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Seplat Energy led a strong rebound among selected heavyweight stocks on the Nigerian Exchange on Thursday, gaining 10 per cent as Nigerian equities collectively added about N238 billion in market value despite continued selling pressure across several sectors.
The rally in Seplat helped cushion losses recorded by other large-cap counters, with the stock emerging as one of the session’s biggest gainers as investors continued to reposition their portfolios following the market’s recent correction.
The positive movement came against a backdrop of mixed trading, highlighting the increasingly selective nature of investor activity on the NGX.
Seplat Drives Energy-Sector Buying
Seplat Energy was at the centre of Thursday’s buying interest, with its share price rising by the maximum 10 per cent allowed in a single trading session.
The company has remained one of the stronger-performing energy stocks on the exchange in recent months. Its shares had already gained 8.42 per cent in August, closing the month at N12,320.60, according to NGX market data.
The latest advance reinforces Seplat’s position among the NGX’s heavyweight equities and comes as investors continue to favour companies with strong earnings prospects and exposure to sectors capable of benefiting from Nigeria’s changing economic environment.
Seplat was also the first NGX-listed stock to cross the N10,000 share-price threshold earlier in 2026, underscoring the extent of its price appreciation this year.
N238bn Added Despite Wider Selling
Despite the strong performance of Seplat and selected large-cap stocks, the wider market remained under pressure as investors continued to take profits in several counters.
The session’s gains therefore reflected a concentration of buying interest rather than a broad-based recovery across the market.
This pattern follows a turbulent August, when the All-Share Index endured an 11-session losing streak and fell to 238,682.92 points on August 26 before recovering towards the end of the month.
The benchmark ultimately ended August at 244,199.39 points, down 0.40 per cent for the month, while overall market capitalisation declined by about N590 billion to N157.74 trillion.
The market nevertheless remained strongly positive on a year-to-date basis, with the ASI up 56.93 per cent at the end of August.
Investors Rotate Towards Value Stocks
The latest trading pattern suggests that investors are becoming more selective after the extraordinary gains recorded by Nigerian equities earlier in the year.
During August, buying interest shifted towards banking stocks, value-oriented counters and companies with established earnings or dividend prospects, while insurance, industrial and some growth stocks experienced heavier selling.
The banking index rose 3.82 per cent during the month, making it the strongest-performing major sector. Consumer Goods also advanced 3.47 per cent, while the Oil & Gas index edged up 0.25 per cent.
By contrast, the Insurance index dropped 9.26 per cent, while Industrial Goods declined 2.03 per cent.
That sector rotation has continued to shape trading into September, with investors increasingly distinguishing between stocks supported by earnings and those whose valuations may have run ahead of their underlying fundamentals.
Seplat Among August’s Strong Performers
Seplat entered September with considerable momentum after recording an 8.42 per cent gain in August.
Its performance placed it among the strongest major stocks during the month, alongside Airtel Africa, First HoldCo and other heavyweight counters.
The energy company’s recent market performance has also benefited from increased investor attention to Nigeria’s oil and gas industry, particularly as reforms in the sector continue to reshape investment expectations.
The company’s strong market showing follows earlier corporate developments that have increased attention around its ownership structure and long-term growth prospects.
Frontier Market Return Adds to Investor Focus
The latest market movement comes shortly before Nigeria’s scheduled return to FTSE Russell Frontier Market status on September 21, 2026.
The reclassification is expected to improve the visibility of Nigerian equities among international investors and could potentially encourage additional portfolio flows into the market.
FTSE Russell has already identified 10 Nigerian companies as newly eligible constituents of its Frontier Index Series, including Seplat Energy, Dangote Cement, First HoldCo, GTCO, MTN Nigeria, Nestlé Nigeria, Nigerian Breweries, Presco, Stanbic IBTC Holdings and Zenith Bank.
The development gives some of Nigeria’s largest listed companies greater exposure to international benchmark-tracking investors.
Selectivity Likely to Define September Trading
With the NGX still sitting more than 50 per cent higher than its level at the start of the year, the market enters September from a position of substantial gains but also heightened valuation sensitivity.
Investors are likely to pay closer attention to corporate earnings, dividend prospects and individual company fundamentals rather than relying on the broad market rally that characterised much of the first half of 2026.
The sharp rise in Seplat on Thursday demonstrates that substantial buying interest remains
