Investors of Seplat Energy Plc recorded a loss of about N70.56 billion from trading in the shares of the company. Following sustained sell pressure witnessed on shares of some blue-chip firms quoted on the Nigerian Exchange (NGX).
The sell-offs are on the back of cautious trading ahead of the 2023 general elections and global investment constraints; following the Russian-Ukraine crisis, as well as insecurity challenges that continue to hamper food and crude oil production in Nigeria.
The oil firm’s stock lost by 8.44% to date to N1,300.00 per share it opened for trading on August 23rd.
Further analysis showed that Seplat Energy opened the period under review at N1,419.90 per share and N835.532 billion in market capitalisation on the NGX as against N1,300 per share and N764.977 billion in market capitalisation at the close of trading on 26th August, hence suffered a loss of N70.555 billion or 8.44 %.