Seplat Petroleum succumbs to profit taking

Seplat Petroleum, for the second day running topped the losers’ table on the Nigerian Stock Exchange (NSE), dropping by N32.20 to close at N685 per share, amid profit taking.

Mr Ambrose Omordion, the Chief Operating Officer, InvestData Ltd, attributed the development to profit taking.

Omordion said that the stock was undervalued considering its fundamentals and rise in the price of crude oil.

Further analysis of Thursday trading shows that Dangote Cement trailed with N8.70 to close at N230.30 per share.

Cement Company of Northern Nigeria went down by N1.20 to close at N24, while PZ industries dropped by 80k to close at N19.95 per share.

Guaranty Trust Bank declined by 60k to close at N40.05 per share.

Consequently, the NSE market indicators declined further by 1.17 per cent with the All-Share Index losing 452.47 points to close at 38,152.60 against 38,605.07 on Wednesday.

Also, the market capitalisation which opened at N13. 984 trillion shed N164 billion or 1.17 per cent to close at N13.820 trillion.

On the other hand, Nigerian Breweries led the gainers’ table during the day, appreciating by N3 to close at N112 per share.

Presco followed with a gain of N1.50 to close at N73.50, while Lafarge Africa garnered N1 to close at N40 per share.

Guinness Nigeria added 50k to close at N97.50, while Custodian and Allied Insurance advanced by 25k to close at N5.20 per share.

FBN Holdings topped the activity chart with a turnover of 37.29 million shares worth N394.88 million.

Fidelity Bank followed with an account of 29.52 million shares valued at N66.44 million, while Guaranty Trust Bank sold 28.43 million shares worth N1.15 billion.

Sterling Bank traded 18.07 million shares valued at N24.59 million, while Prestige Insurance exchanged 16.99 million shares worth N11.21 million.

In all, investors bought and sold 271.40 million shares valued at N4.10 billion achieved in 3,766 deals against 267.76 million shares worth N3.83 billion transacted in 4,786 deals on Wednesday.

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