged.

Ecobank and Seplat saw their share prices increase by five per cent each to close at N15.75 and N288.08.

Other gainers on Thursday include Nigerian Breweries Plc, Tiger Branded Consumer Goods Plc, Learn Africa Plc, FBN Holdings Plc and Total Nigeria Plc.

The losses recorded by 23 stocks led by Eterna Oil Plc were unable to prevent the market from closing on a positive note.

Eterna Oil shed 8.38 per cent to close at N1.75 per share, while Mobil Oil Nigeria Plc was down by 6.02 per cent to close at N150 per share.

Dangote Sugar Refinery Plc lost 5.64 per cent to close at N5.19 per share; Portland Paints & Products Nigeria Plc depreciated by 4.87 per cent to close at N3.71 per share, and AIICO Insurance Plc.