LAGOS, Nigeria — TotalEnergies Marketing Nigeria Plc shares fell 10% on Friday, pulling the NGX Oil and Gas Index down 0.13% a day after the sector gauge reached a record high.
The stock opened at N576 and closed at N518.40, losing N57.60. Kanyi Daily reports that the decline extended a month-long retreat that has seen TotalEnergies fall 19% from N640 at the end of August.
The sell-off came as the index retreated from Thursday’s historic high of 6,252.0 points, a 3.95% gain driven largely by Seplat Energy. Seplat recorded a marginal gain on Friday to close at N16,000.10, extending its year-to-date rise to 175.44% after hitting an all-time high the previous day. Most other oil and gas stocks remained unchanged, with Conoil, Aradel Holdings and Eterna recording no movement.
At N518.40 per share, TotalEnergies’ market capitalisation stood at approximately N176 billion based on its 339.52 million outstanding shares.
The sharp decline contrasts with the company’s recent financial performance. TotalEnergies returned to profitability in the second quarter of 2026, recording profit after tax of N3.78 billion compared with a loss of N2.74 billion in Q2 2025. Revenue rose 22% year-on-year to N246.81 billion, supported by higher product pricing: PMS prices increased 38%, AGO prices rose 65.3% and DPK prices climbed 35.4%.
For the first half of 2026, the company reported revenue of N443.99 billion and profit after tax of N4.95 billion, a significant swing from a N2.86 billion loss in H1 2025.
The improvement follows a difficult 2025 when TotalEnergies recorded a full-year loss after tax of N17.18 billion. Revenue fell 26% to N767.63 billion from N1.04 trillion as weaker revenue and higher costs weighed on results.
