Top Performing Stocks On The NGX In The First Half Of 2024

In the first half of 2024, the Nigerian Exchange (NGX) saw a significant rise of 33.81 percent, with the All-Share Index (ASI) closing at 100,057.49 points, up from 74,773.77 points at the start of the year. This growth, while notable, was 12.09 percentage points lower than the 45.90 percent growth recorded in 2023, yet still a marked improvement over the 18.96 percent growth in H1 2023.

 

Year-on-year, the NGX surged by 64.11 percent, with the ASI ending H1 2023 at 60,968.27 points. Leading the charge was the NGX ASeM Index, which grew by an impressive 135.25 percent, driven primarily by Juli Plc’s remarkable 1500 percent gain.

 

The industrial goods Index also performed well, posting a 73.14 percent increase, thanks to the strong performances of Dangote Cement and BUA Cement. Conversely, banking stocks struggled, with the NGX Banking Index dropping by 7.47 percent, reflecting a broader 19.37 percent decline in banking stocks during Q2 2024.

 

Below are the ten best standout performers stocks on the NGX in H1 2024 based on share price growth.

 

Chemical and Allied Products Plc – +72.66 percent

Starting the year at N20.85, Chemical and Allied Products saw its share price climb to N36 by the end of H1, marking a 72.66 percent increase. The company, a subsidiary of UAC Nigeria Plc, saw its market capitalisation grow from N17.0 billion to N29.3 billion.

 

Presco Plc – +83.52 percent

Presco Plc’s share price rose from N193 to N354.20, an 83.52 percent increase. The oil palm producer’s market capitalisation surged from N193 billion to N354.2 billion during the period.

 

Cutix Plc – +87.23 percent

Cutix Plc, a cable manufacturer, experienced an 87.23 percent increase in its share price, moving from N2.35 to N4.40. The stock hit its year-low of N2.35 on February 29 and closed H1 at a year-high.

 

Tripple Gee & Company – +92.09 percent

Printing company Tripple Gee & Company saw its share price nearly double, rising from N2.15 to N4.13, a 92.09 percent increase.

 

BUA Foods Plc – +96.43 percent

BUA Foods, Nigeria’s largest consumer goods company, posted a 96.43 percent increase in its share price, which rose from N193.4 to N379.9. The company’s market capitalisation almost doubled from N3.48 trillion to N6.83 trillion.

 

 Dangote Cement Plc – +105.28 percent

Dangote Cement, the largest company on the NGX, saw its share price increase by 105.28 percent, from N319.9 to N655.70. Its market capitalisation rose from N5.45 trillion to N11.19 trillion.

 

Julius Berger Nigeria Plc – +127.91 percent

Julius Berger Nigeria’s share price surged by 127.91 percent, rising from N43 to N98. The company’s market capitalisation increased from N68.8 billion to N156.8 billion.

 

 Veritas Kapital Assurance Plc – +148.65 percent

Veritas Kapital Assurance recorded a 148.65 percent increase in its share price, from N0.37 to N0.92. The stock reached a high of N0.97 on June 21 and a low of N0.36 on January 2.

 

Geregu Power Plc – +150.63 percent

Geregu Power’s share price soared by 150.63 percent, moving from N399 to N1000. The company joined the SWOOTs (stocks worth over one trillion) list, with its market capitalisation increasing from N997.5 billion to N2.5 trillion.

 Juli Plc – +1508.47 percent

Juli Plc was the top performer, with its share price skyrocketing by 1508.47 percent, from N0.59 to N9.49. Its market capitalization rose from N118 million to N1.897 billion, driven by consistent daily 10 percent share price growth between January 31 and March 27.

These impressive gains highlight the diverse opportunities within the Nigerian stock market and the dynamic performance of key players in the first half of 2024.