TotalEnergies falls 10% as NGX Oil and Gas Index retreats from record high

TotalEnergies Marketing Nigeria Plc shares fell 10% on Friday, September 25, 2026, pulling the NGX Oil and Gas Index down 0.13% a day after the sector gauge reached a record high.

The index had risen 3.95% to 6,252.0 points on Thursday, driven largely by gains in Seplat Energy Plc.

TotalEnergies shares fall 10%

TotalEnergies opened Friday’s session at N576 but ended trading at N518.40, representing a decrease of N57.60 or 10%. The latest decline extends the stock’s weakness over the past month, with TotalEnergies falling 19% from N640 at the end of August to N518.40.

The stock had already dropped 10% from N640 to N576 on August 28 and remained at that level through Thursday, September 24, before recording another 10% decline on Friday.

At N518.40 per share, the company’s market capitalisation stood at about N176 billion, based on its 339.52 million outstanding shares.

The 10% decline on Friday contributed to the 0.13% retreat in the NGX Oil and Gas Index after the sector gauge reached a historic high in the previous trading session.

TotalEnergies’ recent share-price performance therefore contrasts with the improvement recorded in its second-quarter financial results.

Oil and gas stocks diverge

Trading across most other oil and gas stocks was largely unchanged on Friday, while Seplat Energy recorded a marginal gain. Conoil Plc remained flat, while Aradel Holdings Plc and Eterna Plc also recorded no movement at the close of trading.

• Seplat Energy gained N0.10 to close at N16,000.10.
• The marginal gain came a day after Seplat reached an all-time high of N16,000 per share on the Nigerian Exchange Limited.
• The gain extended Seplat’s year-to-date increase to 175.44%.

The sharp rise in Seplat had lifted the NGX Oil and Gas Index by 3.95% to 6,252.0 points in Thursday’s session, before TotalEnergies’ decline weighed on the sector gauge on Friday.

TotalEnergies returns to profit

TotalEnergies’ second-quarter results showed a significant improvement from the corresponding period in 2025, with revenue rising 22% year-on-year to N246.81 billion in Q2 2026 from N202.28 billion. The increase was supported by higher product pricing, including a 38% rise in PMS prices, a 65.3% increase in AGO prices and a 35.4% increase in DPK prices.

• The company returned to profitability, recording profit after tax of N3.78 billion in Q2 2026, compared with a loss after tax of N2.74 billion in Q2 2025.
• Earnings per share stood at N11.13 in Q2 2026, compared with a loss per share of N8.06 in the corresponding quarter of 2025.
• Six-month revenue reached N443.99 billion, while profit after tax for the first half stood at N4.95 billion, compared with a N2.86 billion loss in the first half of 2025.

TotalEnergies reported a full-year 2025 loss after tax of about N17.18 billion, compared with a profit after tax of N27.4 billion in 2024, while revenue fell 26% to N767.63 billion from N1.04 trillion.

The first-half 2026 improvement follows a difficult 2025 financial year for TotalEnergies, when weaker revenue and higher costs contributed to the company’s annual loss.