Author: Gilbert Ayoola

Seplat Energy Extends Bullish Run as Stock Surges N1,355.20 in One-Day Rally Seplat Energy Plc strengthened its bullish market trajectory as the stock delivered a powerful one-day price appreciation of N1,355.20, underscoring renewed upward momentum and sustained investor demand. The energy stock opened trading at N13,552.60 before accelerating to its maximum permitted daily gain of 10%, closing at N14,907.80. The session therefore translated into a substantial N1,355.20 increase in market value per share, reinforcing the stock’s ongoing upward price trajectory. The performance represents a decisive continuation of Seplat Energy’s positive momentum, with buyers maintaining sufficient strength to push the stock…

Q2 Results in Limbo: How Long Can Investors Wait? The prolonged delay in the release of audited H1 2026 financial statements by several major Nigerian banking groups is increasingly becoming more than a reporting-calendar issue. It is emerging as a question of market disclosure and investor visibility. With September already underway and banks entering the final stretch of Q3 2026, investors are still awaiting current half-year earnings from several major quoted institutions. GTCO, Access Holdings, UBA and Fidelity Bank have secured extensions of their filing deadlines to 30 September 2026, while Zenith Bank has received an extension to 9 October…

NGX at Crossroads: Profit-Taking, Rebalancing and the New Search for Value Nigeria’s financial markets are entering a more discriminating phase. The broad investment narrative has shifted from indiscriminate accumulation to selective positioning, with investors increasingly weighing valuation, earnings quality, liquidity, dividend prospects, and the relative attractiveness of fixed-income instruments before committing fresh capital. The latest market action on the Nigerian Exchange (NGX) captures that transition. The All-Share Index fell 1.17% to 244,802.11 points on September 8, with the decline broad-based: 63 stocks fell against only four gainers. Major banking names, including FirstHoldCo, Access, and UBA, were among the notable decliners.…

Dangote Refinery Posts N19.13trn in Revenue in H1-2026 Dangote Petroleum Refinery has delivered a transformational first-half 2026 performance, posting N19.13 trillion ($13.91 billion) in revenue for the six months ended June 30, 2026, more than double the N8.638 trillion recorded in H1 2025. The 121.46% year-on-year revenue expansion marks a decisive inflection point for Africa’s largest single-train refinery as production stabilisation, higher throughput and stronger petroleum-product sales increasingly translate installed capacity into earnings. The most significant shift, however, is at the bottom line. The refinery reported $1.82 billion in profit after tax, equivalent to approximately N2.5 trillion at the exchange…

Seplat’s FTSE Exclusion: When Nigerian Corporate Identity Meets UK Index Nationality Seplat Energy’s exclusion from the FTSE Frontier Index highlights a subtle but consequential distinction in global index construction with a company’s corporate identity, which is not necessarily the same as its index nationality. Seplat Energy is unequivocally rooted in Nigeria. The energy company is incorporated and headquartered in Nigeria, operates principally in the country’s oil and gas sector, and maintains listings on both the Nigerian Exchange (NGX) and the London Stock Exchange (LSE). Seplat itself confirms its dual listing and identifies Lagos as the location of its Nigerian head…

FTSE Frontier Reclassification: 10 Nigerian Equities Set for Greater Global Investor Attention Ahead of the forthcoming reclassification, 10 major Nigerian equities have been added to the FTSE Frontier Index Series, placing these companies at the centre of potential international institutional allocation to Nigeria. The development is significant because index inclusion can influence how global asset managers gain exposure to a market. For funds benchmarked against or designed to track the FTSE Frontier Index Series, constituent changes can create demand for newly included stocks as portfolios are adjusted to reflect the index. The 10 Nigerian Index Constituents The 10 Nigerian constituents…

Domestic Investors Boost NGX Performance, Foreign Capital On Sideline Nigeria’s equity market is sending a striking signal: the recent strength of the NGX is being driven predominantly by domestic investors, even as foreign capital remains cautious following Nigeria’s continued classification within the frontier market universe. The divergence is becoming increasingly important to the market’s outlook. While the NGX has maintained a positive performance trajectory, foreign portfolio investors have yet to demonstrate a decisive return, suggesting that the latest rally is not, for now, a broad-based vote of confidence from international capital. Instead, local liquidity, domestic institutional participation and renewed appetite…

May & Baker Leads Nigerian Stock Market Rally in September Nigerian equities opened the month on a firmer footing on the first trading session of September, staging a measured recovery after an 11-session losing streak that weighed heavily on market sentiment in August. Among the standout performers was May & Baker Nigeria Plc, which emerged as one of the session’s strongest gainers, advancing 9.46% intraday as investors renewed interest in the pharmaceutical counter. The performance underscores the ability of mid-cap stocks to command significant market attention and outperform larger banking names when sector-specific sentiment and buying interest align. May &…

Access Holdings Driving Volume, Buying Momentum Strengthens Access Holdings Plc emerged as the dominant volume driver on the Nigerian Exchange (NGX) on Tuesday, as aggressive investor participation pushed the stock to a fresh monthly high and reinforced its position among the market’s most actively traded financial counters. The stock, traded under the ticker ACCESSCORP, recorded 129.89 million shares in volume, representing roughly one-fifth of the day’s market-wide share turnover. NGX data showed the stock opening at N32.00, rising to an intraday high of N32.70, before settling at N32.50, a gain of N0.40, or 1.25%, from its previous close of N32.10.…

NAHCO’s Air France-KLM Mandate Opens Higher-Value Growth Chapter The reported appointment of Nigerian Aviation Handling Company Plc (NAHCO) as Air France-KLM’s General Sales Agent (GSA) for ticketing in Nigeria marks a potentially important strategic inflection point for the company. More than an incremental contract win, the mandate could broaden NAHCO’s earnings architecture by taking the business beyond its traditional ground-handling franchise into the higher-value commercial side of aviation. The significance lies in the revenue model. While ramp, passenger and cargo handling remain the core operating engines, a ticketing GSA mandate introduces another avenue for aviation-related income, potentially deepening NAHCO’s relationship…