In the first half of 2024, the Nigerian Exchange (NGX) advanced by 33.81%.
The All-Share Index concluded the first half of the year at 100,057.49 points, a notable increase from its starting position of 74,773.77 points.
The growth posted by the NGX in H1 2024, is about 12.09-percentage points lower than the 45.90% growth posted by the NGX in 2023.
- It also represents a 14.85% percentage-point increase from the 18.96% growth posted by the market in H1 2023.
- Year-on-year, the NGX grew by 64.11% in H1 2024, with the ASI closing at 60,968.27 at the end of H1 2023.
- In the first half of 2024, the best performing index was the NGX ASeM Index with a 135.25% growth. The growth is due to the performance of Juli Plc, which gained over 1500% during the period.
- The Industrial Goods Index posted a 73.14% growth due to the performance of Dangote Cement and BUA Cement during the half.
- However, banking stocks declined, as the NGX Banking Index declined by 7.47% in H1 2024.
- The decline in banking stocks is linked to the 19.37% decline recorded by banking stocks in Q2 2024.
In this report, Nairametrics tracks the ten best performing stocks in the NGX in H1 2024, based on their share price growth. During the period under review, 77 stocks recorded gains, 44 stocks experienced losses, and 30 stocks remained unchanged.
10. Chemical and Allied Products Plc – +72.66%
Paint maker, Chemical and Allied Products started 2024 with a share price of N20.85 and ended H1 2024, with a share price of N36, representing a 72.66% growth.
The stock has demonstrated consistent growth, starting the year at N20.85, which marked its lowest price, and closing the first half of 2024 at its highest price of the year.
CAP, a subsidiary of UAC Nigeria Plc, reported a market capitalization gain of N12.34 billion in the first half of 2024. The company’s market cap increased from N17.0 billion at the beginning of the year to N29.3 billion by the end of H1.
9. Presco Plc – +83.52%
Presco Plc recorded a share price gain of 83.52% in H1 2024, with its share price moving from N193 at the start of the year to N354.20 at the end of the period.
The oil palm producer reached a year-high share price of N359 on June 19, with its year-low of N193 recorded at the start of the year.
Presco’s market capitalization increased by N161.2 billion in the first half of the year, climbing from N193 billion at the beginning of the year to N354.2 billion by the end of the period.
8. Cutix Plc – +87.23%
The share price of cable manufacturer Cutix Plc increased by 87.23% in the first half of 2024, rising from N2.35 at the beginning of the year to N4.40 at the end of the period.
It closed H1 2024 with a year-high share price, however, it hit a year-low of N2.35 on February 29.
7. Tripple Gee & Company – +92.09%
Printing company, Tripple Gee and Company achieved a share price growth of 92.09% in H1 2024. It started 2024 with a share price of N2.15 and ended H1 with a share price of N4.13, both prices marking the year-high and year-low prices.
6. BUA Foods Plc – +96.43%
BUA Foods Plc, the largest consumer goods company in Nigeria posted a share price growth of 96.43% in H1 2024.
The company’s share price moved from N193.4 to N379.9 during the quarter, recording a share price increase of N186.5. During the period, BUA Foods’ market capitalization almost doubled, increasing from N3.48 trillion at the start of the year to N6.83 trillion.
5. Dangote Cement Plc – +105.28%
The largest company trading on the NGX, Dangote Cement posted a share price growth of 105.28% in H1 2024. The company’s share price increased from N319.9 at the start of the year to N65.70 at the close of the period.
During the period, the stock reached a year-high share price of N763 on January 29, 2024.
In H1 2024, Dangote Cement’s market capitalization increased by N5.74 trillion to N11.19 trillion, from N5.45 trillion at the start of the year.
4. Julius Berger Nigeria Plc – +127.91%
Julius Berger Nigeria posted a share price growth of 127.91% in H1 2024, as its share price moved from N43 to N98 during the period.
During the period, the company’s market capitalization increased by N88 billion to N156.8 billion, from N68.8 billion at the start of the year.
3. Veritas Kapital Assurance Plc – +148.65%
Veritas Kapital Assurance Plc recorded a share price growth of 148.65% in H1 2024, with its share price moving from N0.37 to N0.92 during the period.
During the period, the stock hit a period-high share price of N0.97 on June 21, while hitting a period-low share price of N0.36 on January 2.
2. Geregu Power Plc – +150.63%
Geregu Power Plc recorded a share price growth of 150.63% in H1 2024, with its share price moving from N399 to N1000 during the period.
During the period, Geregu Power joined the SWOOTs (Stocks Worth Over One Trillion) list, when it reached a share price of N429 on January 15.
The stock market capitalization increased by N1.5 trillion during the period, moving from N997.5 billion to N2.5 trillion.
1. Juli Plc – +1508.47%
Retail outlet, Juli Plc ended H1 2024 as the best-performing stock, with a share price growth of 1508.47%. Its share price moved from N0.59 at the start of the year to N9.49 at the end of the period.
During the period, Juli Plc’s market capitalization appreciated from N118 million to N1.897 billion.
The drastic growth in Juli Plc’s stock is attributable to the daily 10% share price growth recorded by the stock between January 31 and March 27.
