Nigerian Exchange Limited (NGX) experienced a positive trading month in July 2023, as the NGX All-Share Index gained 5.5% to reach 64,337.52 index points while market capitalization closed at N35.011 trillion.
Despite concerns over rising inflation, interest rates, investor confidence remained strong, leading to increased buying activity.
Investors’ positive sentiment can be attributed to several factors, such as fuel subsidy removal, exchange rate unification and the floating of the naira.
How sub-indices performed
Further checks by Nairametrics showed that several sectors had a positive return, contributing to the overall positive performance of the exchange.
NGX Oil and Gas Index was the best performing sector as it gained 931.42 points to close +20.05%. NGX Insurance Index appreciated by +14.83% while NGX Industrial Index rounded up the top 3 for the month as it gained +14.17%.
Performance of other sub-sectors in the month of July include:
NGX Banking Index which gained +3.84%, meanwhile NGX Consumer Goods Index had negative return as it declined by –4.58%.
Top 10 Best Performing Stocks
In this article, Nairametrics highlights the Top 10 best performing stocks for July 2023 based on share price appreciation.
10. Deap Capital Management & Trust Plc (55%)
Deap Capital Management & Trust Plc closed the month of July 2023 at N10 per share, an appreciation of 55% from the N6.45 recorded in June.
The Company closed the month with a market capitalization of N92 billion.
9. E-tranzact International Plc (55%)
E-Tranzact International Plc closed the month of July 2023 at N10 per share, an appreciation of 55% from the N6.45 recorded in June.
The Company closed the month with a market capitalization of N92 billion.
In its unaudited financial statement for Q1 2023, the company saw 88.73% YoY increase in revenue to N10.30 billion as pre-tax profit surged to N702.85 million (170% YoY).
8. The Initiates Plc (57%)
The Initiates Plc closed the month of July 2023 at N0.8 per share, an appreciation of 57% from the N0.51 recorded in June.
The Company closed the month with a market capitalization of N712 million.
In its unaudited Q2 2023 financial statement, the company reported a total revenue of N373.25million which represent 31.19% increase over same period in 2022. Pre-tax profit was N81.43 million an increase of 88.11% YoY.
7. Daar Communications Plc (60%)
Daar Communications Plc closed the month of July 2023 at N0.32 per share, an appreciation of 60% from the N0.2 recorded in June.
The Company closed the month with a market capitalization of N3.84 billion.
In its Q2 2023 financial result, the company’s revenue declined by 12.32% to N946 million. Loss before tax rose to N481million from N260million in corresponding period in 2022.
6. Transcorp Hotels Plc (62%)
Transcorp Hotels Plc closed the month of July 2023 at N37.95 per share, an appreciation of 62% from the N23.4 recorded in June.
The Company closed the month with a market capitalization of N338.70 billion
In Q2 2023, the Group’s revenue rose to N10.73 billion an increase of 35.10% YoY from same period last year. Pre-tax profit also increased by 107% YoY to N2.68 billion.
5. Nascon Allied Industries Plc (74%)
Nascon Allied Industries Plc closed the month of July 2023 at N32.5 per share, an appreciation of 74% from the N18.7 recorded in June.
The Company closed the month with a market capitalization of N86.11 billion.
In its Q2 2023 financial result, Nascon recorded 48% increase in revenue to N21.26 billion. Pre-tax profit was N6.16 billion (a 261% YoY increase from corresponding period in 2022).
4. Chellarams Plc (75%)
Chellarams Plc closed the month of July 2023 at N2.33 per share, an appreciation of 75% from the N1.33 recorded in June.
The Company closed the month with a market capitalization of N1.80 billion.
In its Q1 2024 (April-June 2023) financial result, the company recorded 23.88% decline in revenue to N2.15 billion. Pre-tax loss rose to N93.30 million from N15.88 million loss recorded in 2022.
3. John Holt Plc (92%)
John Holt Plc closed the month of July 2023 at N2 per share, an appreciation of 92% from the N1.04 recorded in June.
The Company closed the month with a market capitalization of N778.30 million.
In its Q3 2023 financial result, the company’s revenue declined by 63% to N276 million. It also recorded a pre-tax loss of N1.14 billion which is a 3,503% decline from profit of N33 million in same period last year.
2. Golden Guinea Breweries Plc (93%)
Golden Guinea Breweries Plc was the second best performing stock as it gained 93% to close the month at N3.22 per share as against N1.67 recorded in June.
The Company closed July 2023 with a market capitalization of N3.30 billion.
1. Skyway Aviation Handling Company Plc (152%)
Skyway Aviation Handling Company Plc closed July 2023 as the best performing stock as it gained 152% closing the month at N25.6 as against N10.15 recorded in the previous month.
The Company closed July 2023 with a market capitalization of N34.65 billion.
In its unaudited financial statement for Q2 2023, the company saw 30.54% increase in revenue to N4.07 billion.
Pre-tax profit increased by 215% to N1.38 billion. The increase was due to forex revenue attributed to exchange rate unification.
