Top 10 best-performing stocks in the Nigerian market in 2024 

Starting the year at 74,773.98 points, the ASI experienced a surge in January and maintained much of its momentum until the second quarter when a recapitalization mandate introduced headwinds.

In April, investment sentiment within the financial services sector weakened following CBN’s directive requiring banks to meet specific capital thresholds by March 2026.

This policy likely introduced uncertainty, contributing to a decline in banking and other sub-indices, which in turn dragged the overall market’s weighted price.

Between April and August, the ASI experienced a gradual decline of 7,982 points from its March peak of 104,562. This period saw large-cap banking stocks struggling with bearish daily trends or stagnation.

However, by the end of the third quarter, market sentiment began to improve. A recovery in the oil, banking, and insurance sectors bolstered confidence, driving positive price actions in the Nigerian market.

As a result, the ASI rebounded from its August low of 96,580 points and closed above 102,000 points by late December.

Amid the volatility, some stocks performed exceptionally well year-to-date, playing a key role in the market’s recovery from its mid-year decline and boosting the overall index’s rebound.

Below are the top 10 leading stocks in the Nigerian Exchange in 2024, ranked by their share price growth from January 1 to December 31 (YTD).

Coronation Insurance Plc ranks 10th with a year-to-date performance of 230.88%. The company opened the year at N0.68 and rode a market volume of 230.6 million to close January at N0.77.

While it experienced steady growth from January to December, the bullish momentum intensified in December, likely driven by a surge in the insurance sector during late Q4 of 2024.

Notably, the company reported a 93.4% year-over-year increase in insurance revenue, reaching N34.1 billion for the period ending September 30, 2024.

John Holt, a leading provider of machinery solutions, follows closely at 9th place with an impressive YTD growth of 235.78%. The stock opened at N2.32 and saw a significant rise to N8.92 by November, despite a slight dip in the first quarter.

A key catalyst for this surge was likely the company’s October announcement of a N2.4 billion pre-tax profit, a stark contrast to the N1 billion pre-tax loss from the previous year. This news likely triggered a massive 197% spike in November, solidifying John Holt’s standout performance in 2024.

Julius Berger, the construction and engineering giant, secures the 8th spot with a 261.05% YTD performance. After starting at N43.00 in January, the stock showed consistent gains, particularly between February and June.

A pivotal boost occurred in August when the company reported Q2 earnings revealing revenue growth to N132.8 billion, up from N120.1 billion the previous year.

A pivotal boost occurred in August when the company reported Q2 earnings revealing revenue growth to N132.8 billion, up from N120.1 billion the previous year.

Shares soared by 76% that month, significantly contributing to its strong overall performance.

Veritas Kapital, a non-life insurance firm, ranks 7th with an impressive 267.57% YTD rally. Opening at N0.37, the stock benefited from a robust insurance sector performance throughout the year, peaking at N1.51 in September.

Its strong gains reflect both the bullish trends in the sector and the company’s active engagement in the market boom.

RT Briscoe takes the 6th spot with an impressive YTD performance of 309.84%. Starting at N0.61, the stock peaked at N3.50 in August, marking its best month with a staggering 360% surge.

This significant rise was likely fueled by the launch of its money market fund, attracting considerable investor interest.

Despite a slight pullback later in the year, RT Briscoe’s exceptional gains cemented its status as a top stock of 2024.

Fast-food chain Tantalizers ranks 5th with a remarkable YTD growth of 336.17%. Opening at N0.47, the stock experienced steady increases through mid-year before a notable surge in August.

Bullish momentum peaked in November following a N1 billion capital injection from new investors, likely driving share prices from N0.64 to N2.05 by year-end.

Conoil, a major player in the oil and gas sector, ranks 4th with a YTD performance of 361.50%. Beginning the year at N83.90, the stock showed steady growth in the first half before a significant rally in July.

This surge was likely driven by the release of its FY 2023 audited financials, which reported a 99% jump in profit after tax to N9.87 billion. Strong Q3 results further fueled momentum, making November and December standout months.

Eunisell Interlinked, a manufacturer of polymeric and metallic products, claims the 3rd spot with a remarkable 502.19% YTD growth.

Starting at N3.20, the stock remained relatively quiet until October, when it surged, likely driven by news of a 161% revenue increase to N722 million in the first half of 2024.

This financial breakthrough likely reignited investor confidence, driving the stock to new highs by year-end.

Oil giant Oando takes the 2nd position with an impressive 528.57% YTD performance. Opening at N10.50, the stock exhibited strong bullish momentum throughout the year.

A significant driver was likely the announcement of a $783 million acquisition of Nigeria Agip Oil Company, which boosted its market capitalization to N1 trillion in August.

Despite a slight pullback in November, Oando closed 2024 at N66.00, firmly establishing itself among the year’s top performers.

Leading the pack, Sunu Assurances is the best-performing stock of 2024 with an astounding YTD growth of 877.27%. Starting the year at N1.10, the stock remained largely stagnant until September, when a surge in bullish momentum propelled it to new heights.

December proved to be its best month, likely fueled by strong sector-wide performance and a remarkable 155.9% year-on-year increase in pre-tax profit to N5.4 billion for the nine months ending September 30, 2024.

This exceptional rally cements Sunu Assurances as the top-performing stock of the year.