Seplat Joins N1 trillion valuation group as shares soars

 

The indigenous oil and gas gas company, Seplat Energy Plc has joined the exclusive group of stock worth over one trillion naria.

Seplat achieved this feat recently as its share price increased to N1837 per share to hit N1.08 trillion in market value.

Seplat gained +9.95 per cent on intraday trading to become the second largest gainer on Thursday after NGX Group, which gained 10 per cent on the back of its recent announcement of an interim dividend payout.

The movement in the share price of Seplat from N1,670.80 in the previous day to N1,837 per share pushed the oil and gas company into the league of trillion-naira companies on the NGX, surpassing both GTCO and Zenith in market capitalization.

Its market capitalization has, thus, risen to N1.08 trillion from N983.17 billion the previous day, attributable to the company’s strong fundamentals and positive investor sentiment since the beginning of the year.

Analysts reckon that the oil and gas sector has been one of the sectors benefiting from the market rally that trailed the recent policy reforms of President Tinubu’s administration.

While the downstream oil companies are reaping from higher retail prices (although relatively lower sales), the upstream companies are ramping up gas output to take advantage of the advocate for increased gas adoption.

The listing of Seplat among the top-tier companies would potentially provide it with increased visibility and investment prospects.

Seplat is now the 8th member of the current group of stocks worth over one trillion joining the likes of Airtel Africa, MTN Nigeria, Dangote Cement, BUA Foods, BUA Cement, Zenith Bank, and GTCO.