Nigerian Exchange Records 37.65% Return in 2024
The Nigerian Exchange (NGX) led global equities performance with about 38% year to date return driven by local investors’ deep penetration. The local bourse witnessed early rally in 2024, and keep the momentum strong till final close on the back of an improved sentiment.
The Nigerian investors took significant positions in value, growth stock with hefty upside potential amidst listing and delisting of some companies stock in the local bourse.
In its market highlight, stock analysts at CardinalStone Securities Limited told investors in a note that in the first quarter of the year, NGX recorded the highest quarterly return, surging by 39.84% as investors rode on the positive momentum of the post-inauguration rally witnessed in 2023.
In the latter part of the year, the local bourse came in second with a 4.43% gain. During the year, the bourse produced 102 gainers and 29 losers, with JULI (+1,645.76%), SUNUASSUR (+788.43%), OANDO (+508.29%), EUNISELL (+502.19%), and CONOIL (+361.50%) leading the gainers.
On the flip side, MULTIVERSE (-64.01%), DANGSUGAR (-43.48%), NASCON (-41.94%), DAARCOMM (-36.36%) and UPDCREIT (-28.57%) were the top losers. CardinalStone Securities Limited stated that all the five sectors closed in the green. Specifically, the Oil & Gas (+160.01%) index led the sectoral gains owing to increased demand in OANDO (+508.29%).
The Insurance (+123.22%), Consumer Goods (+54.44%), Industrial Goods (+31.70%), and Banking (+20.88%) indices followed suit on the back of price increases in SUNUASSUR (+788.43%), BUAFOODS (+114.58%), JBERGER (+261.05%), and WEMABANK (+63.96%), apiece.
Juli Plc, Sunu Assurance led the top 10 gainers chart in the equities market in 2024, according to latest performance ranking by stockbroking firms. On Tuesday, the local stock market ended last trading session in 2024 on a bearish note, as the All-Share Index (ASI) fell by 0.22% to close at 102,926.40 points.
Equities market capitalization also declined by 0.22%, settling at N62.76 trillion, representing an investor loss of approximately N136 billion due to heightened sell-offs.
Despite the overall negative sentiment, 36 stocks recorded gains, with top performers including BETAGLAS (+10.00%), UNIVINSURE (+10.00%), PRESTIGE (+10.00%), OKOMUOIL (+9.98%), and THOMASWY (+9.88%).
In contrast, 27 stocks posted losses, led by ETERNA (-10.00%), UNIONDICON (-10.00%), CHAMPION (-8.19%), PZ (-6.90%), and CADBURY (-6.52%).
Sectoral performance was mixed, as the insurance (+4.93%), consumer goods (+0.43%), and industrial goods (+0.17%) sectors advanced, while the banking (-0.34%) and oil/gas (-0.29%) sectors retreated. Trading activity reflected weak momentum, with the number of deals and traded volumes decreasing by 35.91% and 31.72%, respectively.
However, the total trading value rose by 4.24%, as 437.76 million shares worth N40.34 billion were exchanged in 8,830 deals. ACCESSCORP dominated trading activity, accounting for 30.3 million shares worth N723 million across 406 deals. #Nigerian Exchange Records 37.65% Return in 2024 2025 Budget: N13trn Deficit to be Financed Through Borrowing – Edun
