In 2024, the Nigerian stock market delivered an impressive performance, with the All-Share Index (ASI) growing by 37.65%, continuing its five-year bullish streak. Despite the challenges faced earlier in the year, the market recovered by the end of December, buoyed by stellar performances from several stocks. Beginning the year at 74,773.98 points, the ASI surged through January, though mid-year uncertainties, particularly due to the Central Bank of Nigeria’s (CBN) recapitalization mandate for banks, caused a slight dip in the market. However, by the third quarter, the market regained momentum, supported by recoveries in key sectors, including oil, banking, and insurance. This recovery led to the ASI closing above 102,000 points by December.
Among the notable stocks that stood out were those that defied the volatility and posted outstanding growth. Below are the top 10 best-performing stocks on the Nigerian Stock Exchange (NSE) in 2024, ranked by their year-to-date (YTD) growth from January 1 to December 31.
- Coronation Insurance Plc (230.88%)
Coronation Insurance Plc made a strong impression in 2024, ranking 10th with a YTD growth of 230.88%. The stock opened at N0.68 and ended the year on a high note, driven by a surge in the insurance sector during the latter part of the year. The company’s 93.4% increase in year-over-year insurance revenue to N34.1 billion helped fuel investor confidence and pushed its stock price higher as the year concluded.
- John Holt (235.78%)
John Holt, known for providing machinery solutions, followed closely behind with an impressive YTD performance of 235.78%. Starting at N2.32, the stock rose to N8.92 by November, marking a significant surge. A key catalyst for this performance was the company’s announcement of a N2.4 billion pre-tax profit in October, a sharp turnaround from the previous year’s N1 billion loss. This announcement sparked a dramatic 197% spike in November, making John Holt one of the standout performers of the year.
- Julius Berger (261.05%)
Julius Berger, the construction and engineering behemoth, took the 8th spot with a YTD growth of 261.05%. Opening at N43.00, the stock saw steady growth throughout the year, but it was the release of the company’s Q2 earnings in August that provided the most significant boost. The company reported a revenue increase to N132.8 billion from N120.1 billion the previous year. This result triggered a remarkable 76% jump in its stock price in August, contributing to its strong overall performance for the year.
- Veritas Kapital (267.57%)
Veritas Kapital, a non-life insurance company, ranked 7th with a YTD growth of 267.57%. Opening the year at N0.37, the stock rose steadily to N1.51 by September, reflecting the positive trends in the insurance sector. The company’s ability to capitalize on the sector’s growth and its own market engagement played a key role in its exceptional performance.
- RT Briscoe (309.84%)
RT Briscoe claimed the 6th position with a staggering YTD growth of 309.84%. The stock started at N0.61 and peaked at N3.50 in August, marking its best month with a remarkable 360% surge. The launch of a money market fund helped fuel investor interest, making RT Briscoe one of the standout stocks in 2024 despite a slight pullback later in the year.
- Tantalizers (336.17%)
Fast-food chain Tantalizers made a strong showing with a YTD growth of 336.17%, securing the 5th spot. Starting at N0.47, the stock steadily rose through mid-year and experienced a surge in August. The key catalyst for this growth was a capital injection of N1 billion from new investors, which pushed the stock price from N0.64 to N2.05 by year-end.
- Conoil (361.50%)
Conoil, a major player in the oil and gas sector, saw impressive growth, ranking 4th with a YTD performance of 361.50%. The stock started at N83.90 and demonstrated steady growth throughout the year. The real boost came in July, following the release of the company’s FY 2023 audited financials, which revealed a 99% jump in profit after tax, reaching N9.87 billion. This, along with strong Q3 results, fueled the stock’s rally through the latter part of the year.
- Eunisell Interlinked (502.19%)
Eunisell Interlinked, a manufacturer of polymeric and metallic products, surged by 502.19% YTD, securing the 3rd spot. The stock started at N3.20 but remained relatively subdued until October, when it surged sharply. The catalyst was the announcement of a 161% increase in revenue to N722 million for the first half of 2024. This news reignited investor confidence and propelled the stock to new highs by the end of the year.
- Oando (528.57%)
Oando, one of Nigeria’s largest oil and gas companies, took the 2nd spot with a remarkable YTD growth of 528.57%. Opening the year at N10.50, the stock exhibited consistent bullish momentum throughout 2024. A significant driver for this surge was the announcement of Oando’s acquisition of Nigeria Agip Oil Company for $783 million, which boosted its market capitalization to N1 trillion in August. Despite a slight dip in November, Oando ended the year strong at N66.00, securing its position as one of the top performers.
- Sunu Assurances (877.27%)
Leading the charge as the top performer of 2024, Sunu Assurances posted an extraordinary YTD growth of 877.27%. Starting at N1.10, the stock remained mostly stagnant until September, when a wave of bullish momentum saw it surge to new heights. By December, the stock had skyrocketed, largely driven by strong sector-wide performance and a 155.9% year-on-year increase in pre-tax profit, reaching N5.4 billion for the nine months ending September 30, 2024. This remarkable rally cemented Sunu Assurances as the undisputed best-performing stock of the year.
These 10 companies showcased resilience and strategic growth, contributing significantly to the overall recovery of the Nigerian stock market in 2024. Each of these stocks benefited from key catalysts such as strong earnings reports, sector-wide trends, and investor confidence, leading to impressive gains across diverse sectors from construction and insurance to oil and fast food.