Seplat Energy Plc has entered the history books as the first listed company on the Nigerian Exchange Limited (NGX) to cross the N10,000 per share threshold, capping a remarkable rally that underscores the market's voracious appetite for indigenous energy assets. The stock closed trading on Tuesday at a record N10,450 per share, gaining N900 or 9.42% in a single session from its opening price of N9,550. The landmark achievement, which pushes Seplat's market capitalisation to approximately N6.27 trillion, was fueled by a confluence of strong fundamentals and renewed foreign investor sentiment following FTSE Russell's April 7 decision to reclassify Nigeria from "Unclassified" back to Frontier Market status. Year-to-date, the stock has skyrocketed by 79.9% from its 2025 closing price of N5,809, delivering a windfall of roughly N2.90 trillion to shareholders.

Analysts attribute the surge to the company's blockbuster 2025 financial performance, which saw revenue balloon by 144.2% to $2.73 billion following the full-year consolidation of the Mobil Producing Nigeria Unlimited (MPNU) offshore assets. Profit before tax equally jumped by 86.7% to $497.8 million. Beyond the strong earnings report, the stock has maintained upward momentum since late 2025 when Tony Elumelu's Heirs Energies acquired a controlling 20.07% stake at a price of N5,809 per share, a position that has since appreciated by nearly 80%.

The historic close propelled the NGX All-Share Index (ASI) to a new high of 205,831.38 points, with market capitalisation settling at N132.492 trillion. Vetiva Research analysts noted in their post-trading commentary that "SEPLAT was the undisputed heavyweight driver of the session, buoyed by N2.28 billion in value traded". Despite holding the crown as the exchange's most expensive stock, Seplat remains the sixth most valuable company on the NGX by total market capitalisation, trailing giants Airtel Africa, Dangote Cement, MTN Nigeria, BUA Cement, and BUA Foods The rally also lifted the broader Oil & Gas index by 4.36%, reflecting strong investor confidence in dollar-denominated energy equities amid prevailing currency volatility.

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