Oil, Gas Index Rises as Demand for OANDO, ARADEL, CONOIL Surge
Oil and gas index boosted Nigerian Exchange All Share Index performance as investors continued to increase their positions and optimise portfolio returns. Oando Energy Plc gained 9.54% last week as investors re-entered positions in the oil stocks.
Aradel Holdings Plc surged by 18.3% week on week for a similar reason. Conoil saw about 34% price uptick over sustained demand from value hunters in the local bourse. According to market information, the oil and gas index emerged as the star performer last week in the equities market, posting a robust weekly gain of 7.61%.
The uptrend was driven by increased demand for energy stocks with stronger fundamentals as investors continued to favour blue-chip stocks. Oil stock rallied strongly as the market continues to price in increasing taste and appetite for acquisition, as seen at Oando Energy and now Aradel Holdings Plc.
In the same week, Conoil Plc posted another intimidating weekly gain following a successive rally, mostly driven by sentiment. The insurance index also rallied by +5.52%, while the consumer goods sector climbed by 1.01% last week.
The banking index surged by 0.16% following strong demand in Stanbic IBTC Plc and Ecobank Transnational Incorporation’s 5.88% weekly gain.Some banking names were under sell pressure. However, the Industrial Goods index plunged -0.60% week on week due to profit-taking in Lafarge Africa with Ticker: WAPCO, which shed -5.41% of its market value.
The Nigerian Exchange All-Share Index (ASI) advanced by an impressive 1.19% week-on-week to close at 99,378.06 points, heading toward 100,000 psychological levels. #Oil, Gas Index Rises as Demand for OANDO, ARADEL, CONOIL Surge#
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