• Saturday, May 25, 2024
businessday logo

BusinessDay

Seplat Energy joins N1trn valuation club as shares soar

Here’s how Seplat Energy performed in Q1 2024

Seplat Energy Plc has joined an elite club of companies boasting at least N1 trillion market value on the Nigerian Exchange Limited (NGX) as its share price surged 9.95 percent on Thursday.

The independent energy firm, which is listed on both Nigerian and London stock exchanges, saw its market capitalisation jump to N1.08 trillion from N983.17 billion on Wednesday.

It emerged the second biggest gainer after the NGX Group on Thursday as its share price closed at N1,837, up from N1,670.80 the previous day.
Seplat surpassed the two banks in the trillion-naira club to become the sixth most valuable company on the stock exchange at the end of trading.

Its market value has risen by 67 percent so far this year from N647.29 billion at the end of 2022.

Read also: Seplat grows gas revenue to $63.7m

Just seven other companies currently have a valuation of more than N1 trillion – Dangote Cement Plc (N6.13 trillion), MTN Nigeria Communications (N5.76 trillion), Airtel Africa Plc (N4.69 trillion), BUA Cement Plc (N3.26 trillion), BUA Foods Plc (N3.24 trillion), Guaranty Trust Holding Company Plc (N1.08 trillion) and Zenith Bank Plc (N1.03 trillion).

Read also: Seplat Energy reports N140.6bn gross profit in H1, 23

Three companies have notched over N1tn market cap following the stock rally sparked by the recent reform efforts of the President Bola Tinubu administration.

Zenith Bank and GTCO staged a comeback in June as the equities market soared to record highs after the removal of petrol subsidy on May 29.