In Q1 2024, the NGX posted an increase of 39.84%, hitting an All-Share Index of 104,562.06 points.
The market capitalization of the NGX also appreciated by 44.5% to close the quarter at N59.13 trillion, representing an N18.21 trillion increase from N40.92 trillion at the start of 2024.
The exceptional performance of the market was driven by the exceptional performance of the individual stocks. Hence, Nairametrics has outlined some of the best performing stocks in the NGX in the first quarter of 2024 (Q1 2024).
Julius Berger Nigeria Plc – +53.5%
Julius Berger Nigeria Plc, the Nigerian subsidiary of the Julius Beger Group reported a 53.5% share price increase in Q1 2024. The company’s share price closed the quarter at N66.00, up from N43.00 it started the year with.
The company’s market capitalization also appreciated by N36.8 billion to end the quarter at N105.6 billion, up from N68.6 billion as of January 1, 2024.
NEM Insurance Plc – +57.1%
NEM Insurance Plc appreciated by 57.1% as its share price closed the quarter at N9.90, from the N6.30 it started the year with.
NEM Insurance’s market cap also gained N18.1 billion, as it moved from N31.6 billion to N49.7 billion during the quarter.
Transnational Corporation Plc (TRANSCORP) – +64.0%
The conglomerate giant, Transnational Corporation Plc appears on the list with a share price increase of 64% in Q1 2024, as it moved from N8.66 to N14.20. The group which holds stakes in Transcorp Hotels Plc and Transcorp Power Plc reached a market cap of N577.2 billion in Q1 2024, representing a N225.2 billion increase from N352.0 billion it started with on January 1, 2024.
Veritas Kapital Assurance Plc – +81.1%
Veritas Kapital Assurance Plc, one of the insurance companies listed on the NGX was one of the best performing stocks in the NGX in Q1 2024. It gained an impressive 81.1% as its share price moved from N0.37 at the start of the quarter to N0.67 at the end of the quarter.
The company’s market cap also appreciated by N4.16 billion during the quarter.
Tripple Gee and Company Plc – +92.1%
Printing firm, Tripple Gee and Company Plc recorded a significant showing in the NGX in Q1 2024. The company’s share price appreciated by 92.1%, closing the quarter at N4.13 after beginning the quarter at N2.15.
The company’s market capitalization also gained about N980 million in Q1 2024, as it hit N2.04 billion, from N1.06 billion on January 1, 2024.
BUA Foods – +96.4%
Nigeria’s largest consumer goods company and the largest member of BUA Group, BUA Foods posted an outstanding performance in the NGX in Q1 2024. The company’s share price appreciated by 96.4%, moving from N193.40 to N379.90 during the quarter.
BUA Foods’ market capitalization also appreciated by N3.36 trillion, closing the quarter at N6.84 trillion, up from N3.48 trillion posted at the start of the year.
The Initiates Plc – +97.4%
Waste management firm, The Initiates Plc (TIP) posted an impressive showing in the NGX in Q1 2024, with its share price appreciating by 97.4% during the quarter. The company’s share price appreciated from N1.15 to N2.27 during the quarter.
The company’s market cap appreciated by N997 million, as it moved from N1.023 billion to N2.020 billion.
Dangote Cement Plc – +114.7%
Most capitalized company in Nigeria, Dangote Cement Plc recorded a share price increase of 114.7% in Q1 2024. Its share price moved from N319.90 to N686.70 during the quarter.
The group’s market capitalization also appreciated by a whopping N6.25 trillion, as it moved from N5.45 trillion to N11.70 trillion during the quarter. Dangote Cement’s market share on the NGX saw a notable uptick, climbing from 13.32% at the beginning of the quarter to 19.79% by the end, marking a substantial increase of 6.47 percentage points.
Geregu Power Plc – +150.6%
First listed power company on the NGX, Geregu Power Plc recorded a whopping 150.6% share price increase in Q1 2024. Its share price increased from N399.00 to N1000.00 during the quarter.
Geregu Power’s market capitalization also experienced a significant uptick, as it increased by N1.5 trillion, from N997.5 billion at the start of the quarter to N2.5 trillion at the close of Q1 2024. During the quarter, Geregu Power crossed to join the elite club of stocks worth over one trillion (SWOOTs).
Juli Plc – +1508.5%
Pharmaceutical retail company, Juli Plc ends Q1 2024 as the best performing stock in the NGX, as its share price appreciated by a whopping 1508.5% in three months. The company’s share price appreciated from N0.59 at the start of the quarter to N9.49 at the close of the quarter.
Juli Plc’s market capitalization appreciated by N1.779 billion, as it moved from N117.94 million to N1.897 billion during the period under consideration.
