Nigerian energy stocks are right in the neighbourhood of their best quarter in nine years, enjoying a boost from the unusually strong investor sentiment that has come to shape trade after the new government announced a resolve to pursue several market-friendly reforms.
It has never been so fruitful for the energy shares of Africa’s second-biggest bourse since the second quarter of 2014 as now, according to the NGXOILGAS – the index which tracks the performance of that sector – having yielded 50.7 per cent since April as of Tuesday. That is only lower than the three months to June 2014 when such stocks returned 62.5 per cent.
The index is only outperformed by the one monitoring the progress of insurance equities out of the five sector indexes on the Nigerian Exchange.
