Stock Updates
SEPLAT hits N16,000 all-time high as Oil and Gas Index closes at 6,252
Seplat Energy closed at N16,000 on September 24, up 7.33 per cent, with year to date gains of 175.44 per cent. How the move lifted the Oil and Gas Index to 6,252.
Seplat Energy closed at N16,000 on September 24, up N1,092.20 or 7.33 per cent from the prior session, an all time high on the NGX, according to NGX data reported by Nairametrics. The rally extends a sharp run that has lifted the stock by 175.44 per cent year to date from N5,809 at the start of the year, with market capitalisation at N9.599 trillion.
The one year gain stands at 197.44 per cent, according to the same report.
What happened on September 24
- SEPLAT: N16,000, plus 7.33 per cent on the day.
- Path into the print: N13,552.60 on September 4 to N14,907.80 on September 17, up 10 per cent in 10 days, then to N16,000 on September 24. Nairametrics put the gain since September 1 at 21 per cent, adding roughly N2,587 to each share.
- Oil and Gas Index: plus 3.95 per cent, or 237.6 points, to 6,252.0, carried by Seplat weight.
- Rest of the sector was mixed: Conoil unchanged, Aradel unchanged, TotalEnergies unchanged, Eterna plus 1.3 per cent to N39.00, Oando down 0.97 per cent.
- Macro tail: Brent crude above 106 dollars per barrel, up more than 3 per cent, with West Texas Intermediate near 94 dollars, after Iran warned the conflict could spread to the Indian Ocean, according to Nairametrics.
This follows the August sequence we tracked in SEPLAT up 10 per cent to N12,320, when the Oil and Gas Index closed at 5,185.35. The index has since added about 1,067 points to 6,252.0 in under a month, with Seplat as the main driver.
Why Seplat carries the index
Seplat combines large market value with dollar linked cash flows, so a 7 per cent single name move creates large index points even when peers are flat. September 24 is a clear case: three peers unchanged, one down, one up 1.3 per cent, yet the sector index still added nearly 4 per cent.
Two earlier notes frame the channel:
- Our Aradel H1 earnings note tracked why energy led year to date on improved output and firmer oil receipts.
- Our Oando upstream note showed why deal overhang can leave peers behind even on strong oil days. September 24 repeated that split, with Oando lower while Seplat set a high.
Risks on the same tape
Breadth did not confirm the high. With Conoil, Aradel and TotalEnergies flat and Oando lower, the sector gain is concentrated rather than broad. That pattern matches narrow tapes we have flagged before, where caps lift the index while most names lag.
Oil linkage cuts both ways. The September 24 bid drew support from Brent above 106 dollars on geopolitical headlines around Hormuz and the Indian Ocean. A retreat in crude or a pause in FX calm can remove that support as quickly as it arrived, as mapped in our naira and reserves note.
What to watch
- Follow through above N16,000: whether the level holds on turnover that spreads beyond Seplat to Aradel and Conoil.
- Oil and Gas Index above 6,252: whether 6,252 acts as a base or gives back quickly if Brent cools from above 106 dollars.
- Volume mix: whether Financial Services continues to dominate turnover or energy value share rises with the price.
- Corporate calendar: next operational update on production and ANOH gas volumes after the H1 print of 139,509 barrels per day.
Frequently asked questions
Frequently asked questions
How much has SEPLAT gained in 2026?
From N5,809 at the start of the year to N16,000 on September 24, a 175.44 per cent gain, according to NGX data via Nairametrics. The one year gain is 197.44 per cent.
Why did the Oil and Gas Index rise when most peers were flat?
The index is cap weighted. Seplat at N9.599 trillion market value dominates the calculation, so its 7.33 per cent advance offset flat closes in Conoil, Aradel and TotalEnergies and a decline in Oando.
What underpins the rally beyond oil price?
H1 profit before tax of N790.4 billion, up 74.1 per cent, on revenue of N2.50 trillion and output of 139,509 barrels per day, plus the enlarged 2025 production base. That operating base, together with crude above 106 dollars, frames the current pricing.
Verify: confirm the September 24 close and index contribution on the NGX website.
