Oil and gas stocks decline by 6.5% in one week 

Oil and gas as well as banking stocks were some of the biggest losers in the Nigerian Exchange (NGX) during the week ending May 18, 2024.  

The NGX Oil/Gas Index, which tracks the performance of five oil and gas stocks Conoil, MRS, Eterna Plc, Seplat Energy and TotalEnergies—declined by 6.49%, closing the week at 1,177.92 points, down from last week’s 1,259.69 points. 

Cumulatively, these oil and gas stocks, including Oando Plc, lost N194.1 billion in market value, with Seplat alone shedding N193.7 billion in market value as its market cap declined from N1.94 trillion to N1.74 trillion. MRS’s proposed delisting had no effect on the group’s stock as it recorded no price changes during the week.