Here are the best performing companies on the NGX in 2024

The year 2024 has been nothing short of a whirlwind for investors on the Nigerian Exchange (NGX). January kicked off with a surprising move as the All-Share Index (ASI) shattered records to soar past the 100,000-point milestone.

However, just as quickly as the euphoria sets in, the market lost steam, cooling dramatically through the rest of the first quarter.

Investor reflexes to the banking recapitalization announcement in Q2 2024 sent the market into a steep decline, from which it has yet to recover to January levels. Although the ASI breached the 100,000-point mark in July, it remains fragile, with news such as the windfall tax on realized gains by banks sending investors into a frenzy.

Despite the market’s challenges, standout performers have emerged on the Nigerian Exchange (NGX). Among the 151 listed equities, one has delivered an exceptional return of over 1,000 percent, three have posted gains exceeding 500 percent, and five have achieved returns above 400 percent.

With fewer than 10 trading days remaining in 2024, BusinessDay has identified five of the top-performing stocks on the NGX, based on returns as of the close of trading on December 16.

1. Juli Plc – 1,646%

Juli Plc started 2024 with an N0.59 share price and closed December 16 with a N10.30 share price, representing a 1646 percent return. This means an N10,000 investment in Juli Plc at the start of the year would now be worth N164,600.

The stock started ascending in February, as it gained about 1383 percent between February 1 and March 27. On July 29, the stock hit its current price when it gained 9 percent.

2. Oando Plc – 556%

Oando Plc has recorded impressive growth in 2024, starting the year with a share price of N10.50 and closing at N68.90 on December 16—a substantial 556 percent increase. The bullish trajectory of Oando began in July, as the stock appreciated by 413 percent between July and August.

The stock reached a decade-high of N95.50 on September 10, but subsequently experienced a gradual decline as the market corrected it from the overbought territory. Oando’s impressive surge can be attributed to the release of its audited financial statements for 2022 and 2023. Investor confidence was further bolstered by the company’s successful acquisition of Eni’s NAOC, a move expected to significantly enhance both its asset base and income profile.