Nigerian stock market rebounds as Seplat Energy surges

The Nigerian stock market staged a modest rebound on Thursday, with the NGX All-Share Index gaining 0.06 percent to close at 242,378.13 points. This recovery halted a recent losing streak and saw market capitalization increase by approximately N100.51 billion, reaching N157.150 trillion.

Trading activity saw a massive surge, with total volume rising 161.8 percent to reach 1.4 billion shares. FTG Insurance Plc dominated this activity, with investors exchanging over 1.03 billion shares valued at N1.49 billion. While FTG Insurance led in volume, GTCO Plc recorded the highest transaction value at N3.33 billion.

Seplat Energy Plc was a primary driver of the market's upward movement, hitting its daily limit with a 10 percent price surge to close at N14,907.80 per share. Other notable gainers included Japaul Gold & Ventures and Access Holdings Plc. However, market breadth remained negative, as 29 stocks declined compared to 23 gainers.