The oil and gas sector emerged as the standout performer of 2024, posting a remarkable year-to-date gain of 160%. This stellar achievement eclipsed its already impressive 125% rise in 2023, cementing its position as the market’s most dynamic index.
This performance significantly lifted the broader market, with the All-Share Index, ASI, rising 37.65% year-to-date to close at a historic high of 102,926 points.
Also Read: Nigeria’s Economy Grows by 3.46% in Q3 2024, Driven by Non-Oil Sector
Unlike the ASI, which experienced a mid-year dip before recovering, the oil and gas index displayed consistent growth throughout the year. It climbed steadily from a 24% increase in the first quarter to an impressive 91% by the third quarter, culminating in its extraordinary 160% gain by year-end.
According to data from the Nigerian Exchange, NGX, this growth was driven by major players in the sector, including Conoil, Eterna, Japaul Gold, Total Energies, and Seplat Energy.
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