SEPLAT Petroleum Development Company Plc, Nigeria’s largest listed Oil & Gas firm by market value, recorded its best performance this year after the firm disclosed the appointment of Madame Nathalie Delapalme as its Non-Executive Director with effect from July 18, 2019.
The stock of the upstream oil and gas player, which is listed both in Nigeria and London markets, surged 9.38 percent on the Nigerian Stock Exchange, the most since December 2018, to close at N525. It gained 2.67 percent to close at 115.50 pence at the London Stock Exchange.
“The appointment was made in accordance with Rule 4 of the Nigerian Stock Exchange Amended Listing Rules and Rule 9.6.11 of the UKLA Listing Rules,” SEPLAT said in a notice filed at the NSE on Wednesday.
The gain recorded by the oil and gas firm, which reduced its year-to-date loss to 17.97 percent, impacted positively on the NSE Oil & Gas Index, causing the sector’s performance to rise 4.51 percent, the biggest daily gain in 4 months.
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Madame Delapalme is an Independent Director on the Board of Directors of Maurel et Prom and has acted as an alternate to Maurel et Prom’s nominee, Michel Hochard since 30th June 2014.
She is also an Executive Director of the Mo Ibrahim Foundation. Madame Delapalme served the French Government as an Inspector of Finance at the Ministry of Economy and Finance, an advisor for the Finance and Budgetary Commission in the French Senate, and an advisor for Africa and Development in the offices of various Foreign Affairs Ministers.
The newly appointed director “remains deeply involved in governance and leadership in Africa and continues to provide strong support to the Company’s CSR Board Committee,” SEPLAT noted, adding that its “Board of Directors is indeed privileged to have her on board.” The company further said it looks forward to her unparalleled contribution to the continued growth and success of its Board.
Investors transacted 23,642 units of SEPLAT’s shares valued at over N12.29 million at the local bourse in 15 deals. This is higher than 419 units worth N213,010 that exchanged hands in the previous trading session.
Meanwhile, stocks listed on the NSE failed to sustain their Tuesday positive performance as the benchmark index of the NSE, the All-Share Index, fell by 20 basis points to close at 28,088.74 points.
The market had recorded its best performance in 8 weeks on Tuesday with equity analysts expressing mixed reactions to market trigger.
OLUWASEGUN OLAKOYENIKAN
