Seplat Powers NGX Higher as Energy Giant Hits 10% Daily Limit

Seplat Energy Plc spearheaded Thursday’s advance on the Nigerian Exchange (NGX) after investors drove the stock to its 10 percent daily price limit with the heavyweight energy stock providing enough upward momentum to lift the broader market despite widespread profit-taking across several counters.

The energy company’s stock advanced from N12,320.60 to N13,552.60, representing a gain of N1,232.00 per share, making it the best-performing heavyweight stock during the session.

Seplat’s rally came as the NGX All-Share Index (ASI) rose to 246,388.22 points, while equity market capitalisation increased to N159.153 trillion, adding approximately N238 billion in investor wealth.

Given Seplat’s sizeable market capitalisation, the stock played a significant role in lifting the benchmark index despite widespread declines across other counters.

The broader market painted a mixed picture.

While Seplat recorded the day’s strongest gain among large-cap stocks, several equities closed sharply lower, including RT Briscoe Plc, CMFC, Sovereign Trust Insurance Plc, and Abbey Mortgage Bank Plc, indicating that Thursday’s advance was driven more by heavyweight counters than broad-based buying across the market.

The session also highlighted a shift in sector leadership.

In recent trading sessions, banking stocks had largely dictated market direction through sustained institutional buying in Access Holdings Plc, GTCO Plc, Zenith Bank Plc, and UBA Plc.

On Thursday, however, the energy sector assumed a more prominent role as Seplat’s sharp appreciation became one of the principal drivers of market performance.

Trading activity remained concentrated in banking stocks despite Seplat’s impressive rally.

UBA Plc emerged as the market’s most actively traded equity after investors exchanged 113.26 million shares valued at N5.23 billion, while GTCO Plc recorded transactions worth N4.55 billion.

Access Holdings Plc also remained among the most actively traded stocks, reinforcing the banking sector’s position as the market’s primary source of liquidity.

Overall market activity improved only marginally.

Investors traded 434.02 million shares valued at N29.30 billion in 42,303 deals, slightly higher than the previous session’s 426.84 million shares worth N28.44 billion.

The modest increase in turnover suggests that while investor participation remained stable, the day’s market gains were largely influenced by price appreciation in heavyweight stocks rather than a significant increase in fresh capital entering the market.

Seplat’s strong performance also coincided with renewed buying across selected sectors.

UPDC REIT gained 9.88 percent, Learn Africa Plc rebounded 9.49 percent, while Jaiz Bank Plc advanced 4.22 percent, indicating that investor interest was not entirely confined to the energy sector.

Nevertheless, Seplat remained the defining stock of Thursday’s session.

Its 10 percent appreciation not only made it the day’s strongest large-cap performer but also provided the momentum needed to lift the Nigerian Exchange back into positive territory, demonstrating the significant influence heavyweight stocks continue to exert on overall market performance.