Oando, Juli top 10 best stocks in 2024

As the curtain falls on 2024, the Nigerian Exchange (NGX) stands as a testament to resilience and triumph, closing the year with an impressive 37.65 percent gain. While slightly underperforming its 2023 returns, this figure underscores the market’s sustained upward trajectory since 2020.

Amid this robust performance, certain stocks emerged as the year’s standout stars, delivering remarkable returns that defied expectations.

From the relatively uncharted waters of the retail pharmaceutical by Juli Plc to the merger and acquisition powerhouse Oando, and the remarkable sectoral growth witnessed in insurance, led by Veritas Kapital Assurance and Sunu Assurances, 2024 showcased a diverse array of standout performers shaping the NGX landscape.

Read also: NGX closes 2024 with 38% investment return

Let’s uncover some of the best-performing stocks in the NGX in 2024:

1. Juli Plc – 1646%

Juli Plc started the year with N0.59 share price. However, it closed the year with a N10.30 share price. The stock did not decline throughout the year, posting consistent gains almost daily throughout Q1 2024.

2. Sunu Assurances – 877%

Sunu Assurances gained 877 percent in 2024, as it started the year with a N1.10 share price. However, it closed the year with a N10.75 share price. The stock’s surge kickstarted in November 2024, as it appreciated by 414 percent between November and December.

3. Oando – 529%

After more than two years of turbulence in the NGX, Oando Plc posted a significant 529 percent appreciation in the NGX in 2024. It started the year with a N10.50 share price but closed the year at N66, as investors reacted bullishly to some of the corporate actions that occurred in the company during the year.

4. Eunisell Interlinked – 502%

Eunisell started 2024 with a N3.20 share price and maintained this share price until October when the stock started a resurgence to hit N19.27 on November 22. The stock closed the year with a share price of N19.27, representing a 502 percent appreciation in 2024.

5. Transnational Corporation – 402%

Transnational Corporation (TRANSCORP) continued its bullish momentum from 2023, appreciating by 402 percent, from N8.66 at the start of the year to close at N43.50. In 2023, the stock appreciated by 666 percent, making it the best performing stock in the NGX since 2022.

6. Conoil – 362%

Just like Oando, Conoil enjoyed the bullish sentiments among oil and gas stocks in Nigeria in 2024. Conoil gained 362 percent in 2024, having closed the year with a N387.20 share price, from N83.90 at the start of the year.

7. Tantalizers – 336%

Following years of unprofitability, Tantalizers experienced a transformative turnaround driven by significant management changes and the introduction of new majority shareholders. This shift ignited a bullish rally toward the close of 2024.

The stock earned its spot among the top performers, surging from N0.47 at the start of the year to end at N2.05—a remarkable 336% appreciation, with the majority of the gains realized in the final months of November and December.

8. RT Briscoe – 310%

RT Briscoe started 2024 with a N0.61 share price, and closed the year with a N2.50 share price, reflecting a 310 percent appreciation.

9. Veritas Kapital Assurance – 268%

Veritas Kapital Assurance delivered a stellar performance in 2024, highlighted by a 117% year-on-year increase in nine-month net profit to N2.87 billion. This strong financial showing fueled investor confidence, driving substantial demand for the stock on the NGX. Starting the year at N0.37, Veritas Kapital surged by an impressive 268%, closing 2024 at N1.36 per share.

10. Julius Berger – 261%

Julius Berger started 2024 with a N43.00 share price, appreciating by 261 percent to close 2024 with a share price of N155.25.