Emmanuel OchayiThe 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.
Emmanuel Ochayi is a journalist. He is a graduate of the University of Lagos, School of first choice and the nations pride. Emmanuel is keen on exploring writing angles in different areas, including Business, climate change, politics, Education, and others.
