At 96.80% YtD, NGX Oil & Gas Emerges Best Performing Index 

Kayode Tokede  

For closing at 96.80 per cent Year-till-Date (YtD) growth as of July 10, the Nigerian Exchange Limited (NGX)  Oil & Gas has outshined other indices to emerge as the best index on the bourse. 

The  NGX Oil & Gas index nearly doubled the overall NGX major index, All Share Index, which closed the period under review at 56.67per cent YtD.

The report by NGX revealed that NGX Industrial Goods Index came close at 88.73per cent  YtD growth,  followed by  NGX Banking Index that closed July 10, 2026 at 41.78per cent. 

NGX Insurance Index at  -4.74per cent YtD is the only index on the NGX with the worst  performance.  

The slide in Insurance Index may have been caused by a negative investor response to the operators’ poor earnings amid recapitalisation concerns.

This poor performance marks a sharp reversal of a positive two-year trend. In 2024, the insurance index delivered a return of 107.74 per cent, making it the second-best performing sector after oil and gas, which gained 159.81 per cent.

Operators attributed the sector’s underperformance to investor concerns over fears of share dilution from planned capital raising, weak earnings growth among some operators and sustained profit-taking because of the strong rally recorded in the previous two years.

They noted that many investors are taking a cautious position ahead of the recapitalisation deadline, with uncertainty over mergers, acquisitions and fresh equity issues impacting negatively on investors’ sentiment.

The operators warned that market sentiment may remain weak in the near term as investors await clarity on capital raising plans and industry consolidation.

However, they expressed optimism that the sector would retain strong long-term potential due to the opportunities expected to emerge after the recapitalisation process is completed.

So far in 2026, the four stocks on NGX Oil & Gas have seen upward  momentum that has influenced the index growth.   

For instance, the stock price of Aradel Holdings Plc has gained 128 per cent to close July 10, 2026 at N1,526.80 per share from N670 per share it closed for trading in 2025. 

Japaul Gold & Ventures Plc has also seen a growth of 40.3 per cent to N3.24 per share as Conoil gained 12.2 per cent to close at N210 per share.  

Eterna gained 1.05 per cent to close at N28.8 per share as of July 10, 2026  from N 28.5 it closed for trading last year ,while  TotalEnergies remained flat at N640 per  share. 

Oando, however, dropped by 0.7 per cent to close July 10, 2026 at N39.9 per share from N40.2 peer share.  

The Vice President, Highcap Securities Limited, Mr. David Adnori, stated that the performance of the NGX Oil & Gas index is  propelled in recent  reforms in the oil & gas sector and impressive corporate earnings 

“The NGX Oil & Gas Index as the  best  performing index has to do with listed companies not with the industry itself. Investors’ confidence around Oando dropped and Aradel Holdings has sustained its impressive corporate earnings,” he said.