Seplat Slumps, Airtel Africa Rallies as Zenith, GTCO Drag NGX to Flat Close

The Nigerian Exchange (NGX) closed marginally lower on Wednesday as losses in Seplat, Zenith Bank, and GTCO offset gains in Airtel Africa, UBA, and Royal Exchange. The benchmark NGX All-Share Index dipped 0.02% to 99,743.05 points, halting Tuesday’s modest rebound.

Despite the flat index performance, market activity remained robust with ₦11.84 billion in value traded across 8,518 deals, reflecting continued interest from institutional investors. A total of 318.9 million shares changed hands, underscoring market liquidity even in the absence of broad direction.

Sectoral Snapshot: Oil & Gas, Banks Weigh Heavily

The biggest drags on the market were Seplat Petroleum, which fell a sharp ₦22.50 (-8.3%) to close at ₦247.50, and banking majors like Zenith Bank (down 0.15% to ₦67.00) and GTCO (unchanged at ₦39.00 but heavy volume). These declines pulled down the NGX Banking Index by 0.47% and the Oil & Gas Index by 0.55%.

Airtel Africa Powers Turnover as Royal Exchange Leads Gainers

Airtel Africa was the standout on the turnover chart, contributing over ₦10.8 billion to daily value with a modest gain of ₦15.00 (+0.6%), closing at ₦2,330.00.

On the gainer’s table, Royal Exchange surged 7.8% to ₦1.11, while Fidson added 5.6% to ₦48.00. Other bright spots included Tantalizer (+3.9%) and Sovereign Trust Insurance (+2.2%).

Blue Chips Mixed: Dangote Cement Slides, MTN Holds Steady

Among index heavyweights:

Dangote Cement fell ₦2.00 (-0.4%) to ₦474.00 despite healthy volume.

MTN Nigeria was flat at ₦237.00.

Nestlé Nigeria remained unchanged at ₦1,460.00 with thin trading.

Market Sentiment: High Turnover, Low Breadth

While trading activity remained upbeat, market breadth was slightly negative, with 24 gainers against 26 losers. Analysts see investor caution ahead of upcoming inflation data and corporate earnings, even as liquidity stays strong.

“Smart money appears to be rotating within defensive names and telecoms,” said one Lagos-based equities analyst. “Until we see stronger signals from inflation and FX stability, the market is likely to drift sideways.”

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