NGX closed Thursday slightly higher after SEPLAT hit the 10% limit at ₦13,552.60, a 52-week high, while banks led volume and more stocks fell than rose.
SEPLAT was the session’s strongest major mover, surging 10% to ₦13,552.60, a new 52-week high. The stock gained ₦1,232 from its previous close of ₦12,320.60, signalling strong buying interest in the oil and gas counter.
Other notable gainers included UPDCREIT, which rose 9.88% to ₦13.90, and LEARNAFRCA, up 9.49% to ₦8.65.
The broader market, however, faced significant selling pressure in several stocks. OANDO declined 3.39% to ₦37.00, while DAARCOMM fell 8.28% to ₦1.55. Other sharp decliners included NASCON (-8.03%), ABBEYBANK (-9.68%), SOVRENINS (-9.73%) and CMFC (-9.86%).
Financial stocks remained at the centre of market activity, with exceptionally large volumes recorded in several banking names. UBA led by volume with 113.26 million shares, followed by ACCESSCORP with 24.88 million shares. Despite the heavy activity, both stocks closed lower, with UBA down 1.08% and AccessCorp down 2.44%.
ZENITHBANK was comparatively resilient, edging up 0.31%, while FIDELITYBK declined 2.50%.
The heavy volumes in UBA and AccessCorp point to substantial repositioning by investors, although the price declines suggest that selling pressure remained present in parts of the banking sector.
Thursday’s session highlighted a clear divergence across the market. SEPLAT’s record high points to strong appetite for selected energy stocks, while heavy trading and price declines in major banks suggest active portfolio repositioning.
Investors will be watching whether SEPLAT can sustain its new high and whether the high-volume banking counters stabilise in subsequent sessions. The sharp declines across several smaller stocks also reinforce the need for investors to distinguish between broad market momentum and stock-specific moves.
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