Oil, gas stocks dominate as gains in Oando lift sector by 3.5%

The oil and gas sector led the gainers' chart at the end of last week's transaction on the equities sector of the Nigerian Exchange Limited with 3.5 per cent buoyed by 33.5 per cent price appreciation in Oando and a ten per cent gain in Total Plc.The oil and gas sector led the gainers’ chart at the end of last week’s transaction on the equities sector of the Nigerian Exchange Limited with 3.5 per cent buoyed by 33.

The financial services industry led the activity chart with 4.9 billion shares valued at N17.9 billion traded in 19,064 deals. The sector contributed 88.2 per cent to the total equities turnover. Consequently, the month-to-date and year-to-date returns settled at -1.8 per cent and 28.4 per cent. Reacting to market performance, analysts at Cordros Capital said: “In the near term, we believe the absence of a near-term catalyst will likely tilt overall market sentiment toward the negative and drive negative performances consequently.

In addition, the WoW decrease in FX Derivatives turnover was solely driven by the 84 per cent decrease in FX Forwards turnover. Also last week, the average Nigerian Autonomous Foreign Exchange Fixing was $/N1,590.67, compared to $/N1,578.54 recorded in the week ended August 16.Before flagging, please keep in mind that Disqus does not moderate communities. Your username will be shown to the moderator, so you should only flag this comment for one of the reasons listed above.

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