The Nigerian inventory market, represented by the All-Share Index, achieved an excellent efficiency in 2024, closing with a outstanding acquire of 37.65%.
This success was largely pushed by vital development in mid and large-cap shares, which noticed substantial will increase of their share costs.
Among the many most important sectoral indices, the Oil and Fuel sector stood out with a powerful year-to-date enhance of 160%, establishing itself because the main sector for the yr, with the Insurance coverage sector trailing behind at 123.15%.
Firstly of 2024, the NSE Oil and Fuel Index was at 1,043.60 factors and ended January on a constructive trajectory, supported by a market quantity of 90.6 million shares.
Regardless of experiencing a slight decline in March and April, the Oil and Fuel Index demonstrated outstanding resilience, finally ending ten out of twelve months in constructive territory.
This upward development was primarily pushed by the sturdy performances of particular person massive and mid-cap shares, which thrived all year long amid favorable market sentiment.
The next listing highlights the highest 5 oil and gasoline corporations in Nigeria primarily based on their share worth efficiency from January 1 to December 31, 2024:
Complete Energies achieved a year-to-date efficiency of 81.30%, rating fifth on the listing. Beginning the yr at N385 per share, the inventory confronted challenges within the first half, hitting a low of N321.50 in April.
Nonetheless, a bullish restoration started in June, pushing costs again to N388.90, buoyed by sturdy market exercise.
The inventory surged 73% in August, probably fueled by its Q2 earnings report, which revealed a pre-tax revenue of N13.73 billion—a 95% year-over-year enhance. By December, shares closed at N698, bringing year-to-date efficiency to 81.30%.
MRS Oil Nigeria (Chevron) delivered a powerful year-to-date efficiency of 107.43%, incomes it the fourth place among the many top-performing oil and gasoline shares of 2024.
The inventory started the yr buying and selling at N105 and demonstrated constructive momentum within the early months earlier than getting into a interval of stagnation from March to November.
The turning level got here in October when the corporate launched its earnings report revealing a pre-tax revenue of N6.2 billion—a outstanding 108.9% enhance in comparison with the earlier yr.
This development was primarily pushed by a 141.90% surge in income, largely attributed to elevated gross sales of premium motor spirit, which accounted for 85% of the corporate’s income.
In December, the inventory skilled a major 65% rally, closing the yr on a excessive notice at N217.80.
Seplat Vitality achieved a formidable year-to-date efficiency of 146.75%, securing its place because the third best-performing oil and gasoline inventory of 2024.
The inventory started the yr buying and selling at N2,310 and steadily gained momentum in the midst of the yr, probably fueled by notable insider exercise.
A probable driver was the acquisition of twenty-two,571 shares by the corporate’s chairman, Udo Udoma, by means of Tierce Investments Ltd, in late September.
In October, the inventory surged by 39%, making it the standout month of the yr. By December, Seplat Vitality’s shares closed at a formidable N5,700, additional cementing its sturdy market place and highlighting its strong development trajectory.
Conoil stood out because the second best-performing oil and gasoline inventory in 2024, recording a formidable year-to-date development of 361.50%.
The inventory started the yr buying and selling at N83.90 and skilled regular development all through the primary half. This upward trajectory was probably pushed by the discharge of its FY 2023 {financial} outcomes, which revealed a powerful 99% enhance in revenue after tax, reaching N9.87 billion.
The constructive momentum prolonged into the third quarter, with sturdy efficiency boosting investor confidence. By December, Conoil’s shares had climbed considerably, closing the yr at a formidable N387.20, solidifying its place as a high market performer.
Main the pack, Oando delivered a formidable year-to-date efficiency of 528.57%, securing its place because the best-performing oil and gasoline inventory in 2024.
Beginning the yr at N10.50, the inventory noticed outstanding development all year long, primarily fueled by its transformative $783 million acquisition of Nigeria Agip Oil Firm.
This strategic transfer considerably boosted Oando’s market capitalization to N1 trillion, attracting sturdy investor curiosity.
By December, the corporate’s shares surged to N66, delivering a formidable year-to-date acquire of 528.57%.
