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Daniel Adaji
The Nigerian Exchange (NGX) Oil and Gas Index dropped by 133.56 point over the past month, closing at 2,429.70 on April 4, down from 2,563.26 recorded on March 4.
This marks a 0.50 per cent decline, reflecting a slight pullback in the performance of the sector.
Similarly, the NGX Commodity Index recorded a loss of 12.27 points, dropping from 1,015.85 in early March to 1,003.58 in April. The decrease suggests a modest cooling in commodity-related equities.
Both indices track the performance of highly capitalized and liquid companies within their respective sectors, using a market capitalization methodology. While the dip may signal short-term investor caution, analysts believe it could also be part of a broader market correction.
Similarly, the Industrial Goods index recorded a noticeable decline while the Consumer Goods sector saw a marginal gain.
As of April 4, 2025, the NGX Industrial Goods Index stood at 3,482.14 points, representing a decline from 3,619.45 points on March 4. This marks a continued downward trend in the sector amid prevailing market pressures and mixed investor sentiment.
The NGX Consumer Goods Index posted a slight decrease, closing at 1,799.28 points, compared to 1,814.15 points a month earlier.
Market analysts suggest that the dip in the Industrial Goods sector may be linked to reduced activity in construction and manufacturing, while the Consumer Goods sector’s steadiness could be a reflection of resilient spending patterns despite macroeconomic challenges.