Seplat Energy Plc hits a new record high on the Nigerian Exchange (NGX), trading at N5,917.20 per share as of 12:30 PM (GMT+1) on Monday, October 6.
The stock gained 10 percent in Monday’s session, up from N5,379.30 at the start of trading. The rally reflects renewed investor appetite for the oil and gas major.
Market data shows buy-side transactions worth about N1.62 billion in Seplat shares. The surge places the stock among the day’s top gainers on the exchange.
While details of the large trades remain unclear, the price rally creates a visible gap between Seplat’s local and international listings.
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At the start of trading, Seplat’s stock on the London Stock Exchange (LSE) was trading at £3.09 per share. At the prevailing exchange rate, this equals roughly N6,084 per share, a 13 percent premium to the NGX price at the start of the day.
The spread suggests a potential arbitrage opportunity for investors operating across both markets. Cross-listed stocks like Seplat often experience price variations driven by sentiment, liquidity, and currency fluctuations.
By midday, Seplat’s shares on the LSE had slipped 3.55 percent to £2.98 per share, thus narrowing the arbitrage to negative 0.7 percent. Analysts note that this divergence doesn’t necessarily indicate mispricing between two markets.
The NGX runs on a T+3 settlement cycle, while the LSE operates on T+2, a difference that can create short-term price gaps.