Lagos, Nigeria – The Nigerian Exchange (NGX) has had a roller-coaster year in 2024, with dramatic highs and lows that have left investors both elated and anxious. January began with euphoria as the All-Share Index (ASI) surged past the 100,000-point mark for the first time, setting a historic precedent. However, after an initial rally, the market lost momentum, cooling throughout the first quarter.
In the second quarter, the announcement of banking recapitalization sent the market into a steep decline, and while the ASI did manage to briefly surpass the 100,000-point threshold again in July, it has remained volatile. The introduction of a windfall tax on realized gains by banks further rattled investors, creating further uncertainty.
Despite these challenges, some standout stocks have bucked the trend and delivered exceptional returns. As the year draws to a close, BusinessDay has identified the top-performing stocks on the NGX, based on returns up to December 16, 2024.
1. Juli Plc – 1,646% Return
Juli Plc has been the star performer of 2024, with its share price skyrocketing by an extraordinary 1,646%. The stock started the year at N0.59 per share and closed at N10.30 on December 16. This impressive growth means that an investment of N10,000 at the beginning of the year would now be worth N164,600. The surge began in February, with the stock appreciating by 1,383% between February and March, and peaked at its current price in July, after gaining 9% in a single session.
2. Oando Plc – 556% Return
Oando Plc has also been a major beneficiary of investor optimism in 2024. The stock opened the year at N10.50 and closed at N68.90 by December 16, reflecting a 556% increase. Oando’s bullish run began in July, when the stock appreciated by 413% between July and August. Although it hit a decade-high of N95.50 in September, it subsequently corrected as the market recalibrated. The company’s success is largely attributed to the release of strong financial statements for 2022 and 2023, and the strategic acquisition of Eni’s Nigerian assets, which is expected to significantly enhance Oando’s asset base and income profile.
3. Eunisell Interlinked – 502% Return
Eunisell Interlinked, an engineering services company, has surprised investors with a remarkable 502% return in 2024. The stock began the year at N3.20 and closed at N19.27 by December 16. Most of this growth occurred in the final quarter of the year, as the stock surged by 564% between October and November. The rally was sparked by a 1,000% increase in the company’s net profit for the financial year ending June 30, 2024, which greatly boosted investor confidence.
4. Sunu Assurances – 454% Return
Sunu Assurances Nigeria Plc has emerged as the best-performing stock in the financial services sector in 2024, delivering a 454% return. The company’s share price began the year at N1.10 and ended December 16 at N6.09. Sunu Assurances’ impressive market performance was driven by strong financial results, with the company reporting a net profit of N4.8 billion for the nine months ending September 30, 2024—an increase of 145% compared to the same period in 2023.
5. Transnational Corporation – 406% Return
Transnational Corporation Plc (Transcorp), Nigeria’s largest conglomerate, also enjoyed a stellar performance in 2024, with its stock rising by 406%. Starting the year at N8.66 per share, Transcorp closed on December 16 at N43.80. The company’s performance in 2024 follows an extraordinary 666% return in 2023. Over the past two years, the stock has delivered a cumulative return of 3,776%. Transcorp’s strong performance is attributed to its ownership of major listed equities, including Transcorp Hotels and Transcorp Power, which are some of the largest companies on the NGX.
The Bigger Picture
Despite the volatile environment on the NGX, these standout performers reflect the resilience of certain sectors and companies in navigating economic challenges such as inflation, high-interest rates, and currency volatility. As 2024 nears its close, investor sentiment remains cautious, yet there are notable success stories amid the turbulence.
While these stocks have delivered impressive returns, the market’s overall outlook remains uncertain, with several external factors—including government policies, oil prices, and global economic conditions—continuing to influence market sentiment. As the NGX heads into 2025, investors will likely be keeping a close eye on these high-performing stocks for further developments and growth opportunities.
Conclusion
The Nigerian stock market in 2024 has been marked by a series of ups and downs, but the exceptional performance of companies like Juli Plc, Oando, and Transcorp has provided a beacon of hope for investors. While the broader market faces challenges, the strong returns from these stocks offer a glimpse of the potential for growth in the Nigerian Exchange, making them standout performers as the year concludes.
