The Nigerian stock market, represented by the All-Share Index, achieved an outstanding performance in 2024, closing with a remarkable gain of 37.65%.
This success was largely driven by significant growth in mid and large-cap stocks, which saw substantial increases in their share prices.
Among the main sectoral indices, the Oil and Gas sector stood out with a strong year-to-date increase of 160%, establishing itself as the leading sector for the year, with the Insurance sector trailing behind at 123.15%.
At the start of 2024, the NSE Oil and Gas Index was at 1,043.60 points and ended January on a positive trajectory, supported by a market volume of 90.6 million shares.
Despite experiencing a slight decline in March and April, the Oil and Gas Index demonstrated remarkable resilience, ultimately finishing ten out of twelve months in positive territory.
This upward trend was primarily driven by the strong performances of individual large and mid-cap stocks, which thrived throughout the year amid favorable market sentiment.
The following list highlights the top five oil and gas companies in Nigeria based on their share price performance from January 1 to December 31, 2024:
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Total Energies Marketing Nigeria Plc (81.30%)
Total Energies achieved a year-to-date performance of 81.30%, ranking fifth on the list. Starting the year at N385 per share, the stock faced challenges in the first half, hitting a low of N321.50 in April.
However, a bullish recovery began in June, pushing prices back to N388.90, buoyed by strong market activity.
The stock surged 73% in August, likely fueled by its Q2 earnings report, which revealed a pre-tax profit of N13.73 billion—a 95% year-over-year increase. By December, shares closed at N698, bringing year-to-date performance to 81.30%.
- MRS Oil Nigeria Plc (107.43%)
MRS Oil Nigeria (Chevron) delivered a strong year-to-date performance of 107.43%, earning it the fourth position among the top-performing oil and gas stocks of 2024.
The stock began the year trading at N105 and demonstrated positive momentum in the early months before entering a period of stagnation from March to November.
The turning point came in October when the company released its earnings report revealing a pre-tax profit of N6.2 billion—a remarkable 108.9% increase compared to the previous year.
This growth was primarily driven by a 141.90% surge in revenue, largely attributed to increased sales of premium motor spirit, which accounted for 85% of the company’s revenue.
In December, the stock experienced a significant 65% rally, closing the year on a high note at N217.80.
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Seplat Energy (146.75%)
Seplat Energy achieved an impressive year-to-date performance of 146.75%, securing its place as the third best-performing oil and gas stock of 2024.
The stock began the year trading at N2,310 and gradually gained momentum in the middle of the year, likely fueled by notable insider activity.
A likely driver was the acquisition of 22,571 shares by the company’s chairman, Udo Udoma, through Tierce Investments Ltd, in late September.
In October, the stock surged by 39%, making it the standout month of the year. By December, Seplat Energy’s shares closed at an impressive N5,700, further cementing its strong market position and highlighting its robust growth trajectory.
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Conoil Plc (361.50%)
Conoil stood out as the second best-performing oil and gas stock in 2024, recording an impressive year-to-date growth of 361.50%.
The stock began the year trading at N83.90 and experienced steady growth throughout the first half. This upward trajectory was likely driven by the release of its FY 2023 financial results, which revealed a strong 99% increase in profit after tax, reaching N9.87 billion.
The positive momentum extended into the third quarter, with strong performance boosting investor confidence. By December, Conoil’s shares had climbed significantly, closing the year at an impressive N387.20, solidifying its position as a top market performer.
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Oando (528.57%)
Leading the pack, Oando delivered an impressive year-to-date performance of 528.57%, securing its place as the best-performing oil and gas stock in 2024.
Starting the year at N10.50, the stock saw remarkable growth throughout the year, primarily fueled by its transformative $783 million acquisition of Nigeria Agip Oil Company.
This strategic move significantly boosted Oando’s market capitalization to N1 trillion, attracting strong investor interest.
By December, the company’s shares surged to N66, delivering an impressive year-to-date gain of 528.57%.
