Top 10 Companies Stocks with Abnormal Returns in 2024
The Nigerian Exchange top 10 equities performers led Juli, Sunu Assurance, and Oando offered shareholders unbeatable returns on investment in 2024. In total, there were 10 listed companies whose share price appreciation beats the Nigerian Exchange’s 36.75% annual return.
It was a great year for equities investors as these stock prices reacted positively to the economic dimensions. Imagine a N1 million investment in Juli Plc in January 2023 when its share price was 59 kobo. This would have translated to about 1.7 million shares in the food and drug company.
At the end of the year, Juli Plc closed at N10.30, gained 1645.76% in 12 months. Total income would have been more than N17.457 million. Sunu Assurance Plc opened the year at N1.1 when investors were not paying attention to the insurance services segment.
At the end of the year, the stock price had increased by 877.27% to settle at N10.75. Investors who raised N1 million bets on Sunu Assurance when the price was at the bottom would have gotten 909,090 shares in the portfolio.
At the close of the 2024, these stocks would have worth more than N9.772 million, a kind of abnormal profit often seen in stock that got re-rated on improved sentiments and earnings performance.
Oando Energy Plc came third on the top performers list with 528.57% share price appreciation with 12 months. The energy, oil, and gas stock opened 2024 at N10.50 when few people were looking.
The energy stock ended 2024 at N66 after massive selloffs that plunged its price lower. Still, Oando was on top of the game in the local bourse. Investors who staked N1 million in Oando Energy Plc at the opening price of N10.5, would have been credited with 95,238 shares. And this would have worth more than N6.285 million at the end of the year.
Eunisell came from nowhere to disrupt equities market performance and boost its shareholders wealth in 2024. The service stock opened at N3.2 per share last year with no analysts forecasting potential upside due to its penny stock style nature.
But in the turn of an event, Eunisell became a sought-after stock that shot its market price to N19.27 as per data from the Nigerian Exchange on the last trading session in 2024. Eunisell market value increased by 502.19 within 12 months due to improved sentiment.
Investors who had taken position with N1 million before the rally would have gotten 312,500 shares of Eunisell. This shareholding would have worth more than N6.021 million at the end of last year.
Conoil Plc experienced a strong rally that nudged its market valuation higher by 361.50% in 12 months. The oil-backed stock rose from N83.9 at the beginning of the year to close at N387.2 as the market left the majority of its shareholding with its founder, Mike Adenuga.
With relatively stable oil prices in the global commodities market, investors started to pay attention to Conoil, and its share price skyrocketed while someone was waiting for a good time to buy.
Investors who took a risk with N1 million investment in Conoil would have been credited with 11.918 shares, now worth more than N4.615 million at the end of the trading session in 2024.
Other gainers include Tantalizer (336.17%), RTBRITCOE (309.84%), VERITASKAP (267.57%), and JBERGER (261.05%). # Top 10 Stocks with Abnormal Returns in 2024 Goldman Sachs, IFC Partner African Banks to Empower Women Entrepreneurs
