Seplat, Mansard Lead Rally as NGX Market Gains N786 Billion

Nigeria’s equities market opened the week on a strong bullish note, with the Nigerian Exchange (NGX) recording a total market capitalization gain of ₦786.24 billion. The rally was largely driven by significant gains in the oil and insurance sectors, with Seplat Energy and AXA Mansard Insurance emerging as standout performers.

The NGX All-Share Index rose by 0.86 percent, adding 1,238.74 points to close at 144,822.78, up from 143,584.04 recorded at the end of the previous week. In tandem, the market’s total value increased to ₦91.92 trillion. Market breadth favored gainers, with 49 stocks advancing, 23 declining, and 74 remaining unchanged.

Among the top gainers, Seplat Energy surged 10 percent to reach ₦5,917.20 per share, while AXA Mansard also recorded a 10 percent gain, closing at ₦15.84. Their performances contributed significantly to the strong showing of the Oil & Gas and Insurance sector indices, which recorded daily increases of 3.35 percent and 3.13 percent, respectively.

Other sectors of the market also witnessed positive movements. The Commodities, Banking, Consumer Goods, and Industrial Goods indices all closed higher, reflecting broad-based investor confidence. Mid- and small-cap stocks such as Skye Shelter Fund (SFSREIT), Ellah Lakes Plc, and CHAMS Plc also saw notable gains, posting double-digit growth. However, some stocks declined, including International Energy Insurance, McNichols Plc, Thomas Wyatt, Berger Paints, and ABC Transport, which recorded losses ranging from 5 to 8 percent.

Trade volume and value slightly moderated, with 519.92 million shares valued at ₦14.55 billion exchanged across 35,490 deals. This was a decrease from the previous session, which saw 544.7 million shares worth ₦19.63 billion traded. Seplat shares were among the most active, generating about ₦1.6 billion in turnover across 107 trades. Guaranty Trust Holding Company (GTCO) also recorded significant activity, with ₦1.9 billion worth of shares traded in 1,430 deals.

Analysts attributed the bullish performance to renewed institutional appetite for defensive and energy-linked equities, as investors sought refuge in sectors considered more resilient against inflation and exchange rate volatility. The upward movement also reflected growing confidence in Nigeria’s economic reforms, which many believe could bolster corporate earnings in the coming quarters.

Seplat’s impressive performance was also boosted by arbitrage opportunities between its Nigerian and London listings, as investors leveraged the price gap to drive demand. The company’s strong fundamentals and consistent dividend policy have continued to make it one of the most attractive energy stocks on the NGX. Similarly, the insurance sector’s momentum has benefited from improving underwriting conditions and expectations of higher yields amid a high-interest-rate environment.

The positive start to the week adds to the NGX’s year-to-date gains, with cumulative returns now exceeding 40 percent. Market analysts suggest that this rally could continue in the short term, especially as investors position themselves ahead of expected corporate earnings announcements and monetary policy adjustments.

As trading activities deepen, investors are closely monitoring macroeconomic developments, particularly in the oil and banking sectors, which remain key drivers of the market. The upbeat sentiment in the equities market highlights a growing sense of optimism among both domestic and foreign investors, who see opportunities in Nigeria’s evolving economic landscape.

With sustained investor confidence and consistent performance from leading stocks, the NGX appears poised for continued growth, provided that policy stability and sectoral reforms remain on track.