Despite the broader rally on the Nigerian Exchange (NGX), listed oil companies have continued to underperform, delivering negative or minimal returns for investors nearly 10 months into 2025.
Data reviewed by MarketForces Africa indicates that the oil and gas index remains the weakest-performing segment of the equities market, even as the overall NGX has advanced by over 44% year-to-date.
The poor showing by energy stocks has eroded investor wealth, with some shareholders losing as much as 45% of their portfolio value since January. Analysts attributed the sector’s struggles to weak sentiment, thin trading volumes, and concentrated ownership, rather than purely company fundamentals.
Key players such as Conoil, Oando Plc, and TotalEnergies Plc have witnessed steep declines in share prices due to persistent sell-offs from cautious investors.
In contrast, Seplat Energy Plc and Aradel Holdings Plc recorded modest gains of 5.1% and 5.5% respectively. As of the latest trading session, Seplat’s stock closed at ₦5,917.20 while Aradel settled at ₦631 per share.
Conversely, Conoil’s stock has dropped 45.5% year-to-date to ₦211.10, while Oando Plc fell by 21.8% to ₦44 per share amid declining investor confidence in management performance. TotalEnergies also posted an 8.3% year-to-date loss, closing at ₦640.
Analysts note that while the overall market has benefited from sustained inflows and robust sentiment, the oil sector remains under pressure from global price volatility and limited domestic investment enthusiasm.
, listed oil companies have continued to underperform, delivering negative or minimal returns for investors nearly 10 months into 2025.){kind=link}