Emmanuel Ochayi
The Nigerian All-Share Index (ASI) grew by 37.65% in 2024, continuing a five-year bullish streak. Starting the year at 74,773.98 points, the ASI peaked at 104,562 points in March before experiencing mid-year volatility due to regulatory pressures. Despite a temporary decline, the market rebounded strongly in the second half, closing above 102,000 points in December.
Amid this movement, several stocks emerged as top performers, delivering substantial returns for investors.
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These are the top 10 stocks of 2024 ranked by their year-to-date (YTD) growth:
1. Sunu Assurances – 877.27% Growth
Sunu Assurances led the market with an extraordinary YTD growth of 877.27%. Starting the year at ₦1.10, the stock surged in September and peaked in December. Its growth was fueled by a 155.9% year-on-year increase in pre-tax profit, reaching ₦5.4 billion for the nine months ending September 30, 2024.
2. Oando – 528.57% Growth
Oil and gas giant Oando secured the second spot with a 528.57% increase. The stock opened at ₦10.50 and closed at ₦66.00, buoyed by its $783 million acquisition of Nigeria Agip Oil Company. The acquisition significantly boosted Oando’s market capitalisation, which crossed ₦1 trillion.
3. Eunisell Interlinked – 502.19% Growth
Eunisell Interlinked, a manufacturer of polymeric products, saw a YTD growth of 502.19%. After a quiet start at ₦3.20, the stock surged in October, driven by a 161% revenue increase to ₦722 million in the first half of 2024.
4. Conoil – 361.50% Growth
Conoil, another oil and gas player, delivered a 361.50% YTD performance. The stock began the year at ₦83.90 and rallied in July following the release of its FY 2023 financials, which reported a 99% jump in profit after tax to ₦9.87 billion.
5. Tantalizers – 336.17% Growth
Tantalizers, a fast-food chain, recorded a YTD growth of 336.17%. Starting at ₦0.47, the stock surged after a ₦1 billion capital injection in August. It ended the year at ₦2.05.
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6. RT Briscoe – 309.84% Growth
RT Briscoe achieved 309.84% growth in 2024. The stock opened at ₦0.61 and reached a high of ₦3.50 in August, thanks to its money market fund launch, which attracted strong investor interest.
7. Veritas Kapital – 267.57% Growth
Veritas Kapital, a non-life insurance firm, grew by 267.57% YTD. The stock began the year at ₦0.37 and peaked at ₦1.51 in September, reflecting the bullish trend in the insurance sector.
8. Julius Berger – 261.05% Growth
Julius Berger saw a 261.05% increase in 2024, starting at ₦43.00. Its August performance was particularly strong, driven by Q2 earnings that showed revenue growth to ₦132.8 billion, up from ₦120.1 billion the previous year.
9. John Holt – 235.78% Growth
John Holt posted a 235.78% YTD increase. The stock opened at ₦2.32 and rose to ₦8.92 by November after the company reported a ₦2.4 billion pre-tax profit, reversing its losses from the previous year.
10. Coronation Insurance Plc – 230.88% Growth
Coronation Insurance rounded out the top 10 with a 230.88% YTD growth. The stock opened at ₦0.68 and benefited from a sector-wide rally, closing the year with strong gains.
Key Drivers Behind the Performance
- Sector-specific Growth: Oil and gas, insurance, and construction sectors were standout performers.
- Strategic Acquisitions: Oando’s acquisition of Agip Oil Company and Tantalizers’ capital injection were pivotal.
- Financial Reporting: Positive quarterly earnings played a major role in boosting investor confidence.
The top-performing stocks in the Nigerian market in 2024 delivered impressive returns, reflecting resilience and sectoral strength. For investors, these stocks demonstrate the potential of strategic investments in Nigeria’s growing economy.
