Seplat Energy Plc led the Nigerian Exchange (NGX) higher on Thursday, surging 10 percent to hit its daily price limit and becoming the top-performing heavyweight stock of the session. The energy giant’s shares climbed from N12,320.60 to N13,552.60, adding N1,232.00 per share in value, a move that significantly boosted the broader market despite profit-taking across several other equities. This strong performance helped push the NGX All-Share Index (ASI) to 246,388.22 points, while equity market capitalisation rose to N159.153 trillion, reflecting an approximate increase of N238 billion in investor wealth.
Despite Seplat’s impressive rally, the overall market remained mixed, with several stocks closing sharply lower. RT Briscoe Plc, CMFC, Sovereign Trust Insurance Plc, and Abbey Mortgage Bank Plc all recorded declines, indicating that Thursday’s gains were driven primarily by a few large-cap stocks rather than widespread buying sentiment. The energy sector emerged as the new leader in market direction, replacing banking stocks which had dominated recent sessions due to sustained institutional activity in Access Holdings Plc, GTCO Plc, Zenith Bank Plc, and UBA Plc.
Trading volume remained concentrated in banking stocks, with UBA Plc topping the list as the most actively traded equity. Investors exchanged 113.26 million shares worth N5.23 billion, while GTCO Plc saw transactions valued at N4.55 billion. Access Holdings Plc also featured prominently, reinforcing the banking sector’s role as the main source of liquidity on the exchange. Overall, market activity improved slightly, with 434.02 million shares traded in 42,303 deals, valued at N29.30 billion—marginally higher than the previous session’s N28.44 billion from 426.84 million shares.
The modest rise in turnover suggests that market gains were more attributable to price appreciation in heavyweight stocks like Seplat than to a surge in fresh capital inflows. Nevertheless, renewed interest was evident in select sectors, with UPDC REIT rising 9.88 percent, Learn Africa Plc gaining 9.49 percent, and Jaiz Bank Plc advancing 4.22 percent. These movements indicate some diversification in investor focus, though Seplat remained the dominant force shaping Thursday’s market dynamics.
Seplat’s 10 percent gain not only made it the day’s strongest large-cap performer but also provided the necessary momentum to lift the NGX into positive territory. Its influence underscores the continued importance of heavyweight stocks in determining Nigeria’s equity market trajectory. As investor attention shifts between sectors, Seplat’s performance signals growing confidence in the energy space, potentially setting the tone for future market trends.
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