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Nigerian Oil and Gas Sector Returns 56.96% Year to Date

The surge in global oil prices and the positivity of the entire energy sector following Russia’s invasion of Ukraine has helped bolstered the Nigerian oil sector by 56.96% the year to date.

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Crude Oil - Investors King

The surge in global oil prices and the positivity of the entire energy sector following Russia’s invasion of Ukraine has helped bolstered the Nigerian Exchanged Limited (NGX) Oil and Gas Index by 56.96% year to date.

The NGX Oil and Gas Index opened the year at 345.01 index points and quickly rose to 542.80 index points on Friday, June 17, 2022, before shedding 0.23% on Monday, June 20, 2022 to 541.53 index points.

The oil and gas index outperformed the NGX All-Share Index, which measures the total performance of the Exchange. Year to date, the NGX All-Share Index appreciated by 18.82% from 42,716.44 index points it opened the year with to 50,756.74 index points as of June 20, 2022.

Similarly, the Oil and Gas index outperformed the gain in market capitalisation so far this year, the market capitalisation of all listed equities grew by 22.72% to N27.363.45 trillion on June 20, 2022, up from 22,296.84 index points it opened the year in January 2022.

The pension industry was the second performing sector this year so far. The NGX Pension gained 9.37% from 1,624.09 index points on January 4 2022 to 1,776.23 index points.

The consumer goods sector came third, returning a total of 7.25% year to date.

However, despite the high volume of activities on banks’ stocks this year, the sector remained behind every other sector. The NGX Banking Index dipped by 2.71% to 395.08 index points, down from 406.07 index points.

Despite returning 18.82% year to date, the Exchange total volume traded dropped by 24.21% from 455.21 million in January 2022 to 345 million on June 20, 2022. Value traded declined 68.91% year to date to N3,073.33 million from N9,884.01 million it opened the year with.

Is the CEO and Founder of Investors King Limited. He is a seasoned foreign exchange research analyst and a published author on Yahoo Finance, Business Insider, Nasdaq, Entrepreneur.com, Investorplace, and other prominent platforms. With over two decades of experience in global financial markets, Olukoya is well-recognized in the industry.

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