NGX Oil and Fuel set to shatter 2,700-resistance on constructive exercise in three shares 

The Nigerian Oil and Fuel sector has surged greater than 5% in early October, placing it inside attain of breaking by the two,700-point resistance stage.

Tracked by the NGX Oil/Fuel Index, the sector opened the month at 2,523.1 factors and climbed to 2,664.0 factors as of October 8, 2025, sustained by Aradel, Seplat, and Eterna.

This marks a gentle restoration from a protracted downtrend that started after the index hit a excessive of two,712 factors in December 2024.

Following that peak, the sector endured a 9.34% slide by the primary quarter of 2025.

Though a 4.7% rebound in June helped trim losses, the index nonetheless closed the second quarter barely decrease, down 0.86% total.

After months of purple motion, the tide started to show within the third quarter as traders began to go bullish.

Renewed shopping for curiosity and stronger worth motion throughout choose oil and fuel shares lifted the sector 3.51% in Q3, with October already off to a shiny, bullish begin.

Aradel’s affect

Aradel held the Nigerian Oil and Fuel sector regular in 1 / 4 when most shares within the trade had been within the purple.

The corporate shares delivered a powerful third-quarter efficiency of 19.53%, climbing from N514.5 in the beginning of the quarter to shut at N615, with a market quantity of 195.7 million shares exchanged.

• A pointy 20.59% surge in September accounted for many of the sector’s beneficial properties, regardless of a 3.77% dip in August.
• On condition that Aradel represents greater than 37% of the NGX Oil & Fuel Index with a market capitalization of N2.7 trillion, its robust exhibiting had a big impression, driving the sector’s total 3.51% achieve in Q3.
• September, when Aradel rallied 20.59%, additionally marked the index’s greatest month-to-month efficiency of the quarter, closing with a 5.94% improve.
• In October up to now, Aradel has been joined by two different shares—Seplat and Eterna—which have helped push the index additional upward.

Early October

An early October uptick pushed by Aradel, Eterna, and Seplat has lifted the NGX Oil and Fuel Index, persevering with the sector’s gradual restoration.

• Eterna has led the way in which up to now, rising over 23% to N41.50. The inventory could take a look at its April 2025 excessive of round N49.95 if present momentum holds.
• Seplat has additionally recorded a ten% achieve, shifting previous a resistance stage close to N5,600 to commerce round N5,917. As one of many index’s largest elements, accounting for about 48% of the sector, with a market capitalization of N3.5 trillion, Seplat’s motion has contributed notably to the sector’s current beneficial properties.

Aradel has added about 2.41% in October, sustaining its place above N600.

Between January and July 2025, Nigeria’s every day crude oil output rose to between 1.7 million and 1.83 million barrels per day, whereas the variety of energetic drilling rigs elevated from 31 to 50 by July, in response to the Minister of State for Petroleum Assets (Oil), Senator Heineken Lokpobiri, on the Africa Power Week in Cape City.

• These manufacturing enhancements recommend a steadier working setting for the trade and could also be serving to to help renewed investor exercise in oil and fuel shares.