The oil and gas sector boosted the performance of the Nigerian Exchange All-Share Index (ASI) last week, as investors continued to increase their positions to optimize portfolio returns.
Oando Energy Plc led the pack with a 9.54% gain, driven by renewed investor interest in oil stocks. Aradel Holdings Plc surged by an impressive 18.3% week-on-week, while Conoil Plc saw a remarkable 34% price increase, fueled by sustained demand from value-seeking investors.
Market data revealed that the oil and gas index emerged as the top performer in the equities market, recording a robust weekly gain of 7.61%. This growth was attributed to rising demand for energy stocks with strong fundamentals, as investors gravitated toward blue-chip options.
The rally in oil stocks reflected growing interest and appetite for acquisitions, as demonstrated by Oando Energy and Aradel Holdings’ market activities. Meanwhile, Conoil Plc continued its upward trajectory, driven primarily by investor sentiment.
Other sectors also performed well, with the insurance index gaining 5.52% and the consumer goods sector climbing 1.01% last week. The banking index recorded a modest increase of 0.16%, supported by strong demand for Stanbic IBTC Plc and Ecobank Transnational Incorporated, which achieved a 5.88% weekly gain.
However, not all sectors fared equally. The industrial goods index fell by 0.60% week-on-week, largely due to profit-taking in Lafarge Africa (Ticker: WAPCO), which shed 5.41% of its market value.
Overall, the Nigerian Exchange All-Share Index advanced by an impressive 1.19% week-on-week, closing at 99,378.06 points and nearing the significant 100,000-point milestone.
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