Business

Oil/Gas Index Leads with 94% Growth

ConoilLess than one month to the end of the year the oil and gas sector of the stock market has maintained its lead, recording the highest growth of 94.01 per cent. The Nigerian Stock Exchange (NSE) Oil/Gas Index, which aggregates the year-to-date (YTD) performance of the stocks in the sector, went down by 5.52 per cent last week, but it still has the highest growth of 94.09 per cent YTD. This implies that the sectoral indicator has outperformed the NSE All-Share Index (ASI) by 54.49 per cent. ASI closed last week with YTD growth of 38.6 per cent.
The industrial goods index occupied the second position with a growth of 61.96 per cent. The ethical index, NSE Lotus II Index returned 56.4 per cent, while NSE Consumer Goods posted a growth of 34.07 per cent.
 
 
The NSE Insurance Index and NSE Banking Index rose 22.08 per cent and 20.58 per cent. The NSE 30 Index, which measures the performance of the top 30 companies on the Nigerian bourse, posted a growth of 34.98 per cent.
The only sectoral index that has returned a negative performance is the Alternative Securities Market (ASeM), which recorded a decline of 2.17 per cent.
 
 
An analysis of the NSE oil and gas sector showed that the growth was driven majorly by wholly Nigerian companies comprising Forte Oil Plc, Conoil Plc, MRS Oil Nigeria Plc and Eterna Plc.
Forte Oil posted an unprecedented year-to-date surge of 1,374 per cent, followed by Conoil Plc with a growth of 231 per cent. MRS Oil recorded 129 per cent, just as Eterna accounted for 109 per cent appreciation.
The industrial goods index was lifted by stocks Presco Plc, which posted 115 per cent, CAP Plc 78 per cent growth and Lafarge Cement WAPCO Nigeria Plc-71 per cent.
 
 
In the same vein, the consumer goods Index was influenced by performance of Cadbury Nigeria Plc (116 per cent),Champion Breweries Plc (308 per cent) and Jos International Breweries (181 per cent). The banking index rode on the back of gains by  Wema Bank Plc (119 per cent),United Bank for Africa Plc(64.6 per cent) and Diamond Bank (41 per cent) among others.

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