Oil and gas stocks rebounded on the Nigerian Exchange last week, reversing part of the losses recorded in the preceding week as renewed gains in the sector lifted the NGX Oil and Gas Index by 3.13 percent.
The sector index closed the week ended October 16, 2026, at 6,194.00 points, up from 6,005.98 points in the previous week.
The recovery followed a 3.85 percent decline in the preceding week, when the Oil and Gas Index was the worst-performing major sectoral index on the NGX.
Aradel Holdings Plc emerged as one of the major gainers during the latest recovery, rising 8.93 percent from N1,377.00 to N1,499.90.
The stock added N122.90 per share during the week, making it the largest absolute price gainer among the NGX’s top 10 advancing stocks.
The rebound marked a reversal from the previous week’s pressure on Aradel, when the stock declined 10 percent amid the broader selloff in oil and gas equities.
Despite last week’s recovery, the Oil and Gas Index remained 0.85 percent lower month-to-date, indicating that the 3.13 percent weekly gain was not enough to completely erase earlier October losses.
The sector, however, remains one of the strongest performers on the Nigerian equities market in 2026.
The NGX Oil and Gas Index has gained 131.96 percent year-to-date, significantly outperforming the broader NGX All-Share Index, which was up 59.07 percent over the same period.
The oil and gas recovery also stood out against the direction of the broader market last week.
The NGX All-Share Index declined 0.33 percent to 247,539.73 points, while the Banking Index dropped 3.15 percent and the Premium Index fell 1.50 percent.
Alongside oil and gas, the NGX Commodity Index gained 2.36 percent, while the Main Board, Consumer Goods, Lotus II, Industrial Goods and Growth indices also closed the week higher.
The latest performance shows oil and gas equities regaining some momentum after the previous week’s selloff with Aradel’s sharp recovery helping reinforce the sector’s position among the strongest-performing segments of the NGX this year.