As at the close of trading last Monday, the two sub-sectors were the only ones with their indexes without growth since the beginning of the year.

The NSE has seven indicators to gauge the performance of the market, a major one- NSE All-Share Index(ASI) and six other sectorial indexes.

While five of the indicators have posted year-to-date (YTD) growth of between 21 per cent and 274 per cent, the oil and gas, and insurance indexes are in negative, posting a decline of 24.3 and 11.5 per cent respectively.

For instance, the benchmark gauge-ASI recorded YTD growth of 22.3 per cent as at last Monday. The NSE Consumer Goods Index, even recorded a higher growth of 274 per cent.

The Banking Index rose by 45.2 per cent while the NSE 30 Index appreciated by 29.2 per cent. The newly-introduced Sharia-compliant NSE Lotus Index has appreciated by 21 per cent.

Conversely, the NSE Oil and Gas index has recorded a decline of 24.3 per cent, while the NSE Insurance Index has posted a decline of 11.5 per cent decline.

Market operators said the poor performance of the two indicators reflected the general performance of the companies in the subsectors.

In the insurance subsector, apart from three stocks- Aiico Insurance Plc, Intercontinental WAPIC Insurance Plc and Mansard Insurance Plc that have witnessed various level of growths, the remaining stocks have either recorded losses or have remained static.

Similarly, no stock in the oil and gas subsector has appreciated in value as at last Monday. Only Beco Petroleum Plc remained static. But MRS Oil Nigeria Plc declined 45.2 per cent. Oando Plc declined by 37.9 per cent.

Others are: Japaul Oil and Maritime Services Plc went down by 34.4 per cent); Conoil Plc (34.3 per cent), Total Nigeria Plc (30.8 per cent); Mobil Oil Nigeria Plc (14.3 per cent);Forte Oil Plc (6.3 per cent).

However, market analysts believe the decline in the prices equities in the sub-sectors is also an opportunity for investors to take position in some the firms that have strong fundamentals or making significant investments in their operations.

They cited Oando Plc, for instance, which recently completed the reverse takeover Exile Resources Incorporated with the listing of the company's shares on Toronto Stock Exchange (TSX).

After the takeover, the company was renamed Oando Energy Resources Incorporated (OER) and has been listed on the TSX.

Commenting on the new development, the Chief Executive Officer of Oando Plc, Mr. Wale Tinubu, said: "We are excited that the reverse take-over is complete and that the TSX has given its approval for the listing of OER. This platform is expected to enable capital raising to meet OER's immediate strategic objectives of growth in the upstream sector. Although Oando Plc will initially own 94.6 per cent interest in OER, the listing opens up the opportunity to present OER to a new world of investors with the distinct appetite for E&P investments."