Oil, Gas Index Rises as Investors Keep Eyes on Energy Stocks
The oil and gas index bucked negative performance in the equities market segment of the Nigerian Exchange (NGX) as the index rose by 1.73%. The index popped higher due to buying interest in Con Oil Plc and others overshadowing losses sustained by Oando Energy Plc—the company’s market capitalisation slumped by about N100 billion.
Stockbrokers reported that NGX market index moved in negative direction as investors dumped stocks that recently rally. The selloffs knocked out more than N50 billion from the equities market capitalisation of the Nigerian Exchange as a result of selloff in Oando, Julius Berger and other decliners.
Despite a bearish outlook in the global commodities market, local investors have remained relatively bullish. There has been strong interest in oil backed stock, with most buying interest seen in upstream companies like Oando until the latest reversal.
Details from the local bourse showed that Con oil climbed by +9.09%, up from N154 to N168 per share in the market. The oil company’s share price hits a fresh 52-week high in the market today. Con Oil is trading far ahead of its 52 week low.
Seplat Energy had climbed before the stock rested at N3,730.10 over the last seven trading sessions. TotalEnergies has also been trading flat at N673.90 per share in the equities market, while Eterna has gained N2 since the beginning of the week.
In Nigerian market, oil and gas index worth about N3.756 trillion with the majority of the companies trading at the best ever market prices. Japaul Gold increased by 11 kobo per share in the market, recording about N1.6 billion gain.
Con Oil gained N14 on its 693,952,117 total shares outstanding. Total gain was more than N9.715 billion. This sum translated to N9.715 billion in capital appreciation for the day. MRS Oil has been relatively silent on the Exchange.
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