Seplat leads Nigerian stock market rally with 10% surge
By Aboki Forex —
Nigeria's stock market closed higher on Thursday, September 3, as oil and gas stocks drove the day's gains. The NGX All-Share Index rose 0.15%, with Seplat Energy touching the daily price limit and trading volume across the exchange crossing 434 million shares.
The market's performance came a day after FTSE Russell began publishing its September 2026 annual review files for its Frontier Index Series. FTSE Russell-eligible stocks posted mixed results, accounting for over half of the total traded value on the exchange.
Market in numbers
The NGX daily price list showed 22 gainers, 33 losers, and 76 unchanged securities. Total market activity reached 434.02 million shares valued at N29.30 billion across 42,303 deals. The Oil and Gas Index gained 2.22%, while the Banking Index declined 0.27%, reflecting mixed trading among major banking stocks.
The 10 stocks accounted for 51.41% of total traded value and 14.57% of market volume, based on Proshare's calculations.
Top gainers and losers
Seplat Energy Plc was the standout performer, rising 10.00% from N12,320.60 to N13,552.60, gaining N1,232.00. Shares worth N2.63 billion traded in the stock.
Other gainers included UPDC Real Estate Investment Trust, which rose from N12.65 to N13.90, gaining N1.25 or 9.88%; Learn Africa Plc advanced from N7.90 to N8.65, gaining N0.75 or 9.49%; Regency Alliance Insurance Plc rose from N0.84 to N0.88, gaining N0.04 or 4.76%; and Jaiz Bank Plc increased from N8.30 to N8.65, gaining N0.35 or 4.22%.
On the losing side, Federal Government of Nigeria Savings Bond 2031 Series 4 fell from N99.90 to N82.00, losing N17.90 or 17.92%. R.T. Briscoe Plc declined from N11.00 to N9.90, shedding N1.10 or 10.00%. Consolidated Hallmark Insurance Plc dropped from N2.84 to N2.56, losing N0.28 or 9.86%. Sovereign Trust Insurance Plc fell from N2.26 to N2.04, losing N0.22 or 9.73%. Abbey Mortgage Bank Plc declined from N7.75 to N7.00, shedding N0.75 or 9.68%.
Trading activity picks up
Market activity strengthened during the session, with total volume traded rising 1.68% to 434.02 million shares, while turnover reached N29.30 billion across 42,303 deals.
UBA recorded the highest trading volume, with 113.26 million shares worth N5.23 billion changing hands. The stock accounted for 26.10% of total market volume and 17.84% of traded value. GTCO followed with 34.25 million shares valued at N4.55 billion, while Access Holdings recorded 24.88 million shares worth N747.76 million. Sovereign Trust Insurance traded 21.21 million shares worth N46.70 million, and WAPIC saw 20.58 million shares worth N48.48 million change hands.
Otedola expands First HoldCo stake
Earlier, Legit.ng reported that First HoldCo Plc Chairman Femi Otedola had expanded his shareholding in the financial services company after acquiring about 680.8 million additional shares through a private placement. The transaction was valued at approximately N29.6 billion and further increased Otedola's ownership position and influence in the group. The acquisition is linked to First HoldCo's ongoing equity capital-raising exercise, which is designed to strengthen the company's capital base.
For Nigerian businesses, the sustained buying in oil and gas counters points to confidence in that sector, even as banking stocks struggle. The strong turnover on UBA and GTCO suggests active institutional interest in tier-one banks, while the overall breadth of the market remains mixed.