Seplat surges 10% as Nigerian stocks gain N238 billion despite wider sell-off

The Nigerian equities market regained its bullish momentum on Thursday, September 3, 2026, as the benchmark NGX All-Share Index (ASI) advanced 0.15% to close at 246,388.22 points, up from 246,019.17 points in the previous session.

The market performance was buoyed by strong gains in Seplat Energy and the broader Oil & Gas sector despite Aradel Holdings’ significant loss.

Market capitalisation rose to N159.15 trillion from N158.91 trillion, adding approximately N238.37 billion to investor wealth, while the market’s year-to-date return strengthened to 58.33%.

Despite the headline gain, investor sentiment remained negative beneath the surface, with losers comfortably outpacing gainers, suggesting that Thursday’s advance was driven by a handful of outstanding heavyweights rather than broad-based buying.

Market summary:

• All-Share Index (ASI): 246,388.22 points, up 0.15%.
• Market capitalisation: N159.15 trillion, up 0.15%.
• Market value gained: Approximately N238.37 billion.
• Year-to-date (YTD) market return: +58.33%.
• Trading volume: 434.02 million shares, up 1.68%.
• Market turnover (value traded): N29.30 billion, up 3.03%.
• Total deals: 42,303, up 2.00%.
• Market breadth: 21 stocks gained during the session, while 33 declined.

Top 5 Gainers:

• Seplat Energy: up 10% to N13,552.60, from N12,320.60.
• UPDC REIT: up 9.88% to N13.90, from N12.65.
• Learn Africa: up 9.49% to N8.65, from N7.90.
• Regency Alliance Insurance: up 4.76% to N0.88, from N0.84.
• Jaiz Bank: up 4.22% to N8.65, from N8.30.

Top 5 Losers:

• R.T. Briscoe: down 10.00% to N9.90, from N11.00.
• Critical Minerals Financing Corporation (CMFC): down 9.86% to N2.56, from N2.84.
• Sovereign Trust Insurance: down 9.73% to N2.04, from N2.26.
• Abbey Mortgage Bank: down 9.68% to N7.00, from N7.75.
• DAAR Communications: down 8.28% to N1.55, from N1.69.

Driving the numbers:

Seplat Energy delivered the session’s standout move, surging by maximum 10% to close at N13,552.60 from N12,320.60, extending a remarkable run that has seen the stock climb sharply through the past week and driving much of the strength in the Oil & Gas Index.

• Dangote Sugar advanced 1.41% to N72.00.
• FCMB gained 1.71% to N11.90.
• Zenith Bank edged up 0.31% to N127.50.
• MTN Nigeria rose marginally by 0.12% to N808.00, providing modest additional support to the market.

On the downside, NASCON Allied Industries was the session’s biggest large-cap decliner, falling 8.03% to close at N161.40 from N175.50.

• Aradel Holdings declined 5.84% to N1,450.00, from N1,539.90, extending a pullback after its recent strong run.
• Fidelity Bank eased 2.50% to N19.50, Access Holdings declined 2.44% to N30.05, and UBA slipped 1.08% to N46.00.

Sector performance:

Sectoral performance was mixed across the board. The Oil & Gas Index emerged as the strongest sector, gaining 2.22% to close at 5,594.51 points, from 5,473.07 points, powered by Seplat’s sharp rally.

• The Commodity Index followed with a 1.62% gain to 1,833.78 points.
• The Insurance Index advanced 0.67% to 1,132.93 points, while the Industrial Index was virtually flat, up 0.23% to 10,409.24 points.
• Banking was the session’s weakest sector, declining 0.85% to 2,624.45 points, while the Consumer Goods Index eased 0.39% to 4,101.53 points, both dragged down by NASCON’s steep losses and broader profit-taking in banking names.
• Market breadth remained negative, with 33 decliners outpacing 21 advancers, even as the headline index posted a gain.

Trading activity was broadly positive despite the mixed breadth, with total volume traded rising 1.68% to 434.02 million shares, turnover value increasing 3.03% to N29.30 billion, and deal count advancing 2.00% to 42,303 transactions.

What you should know:

Thursday’s session restored the market’s recent momentum, with Seplat Energy once again proving to be one of the standout stories on the NGX, building on its rally through the past week that has been closely tied to Tony Elumelu’s growing stake in the company and continued strong investor interest in the oil and gas major.

• Seplat’s robust gain alone contributed significantly to the Oil & Gas Index’s strength and the broader ASI’s advance.
• NASCON’s sharp 8.03% decline stands out as a notable reversal, given the consumer goods company’s strong performance through much of August, when it ranked among the market’s steadier large-cap gainers.
• With banking stocks weighing on the index for a second consecutive session, investor attention will likely remain focused on whether the sector can stabilise as the market continues to digest recent volatility following Nigeria’s FTSE Russell reclassification confirmation.

Looking ahead, the market is expected to sustain its upward trajectory as investor confidence continues to strengthen, buoyed by the FTSE Russell latest inclusion of some of the large cap stocks on its index.