In 2024, the NGX achieved remarkable gains, concluding on February 2, 2024, with an All-Share Index of 104,421.23 points, reflecting a year-to-date gain of 39.65 percent.
This is just 6.25 percentage points below the 45.90 percent gain recorded throughout 2023.
As of January 31, 2023, the NGX’s All-Share Index closed at 101,154.46 points, indicating a monthly gain of 35.28 percent in January 2024.
Investors saw an increase of about N14.44 trillion as the NGX’s market cap rose from N40.92 trillion to N55.36 trillion during the month.
The market’s impressive performance in January 2024 was attributed to the notable gains of specific stocks.
Here is a list of the best-performing stocks on the NGX in January 2024:
The largest stock on the NGX was also the best-performing stock in January 2024, with Dangote Cement gaining 139 percent during the month.
The cement company’s stock’s share price rose from N319.90 to N763.00, resulting in a market capitalization of N13 trillion at the end of January, up from N5.45 trillion at the start of the year, representing a N7.55 trillion equity gain.
BUA Cement, one of the cement giants, recorded a massive gain of 90.7 percent in January 2024. Its share price surged from N97.00 to N185.00 during the month, and the company’s market capitalisation increased by N2.98 trillion in January, moving from N3.28 trillion to N6.26 trillion.
Wema Bank Plc showcased remarkable performance in 2024, achieving a monthly gain of 78.6 percent in January alone. The bank’s share price increased from N5.60 to N10.00 during the month.
Wema Bank’s market capitalisation also appreciated by N56.6 billion in January 2024, reaching N128.6 billion at the end of January, up from N72 billion at the start of 2024.
Japaul Gold delivered an impressive performance on the NGX in January 2024, with its share price reaching N2.62 on January 31, up from N1.70 on January 2, reflecting a 54.1 percent monthly gain.
The company, engaged in upstream services in dredging, maritime, and mining, experienced an N5.8 billion increase in market capitalization, moving from N10.6 billion to N16.4 billion during the month.
Universal Insurance emerged as one of the best performers on the NGX in January 2024, achieving a monthly gain of 50 percent.
The company started the year with a share price of N0.26 and closed January with a share price of N0.39.
Universal Insurance also saw a N2.08 billion equity gain as its market capitalization increased from N4.16 billion to N6.24 billion during the month.
Nigeria’s conglomerate, Transnational Corporation Plc (TRANSCORP), recorded significant gains in January 2024. Its share price appreciated by 49.7 percent, moving from N8.66 to N12.96 during the month.
The group, with interests in hospitality, oil and gas, and power sectors, experienced an equity gain of N174.8 billion as its market capitalization rose to N526.8 billion at the end of January, up from N352 billion at the start of the year.
Unity Bank Plc recorded an impressive gain of 43.8 percent in January 2024, with its share price rising from N1.62 to N2.33.
The bank’s market capitalisation also increased by N8.3 billion, moving from N18.9 billion at the start of January to N27.2 billion at the end of the month.
Geregu Power Plc, the sole power company trading on the NGX, demonstrated stellar performance in 2024. The company’s stock appreciated by 42.4 percent, moving from a share price of N399.00 to N568.00 in January 2024.
Over the month, the company’s market capitalisation increased by 42.4 percent, from N997.5 billion on January 2 to N1.42 trillion on January 31.
Geregu Power entered the SWOOT category on January 15, when its share price hit N429, reflecting a market capitalization of N1.07 trillion.
BUA Foods, the largest consumer goods stock on the NGX, recorded a monthly gain of 40.5 percent in January 2024. The group’s share price increased from N198.90 at the start of January to N271.80 at the close of trading on January 31, 2024. BUA Foods’ market capitalisation gained N1.41 trillion during the month, rising from N3.48 trillion to N4.89 trillion
Between January 2 and January 31, 2024, Transcorp Hotels saw a surge in its share price from N70.18 to N97.40, representing a gain of 38.8 percent. The hospitality group’s equity increased by N278.8 billion on the NGX during the month, with its market capitalisation closing at N997.6 billion, up from the N718.8 billion recorded at the beginning of 2024.
On January 11, Transcorp Hotels briefly joined the Stocks Worth Over One Trillion (SWOOT) category, reaching a market capitalisation of N1.02 trillion, but dipped below the N1 trillion mark on January 30, 2024.