NGX Oil & Gas Index Achieves 96.80% Growth YTD

As of July 10, 2026, the NGX Oil & Gas Index has recorded a remarkable year-to-date growth of 96.80%, making it the best-performing index on the Nigerian Exchange (NGX). This performance nearly doubles the overall NGX major index, which stands at 56.67% growth.

The NGX Industrial Index follows with an 88.73% growth, while the NGX Banking Index has a growth of 41.78%. The NGX Insurance Index, however, has underperformed, showing a decline due to negative investor responses to poor earnings and recapitalization concerns.

Despite these challenges, the oil and gas sector has shown resilience, with a 159.81% return, and is expected to retain strong long-term potential. Key stocks contributing to this growth include Aradel Hold PLC, which gained 128%, Japaul Gold Ventures PLC with a 40.3% increase, and Conoil with a 12.2% rise.

Mr. David Adnori of Highcap Securities Limited noted that the performance of the NGX Oil & Gas Index is driven by recent reforms and impressive corporate earnings.