Oil and Gas Index Outperforms Major Indices

Oil and Gas Index continues to outperform other major indices on the Nigerian Exchange Limited (NGX) in the second half of the year.

The index, which measures the combined healthiness of ten oil and gas marketing firms, has risen by 60.89 percent year to date on the back of rising demand for crude oil and an effective OPEC plus strategy.

The index has gained 16.24 percent in the third quarter despite pulling back by 1.21 percent in the month of September to close at 363.93 index points on Friday.

To put this in perspective, the NGX All-Share Index’s year to date return is -3.25 percent. Meaning NGX Oil and Gas Index has outperformed NGX this year. NGX All-Share Index (ASI) closed at 38,962.28 index points on Friday.

All other indices finished higher with the exception of NGX 30, NGX CG, NGX Banking, NGX Pension, NGX-AFR Bank Value, NGX AFR Div Yield, NGX MERI Value and NGX Consumer Goods indices which depreciated by 0.04%, 0.36%, 0.43%, 0.05%, 0.72%, 0.50%, 0.75% and 0.04% respectively, while the NGX ASeM, NGX Growth and NGX Sovereign Bond Indices closed flat.

Oil and Gas index comprises of Ardova, Conoil, Eterna, Japaul, MRS, Oando, Seplat, Total Plc, Capoil and Rak Unity Plc.