Seplat Jumps N31.19bn As MTN Dips N81.418bn

By InsideBusiness On Mar 3, 2021

Seplat Petroleum Development Company appears to be defying the ongoing massive sell-offs occasioned by profit-taking by investors on the floor of the Nigerian Stock Exchange (NSE) as its share price has risen astronomically on Wednesday.

Seplat’s share price climbed by 10 percent to close at N583 per share up from N530 per share. Its market capitalization also surged by10 percent to close at N343.063 billion up from N311.875 billion.

In effect, the Oil and Gas company gained N31.19 billion in 24 – hours trading on the Nigerian bourse. However, its outstanding shares are put at 588,444,561.

A check by insideBusiness shows that, until Wednesday’s massive leap, Seplat has traded at N530 per share on the NSE.

Seplat had on Monday, March 1, announced a Final Dividend of $0.05 ( per Ordinary Share of N0.50k each will be paid to c whose names appear in the Register of Members as at the close of business on 4th May 2021.

It added that the final Dividend offer was subject to appropriate withholding tax and shareholders’ approval

On the flip side, MTN Nigeria depreciated on the Exchange during trading on Wednesday.

The telecom giant fell by 2.3 per cent when its market capitalization dropped N81.418 billion when its equity depreciated to N3.460 trillion from N3.541 trillion it commenced trading with.

The share price of the yellow brand also shed 2.3 percent, falling from N174 per share to N170 per share, while the company’s outstanding shares stand at 20,354,513,050

However, amidst its sharp decline on the stock market, MTN Nigeria posted a fine showing upon the release of its Audited Financial report for December year ended 2020.

According to the Audited figure released by MTN on Monday, it announced a N205. 214 billion profit after tax (PAT), a 0.9 percent gain to surge to N205. 214 billion, up from N203.283 billion in 2019.

The figures released by the South African company show that its profit before tax, (PBT) climbed by 2 6 percent, to close the year at N298. 874 billion up from N291.2777 billion in 2019.