Oil & Gas Index Leads Stock Market With 133.94% YtD Return
Kayode Tokede The Oil & Gas Index maintained its position as the best performing indicator on the Nigerian Exchange Limited (NGX), gaining 133.94 per cent Year-till-Date (YtD) to outperform the
As of September 30, 2026, the Oil & Gas Index on the Nigerian Exchange Limited (NGX) has surged by 133.94 percent year-to-date (YtD), overtaking the NGX All Share Index's growth of 61.43 percent YtD. This outperformance is primarily attributed to a mix of stock-specific rallies, oil market fundamentals, policy reforms, and macro/foreign exchange dynamics.
The global geopolitical situation, specifically the US–Israel military campaign against Iran since February 2026, has contributed significantly to this growth. This conflict has led to increased global energy prices, heightened safe-haven demand for the US dollar, and tightened financial conditions. These factors collectively impact emerging and frontier markets, including African economies, through higher energy costs and shifting investor sentiment.
If the conflict remains contained, analysts predict oil prices will moderate between $70.00 and $75.00 per barrel in the latter half of 2026. So far, five out of the seven stocks on the NGX Oil & Gas index have shown upward momentum, with Seplat Energy Plc experiencing the most significant growth, climbing from N5,809 to N16,000.10 per share, a 175.44 percent YtD increase.
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