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Seplat Energy’s stock has experienced a remarkable gain of over 20% in the first week of October, buoyed by renewed bullish momentum that began in late September after a period of stagnation in July and August.
On September 27, 2024, Seplat announced that Tierce Investments Ltd., wholly owned by Udo Udoma, had acquired 22,571 ordinary shares in the company, according to Nairametrics.
Following this disclosure, Seplat’s stock stabilised briefly before a sharp rally on October 3rd and 4th, leading to a significant increase in weekly trading volume, which reached 818,000 shares.
This resurgence highlights growing investor confidence in Seplat Energy’s prospects.
Seplat Energy’s stock surged over 20% in early October, driven by a series of positive events that emerged at the end of September.
The company has been on a long-term uptrend since last year, and 2024 is shaping up to be a pivotal year for its performance, marked by significant milestones that continue to bolster investor confidence.
Seplat Energy’s stock broke through the N3,000 mark in January, propelled by a trading volume exceeding 2 million shares, ultimately closing the month at N3,074 per share—a 33% gain.
The stock then surpassed N3,300 in February, although momentum briefly stalled in March and April.
By May, Seplat regained its strength, supported by monthly trading volumes of 2.6 million shares, and continued its upward trend through June.
After a slowdown in July and August, the stock surged again in the last week of September, breaking the critical N4,000 mark and recording a 30% rise from the end of September into the first week of October.
On July 30, 2024, Seplat Energy Plc announced an interim dividend of US3 cents per ordinary share for shareholders on record as of August 13, 2024.
This announcement came alongside the release of impressive financial results, with the company reporting a staggering 3,480% year-on-year increase in pre-tax profit.
