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NGX Trading: Oil and Gas Index Closed 2022 as the Best-Performing

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market - NGX

CEM REPORT, MARKET | The oil and gas index closed 2022 as the best-performing index with a gain of 34.05% or 117.47 basis points to close at 462.48 index points, as against the opening index of 345.01 index points at the beginning of the year.

The NGX oil and gas index comprises nine listed oil marketing and production companies – Ardova Plc, Conoil, Eterna, Japaul Gold and Venture, MRS Oil Nigeria, Oando, Seplat Energy, Total Nigeria and Capital Oil.

The growth in the segment was spurred by gains in the share prices of Seplat Energy, Ardova, Eterna and Conoil.

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Further analysis of some of the companies’ performance YTD on June 30, 2022, showed that Seplat Energy recorded the highest gain of 69% while Ardova followed with 41.5%, Eterna Oil with a YTD growth of 32.47% while Conoil gained 20.45% as of December 31, 2022.

According to the Chairman of the Association of Securities Dealing Houses of Nigeria (ASHON), Sam Onukwue, the ongoing war in Ukraine continues to strain trade and will have a great impact on the global economy in 2023, even as markets await a fuller reopening of the Chinese economy following months of disruptive COVID-19 lockdowns.

Onukwue said it is still expected that the shocks from the Russia-Ukraine war will continue to be felt in Nigeria, as the cost of wheat and other commodities usually exported by these countries will affect the Nigerian economy.

The world is still reeling from shocks in geopolitics, energy and economics. Soaring food and energy costs have fuelled the highest rates of inflation since the 1980s in many countries and the biggest macroeconomic challenge in the modern era of central banking.”

He added that global inflation, increase in interest rates, global recession, and reduction in purchasing power are all features of 2022 and beyond which ASHON believe would persistently have impacts and shocks on the Nigerian economy

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He said that the Oil and Gas industry will continue to thrive with the expected increase in international oil prices while the Banking Sector in Nigeria will continue to flourish. The growth of electronic transactions would further improve bottom lines.

 

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