Oil and gas stocks recorded the steepest sector decline on the Nigerian Exchange Limited (NGX) last week with the NGX Oil/Gas Index falling 3.85 percent as selling pressure spread across most segments of the equities market.
The Oil/Gas Index declined from 6,246.75 points to 6,005.98 points during the week ended October 9, 2026, shedding 240.77 points.
The decline was significantly steeper than the 0.97 percent loss recorded by the broader NGX All-Share Index, highlighting the heavier pressure on oil and gas equities during the period.
The sector has also started October on a weak footing with the Oil/Gas Index down 3.86 percent month-to-date and quarter-to-date as of October 9.
The weekly decline came despite the sector remaining one of the strongest-performing segments of the Nigerian equities market in 2026.
The NGX Oil/Gas Index was still up 124.92 percent year-to-date, the highest year-to-date return among the indices contained in the weekly market report.
Other sectors also came under pressure during the week.
The NGX Commodity Index declined 2.86 percent, while the Banking Index fell 2.64 percent from 2,685.71 points to 2,614.79 points.
The Pension Index lost 2.12 percent, the Lotus II Index declined 2.01 percent, while the NGX Growth Index fell 1.97 percent.
Consumer Goods proved relatively more resilient, declining just 0.58 percent during the week.
Industrial goods was the exception to the widespread weakness.
The NGX Industrial Goods Index edged 0.02 percent higher, rising from 10,440.24 points to 10,442.50 points, making it the only equity index in the report to finish the week in positive territory.
The widespread sector losses coincided with deteriorating market breadth.
A total of 54 equities declined during the week compared with 37 in the preceding week, while the number of gainers dropped sharply from 44 to 24. Another 68 equities finished unchanged.
The NGX All-Share Index consequently fell 2,444.72 points from 250,808.27 to 248,363.55, representing a weekly decline of 0.97 percent.
Despite the week’s losses, the benchmark index remained 59.60 percent higher year-to-date, showing that the latest selloff occurred after substantial gains recorded across the Nigerian equities market earlier in 2026.
For oil and gas stocks, the contrast was even sharper, the sector led the week’s decline with a 3.85 percent loss but remained up almost 125 percent since the beginning of the year.
