The Nigerian inventory market, tracked by the All-Share Index (ASI), demonstrated a powerful efficiency in 2024, attaining a development of 37.65% and persevering with a five-year bullish streak.
Beginning the yr at 74,773.98 factors, the ASI skilled a surge in January and maintained a lot of its momentum till the second quarter when a recapitalization mandate launched headwinds.
In April, funding sentiment throughout the monetary companies sector weakened following CBN’s directive requiring banks to satisfy particular capital thresholds by March 2026.
This coverage probably launched uncertainty, contributing to a decline in banking and different sub-indices, which in flip dragged the general market’s weighted value.
Between April and August, the ASI skilled a gradual decline of seven,982 factors from its March peak of 104,562. This era noticed large-cap banking shares scuffling with bearish every day developments or stagnation.
Nevertheless, by the top of the third quarter, market sentiment started to enhance. A restoration within the oil, banking, and insurance coverage sectors bolstered confidence, driving constructive value actions within the Nigerian market.
Consequently, the ASI rebounded from its August low of 96,580 factors and closed above 102,000 factors by late December.
Amid the volatility, some shares carried out exceptionally effectively year-to-date, enjoying a key position available in the market’s restoration from its mid-year decline and boosting the general index’s rebound.
Beneath are the highest 10 main shares within the Nigerian Alternate in 2024, ranked by their share value development from January 1 to December 31 (YTD).
10. Coronation Insurance coverage Plc (230.88%)
Coronation Insurance coverage Plc ranks tenth with a year-to-date efficiency of 230.88%. The corporate opened the yr at N0.68 and rode a market quantity of 230.6 million to shut January at N0.77.
Whereas it skilled regular development from January to December, the bullish momentum intensified in December, probably pushed by a surge within the insurance coverage sector throughout late This autumn of 2024.
Notably, the corporate reported a 93.4% year-over-year enhance in insurance coverage income, reaching N34.1 billion for the interval ending September 30, 2024.
9. John Holt (235.78%)
John Holt, a number one supplier of equipment options, follows carefully at ninth place with a powerful YTD development of 235.78%. The inventory opened at N2.32 and noticed a big rise to N8.92 by November, regardless of a slight dip within the first quarter.
A key catalyst for this surge was probably the corporate’s October announcement of a N2.4 billion pre-tax revenue, a stark distinction to the N1 billion pre-tax loss from the earlier yr. This information probably triggered a large 197% spike in November, solidifying John Holt’s standout efficiency in 2024.
8. Julius Berger (261.05%)
Julius Berger, the development and engineering big, secures the eighth spot with a 261.05% YTD efficiency. After beginning at N43.00 in January, the inventory confirmed constant beneficial properties, notably between February and June.
A pivotal enhance occurred in August when the corporate reported Q2 earnings revealing income development to N132.8 billion, up from N120.1 billion the earlier yr.
Shares soared by 76% that month, considerably contributing to its robust general efficiency.
7. Veritas Kapital (267.57%)
Veritas Kapital, a non-life insurance coverage agency, ranks seventh with a powerful 267.57% YTD rally. Opening at N0.37, the inventory benefited from a strong insurance coverage sector efficiency all year long, peaking at N1.51 in September.
Its robust beneficial properties mirror each the bullish developments within the sector and the corporate’s lively engagement available in the market growth.
6. RT Briscoe (309.84%)
RT Briscoe takes the sixth spot with a powerful YTD efficiency of 309.84%. Beginning at N0.61, the inventory peaked at N3.50 in August, marking its finest month with a staggering 360% surge.
This vital rise was probably fueled by the launch of its cash market fund, attracting appreciable investor curiosity.
Regardless of a slight pullback later within the yr, RT Briscoe’s distinctive beneficial properties cemented its standing as a prime inventory of 2024.
5. Tantalizers (336.17%)
Quick-food chain Tantalizers ranks fifth with a exceptional YTD development of 336.17%. Opening at N0.47, the inventory skilled regular will increase via mid-year earlier than a notable surge in August.
Bullish momentum peaked in November following a N1 billion capital injection from new traders, probably driving share costs from N0.64 to N2.05 by year-end.
4. Conoil (361.50%)
Conoil, a serious participant within the oil and gasoline sector, ranks 4th with a YTD efficiency of 361.50%. Starting the yr at N83.90, the inventory confirmed regular development within the first half earlier than a big rally in July.
This surge was probably pushed by the discharge of its FY 2023 audited financials, which reported a 99% leap in revenue after tax to N9.87 billion. Sturdy Q3 outcomes additional fueled momentum, making November and December standout months.
3. Eunisell Interlinked (502.19%)
Eunisell Interlinked, a producer of polymeric and metallic merchandise, claims the third spot with a exceptional 502.19% YTD development.
Beginning at N3.20, the inventory remained comparatively quiet till October, when it surged, probably pushed by information of a 161% income enhance to N722 million within the first half of 2024.
This monetary breakthrough probably reignited investor confidence, driving the inventory to new highs by year-end.
2. Oando (528.57%)
Oil big Oando takes the 2nd place with a powerful 528.57% YTD efficiency. Opening at N10.50, the inventory exhibited robust bullish momentum all year long.
A big driver was probably the announcement of a $783 million acquisition of Nigeria Agip Oil Firm, which boosted its market capitalization to N1 trillion in August.
Regardless of a slight pullback in November, Oando closed 2024 at N66.00, firmly establishing itself among the many yr’s prime performers.
1. Sunu Assurances (877.27%)
Main the pack, Sunu Assurances is the best-performing inventory of 2024 with an astounding YTD development of 877.27%. Beginning the yr at N1.10, the inventory remained largely stagnant till September, when a surge in bullish momentum propelled it to new heights.
December proved to be its finest month, probably fueled by robust sector-wide efficiency and a exceptional 155.9% year-on-year enhance in pre-tax revenue to N5.4 billion for the 9 months ending September 30, 2024.
This distinctive rally cements Sunu Assurances because the top-performing inventory of the yr.
Be First to Comment