Oando Plc extended the weakness in Nigerian oil and gas equities on Monday as its share price declined 7.55 percent to N33.65 on the Nigerian Exchange Limited (NGX).
The energy company’s shares fell by N2.75 from the previous closing price of N36.40, placing Oando among the biggest equity decliners during Monday’s trading session.
The decline followed a difficult week for the broader oil and gas segment of the Nigerian equities market.
The NGX Oil/Gas Index fell 3.85 percent last week, making it the worst-performing sector index during the week ended October 9.
The index declined from 6,246.75 points to 6,005.98 points during the period, significantly underperforming the 0.97 percent decline recorded by the broader NGX All-Share Index.
Oando’s Monday decline therefore came as selling pressure continued to weigh on oil and gas equities at the beginning of the new trading week.
The broader market also remained in negative territory.
The NGX All-Share Index declined another 0.25 percent to 247,736.24 points on Monday, extending the previous week’s losses, while equity market capitalisation closed at N160.853 trillion.
Oando ranked behind SUNU Assurances Nigeria and CMFC among the largest equity decliners supplied for Monday’s session.
SUNU Assurances fell 9.85 percent from N3.25 to N2.93, while CMFC declined 9.78 percent from N3.58 to N3.23.
LivingTrust Mortgage Bank dropped 6.25 percent to N3, while Zichis Agro Allied Industries declined 6.16 percent to N16.
The continued weakness in oil and gas shares contrasts sharply with the sector’s strong performance earlier in the year.
Despite falling 3.85 percent last week, the NGX Oil/Gas Index remained 124.92 percent higher year-to-date as of October 9, making the recent decline particularly notable against the magnitude of gains accumulated in 2026.
The latest movement does not by itself establish a longer-term reversal in the sector, but Oando’s 7.55 percent decline on Monday, immediately after oil and gas stocks led last week’s sector selloff, shows that selling pressure in the segment carried into the new trading week.
