Seplat Energy, the highest-priced operating company stock on the Nigerian Exchange, dropped over ₦1,136 in a single trading session on June 24, 2026. The stock opened at ₦11,363.90 and closed at ₦10,227.60, a decline of roughly 10% that pushed it to the daily circuit-limit floor, according to the NGX Daily Official List.
It was not alone in the carnage. Across the oil and gas sector, heavyweights like TotalEnergies Marketing Nigeria, Aradel Holdings, and Conoil all posted steep losses. The broader selloff erased ₦3.64 trillion in total market value from the Nigerian Exchange, making it one of the sharpest single-day declines in recent weeks.
If you hold oil and gas stocks on the NGX, the June 24 session was the kind of day that forces a serious rethink of portfolio positioning heading into the second half of the year.
Seplat Energy slides 10% as profit-taking sweeps the NGX
The selloff pushed the NGX All-Share Index down 3.19% to close at 233,074.54 points from 240,743.19 points, wiping ₦3.64 trillion from total market capitalization. Total market capitalization fell to ₦150.85 trillion from ₦154.48 trillion, reflecting one of the steepest value losses recorded in a single session this quarter, Tribune Online reported.
Trading volumes also weakened significantly, with total volume falling 13.6% to 488.08 million shares compared with the previous session. The value of transactions plunged 46.8% to ₦20.93 billion from ₦39.35 billion, signaling a sharp retreat in risk appetite among market participants, Tribune Online noted.
“The magnitude of the decline points to extensive profit-taking across several counters, especially among stocks that have recorded substantial gains in recent months. Investors appear to be taking a wait-and-see approach ahead of fresh corporate disclosures and macroeconomic developments.” — A Lagos-based stockbroker, via Tribune Online.
Analysts at Cowry Asset Management noted that bearish sentiment may continue in the near term, citing persistent profit-taking and lingering uncertainties in the oil and gas space following geopolitical developments and shifting supply conditions, Leadership reported.
Oil and gas stocks face broad losses across the NGX board
Seplat was the most visible casualty on June 24, but the selloff cut across the entire oil and gas sector without exception. TotalEnergies Marketing Nigeria fell from ₦640 to ₦576, a 10% decline that matched the daily circuit-limit floor, data from the NGX Daily Official List showed.
Aradel Holdings dropped from ₦1,750 to ₦1,575, shedding ₦175 per share, while Conoil declined from ₦210 to ₦196.90, the filing confirmed. Oando slipped from ₦43.70 to ₦42.00, and Eterna Plc was a rare exception, edging slightly higher from ₦27.75 to ₦28.65 on the day.
Key oil and gas price moves on June 24
- Seplat Energy: ₦11,363.90 to ₦10,227.60 (down 10%), NGX Daily Official List
- TotalEnergies Marketing Nigeria: ₦640 to ₦576 (down 10%), NGX Daily Official List
- Aradel Holdings: ₦1,750 to ₦1,575 (down 10%), NGX Daily Official List
- Conoil: ₦210 to ₦196.90 (down 6.2%), NGX Daily Official List
- Oando: ₦43.70 to ₦42.00 (down 3.9%), NGX Daily Official List
The oil and gas sector had been one of the strongest-performing groups on the NGX in 2026, posting year-to-date gains of 123.24% before this correction kicked in, MarketingEdge reported.
Seplat’s record 2025 earnings offer a longer-term cushion
Despite the steep daily loss, Seplat Energy’s underlying fundamentals remain robust by nearly every standard financial measure available to investors. The company reported 2025 revenue of $2.73 billion, an increase of 144% compared with the prior year’s $1.12 billion, its annual report showed.
Group production averaged 131,506 barrels of oil equivalent per day in 2025, up 148% from 52,947 boepd in 2024, Seplat disclosed in the same filing. The growth was driven primarily by the acquisition and integration of ExxonMobil’s shallow water assets in Nigeria, which gave the company its first full year of offshore consolidation.
S&P Global Ratings upgraded Seplat’s long-term issuer credit rating to B+ from B in May 2026, following a similar action on Nigeria’s sovereign rating, Investing.com reported. Citi analyst Oliver Connor most recently raised his price target on Seplat to 665 GBp and maintained a Buy rating on the shares, Stock Analysis confirmed.
What the ₦3.64 trillion NGX rout signals for stock investors
The broader market context matters just as much as the sector-specific losses for investors assessing what comes next for their holdings. The NGX’s year-to-date return stood at 56.24% even after the June correction, one of the strongest performances among major global equity markets in 2026, MarketingEdge noted.
Cowry Asset Management told investors that selective bargain hunting in fundamentally sound stocks may provide support going forward, as investors continue to monitor key macroeconomic indicators and corporate earnings for direction signals, DMarketForces reported.
Cordros Securities projected in its Q2 2026 outlook that oil and gas stocks, especially upstream names like Seplat, would continue to benefit from sustained crude prices and supportive policy signals, CNBC Africa reported. For Seplat investors watching a ₦1,136 daily loss, the long-term thesis and the short-term pain point in opposite directions.
