SEPLAT up 10% to N12,320 as Oil and Gas leads rally

SEPLAT Energy added 10.00 per cent to close at N12,320.60 in the week ended August 28, the third strongest large-cap advance on the NGX, according to Nairametrics weekly data. The move carried the NGX Oil and Gas Index 4.54 per cent higher to 5,185.35, the best sector print of the week.

The week was short, four trading days with Tuesday shut for the public holiday, and it followed 11 straight losing sessions. A heavy cap getting a bid was enough to turn the index tape.

What happened on the week

• SEPLAT: Plus 10.00 per cent to N12,320.60. Large cap weight means the naira gain feeds straight into index points.
• ASI: Plus 0.81 per cent to 241,298.47, up 1,947.31 points from 239,351.16. Market capitalisation plus 0.84 per cent to N155.826 trillion. Quarter to date plus 5.18 per cent, year to date plus 55.06 per cent, month to date minus 1.62 per cent for August.
• Top gainers around it: University Press plus 18.75 per cent to N5.70, FirstHoldCo plus 11.58 per cent to N145, Red Star Express plus 9.86 per cent to N16.15, Transcorp Hotels plus 9.76 per cent to N265.50.
• Worst drags elsewhere: International Energy Insurance minus 26.61 per cent to N2.84, Fidson minus 17.69 per cent to N77, Caverton minus 15.15 per cent to N4.20, TotalEnergies minus 10.00 per cent to N576, a reminder that energy was not a uniform bid.
• Activity: Turnover 2.507 billion shares worth N123.223 billion in 173,561 deals, down from 6.242 billion shares worth N157.764 billion the prior five-day week. Financial Services drove 78.87 per cent of volume with 1.977 billion shares.
• Breadth: 24 advancers, 55 decliners, 68 unchanged. Better than 18 against 59 the week before, but still defensive.

Friday, August 28 alone, the ASI added 0.90 per cent to 241,298.47 on 33 gainers against 19 losers, with N1.38 trillion in market cap gains attributed to renewed buying after the FTSE Russell notice.

Why SEPLAT mattered more than the per cent

Two earlier posts set the context:

1. The NGX breadth check showed a market where the index could rise while 63 losers outnumbered 26 gainers. That was a narrow, cap-driven tape. This week narrowed less, but still needed caps to lift it.
2. Our Aradel H1 earnings note tracked why energy has been the year to date leader at plus 94.19 per cent for the Oil and Gas Index. Deregulation, better security in the Niger Delta and relative naira stability have kept that bid alive.

SEPLAT is the bridge between those two. When a heavy energy name moves 10 per cent, the Oil and Gas Index moves almost point for point, and the ASI feels the pull even on thin turnover. Consumer Goods slipped 0.67 per cent to 4,012.83 and Insurance slipped 0.63 per cent to 1,079.54 in the same week, so the sector win was not broad. It was specific.

Brent at $89.31 and the reserve build to $53.11 billion provided the macro tail. Oil off 5 per cent on the week still sits at a level that supports exporter cash receipts, which loop back into the FX turnover story in our naira reserves note.

How the FTSE flow ties in

FTSE Russell confirmed Nigeria will return to Frontier Market from September 21, 2026, after the T plus 1 review was cleared on a Delivery versus Payment basis. The mechanical implication is that Frontier benchmarked passive funds reweight to Nigeria in line with heavy, liquid names. SEPLAT, with its free float and dollar-facing cash flows, is a natural candidate for that reweight conversation, alongside banks and other large caps we mapped in the Frontier Market upgrade explainer.

Risks that cracked the same tape

Not every energy print followed SEPLAT:

• TotalEnergies fell 10 per cent to N576 against the sector rally.
• Oando, covered in our upstream acquisitions impact, stayed sensitive to deal overhang more than spot oil.

That split is typical when a bid is index-flow plus oil beta rather than stock-specific earnings. The next H1 reports will sort which energy names have margin to hold the bid.

What to watch

• Breadth follow-through: Whether advancers can push above 30 names next week and hold the 33-to-19 Friday balance.
• Oil and Gas Index level: Can 5,185 hold if Brent stays near $89 to $90 after the Iran Hormuz headlines and the $90 per barrel print on August 31.
• Bank follow-on: FirstHoldCo at N145 and Access Holdings at N29.50 moved with SEPLAT. If banks fade while energy holds, the rally narrows again.
• Corporate actions flow: The week also saw listings of Prestige Assurance private placement shares and International Energy Insurance public offer shares on August 24, plus the July FGN Savings Bonds listing on August 27. New supply can mute breadth even when the ASI is up.

Frequently asked questions

Frequently asked questions

Why did the ASI rise when most stocks fell?

+

The All-Share Index is cap weighted. SEPLAT, with a large market value, plus FirstHoldCo and Access Holdings, offset 55 decliners. Advancers were only 24 names, yet the points gain still landed at plus 1,947 on the week.

Is the Oil and Gas lead durable?

+

Year to date it is plus 94.19 per cent, the strongest sector on the NGX in 2026. August is minus 1.09 per cent month to date, so the four-day gain retraces a weak month rather than extending a runaway trend. The channel is higher oil receipts and FX calm, not just momentum.

What signals a healthier rally?

+

Advancers above decliners for three straight sessions, turnover above N150 billion without Financial Services taking close to 80 per cent of volume, and Consumer Goods turning from minus 0.67 per cent to flat. That broadens the base the ASI stands on.