Year-end Review: Top 10 Naira Stocks That Made Investors Richer in 2024

• The number one stock on the NGX grew by 1646% in 2024, turning an N100,000 investment into N1.6 million
• The top performers are in the Services, Energy, Financial Services, Oil and Gas, and Heavy Construction sectors
• A stock market analyst told Legit.ng that most of these growths were driven by favourable reforms in the sectors and strong fundamentals

Legit.ng journalist Ruth Okwumbu has over a decade of experience and a deep understanding of Nigeria’s corporate sector and emerging trends in the fintech space.

After a rough January, Emmanuel decided to buy some stocks to insure his next Detty December. He had his eyes set on some dollar stocks, but seeing that his N100,000 would not get him much, he settled for naira stocks.

Randomly picking one stock from the power sector and two from financial services, Emmanuel spread his N100,000 across all three and decided to wait until December.

By December, Emmanuel was one of several investors smiling to the bank, as his N100,000 investment in those shares was now worth about N442,000.

The best-performing stocks in 2024

Several naira stocks have enjoyed a bull run in 2024, making investors richer. This is against the general thought that one must necessarily invest in dollar stocks.

These naira stocks outperformed the All Share Index (ASI) and grew even higher than the inflation rate, thus protecting investors’ funds.

The number one stock on this list grew 1646%, while several others tripled and even quadrupled investors’ monies.

Of course, several other stocks made investors richer through dividends, but the focus is on one stock that recorded impressive value appreciation, making its investors richer asset–wise.

1. Juli Plc

Juli Plc is a food/drug retailer and wholesaler that focuses on medications, supermarkets, and laboratory services.

It is grouped under the Services Sector, and even though it is not the most popular stock, Juli Plc Stock was among the top movers that drove significant gains on the Nigerian stock market in 2024.

Juli Plc ended 2023 with a stock price valued at N0.59k. After a relatively slow January, things picked up in February and since then, the stock price has been on an upward trend.

Analysis shows that this growth in stock price may have been triggered by an increase in medication prices after major medicine manufacturing companies left the country.

By the close of the market on December 11, 2024, it had reached N10.30k, an impressive growth of 1646%. This means that if you had invested N100,000 into Juli Plc stocks as of January 1, 2024, those stocks would be worth over N1.7 million by December 11, 2024.

2. Eunisell Interlinked Plc

Eunisell Interlinked Plc provides engineering services for the telecommunications, energy and electricity sectors, and is grouped in the services sector.

From N3.20k by the end of December 2023, a single unit of Eunisell stock was worth N19.25k by the close of the market on December 11, 2024.

Interestingly, Eunisell’s stock price stayed around the same price from January to September 2024, but by October, it started growing in leaps and bounds.

In the last quarter of the year, it grew 502%, the highest in seven years, a growth that may have been influenced by the impressive financials. The company reported a 160.74% growth in revenue and about 1031% growth in Profit After Tax (PAT).

If you had invested N100,000 into Eunisell shares by the beginning of the year, those shares would have been worth over N600,000 by December 11, 2024.

3. Oando Plc

Oando Plc is a key player in the Integrated Oil and Gas Services subsector. The company has undertaken several corporate actions, including the $783 million acquisition of Agip Oil and participation in the $550 million Project Gazalle.

The H1, 2024 results showed that revenue increased by 51% (N700 billion) while gross profit increased by 61%. These may be some of the factors that swayed market sentiments in its favour.

Its stock price started the year at N10.50k and went as high as N98.65 in September 2024 before it started dropping, probably because investors took profit.

Despite this drop, the stock was worth N61.7 per unit by December 11, 2024, which marked almost 500% growth from January. Anyone who invested N100,000 in the shares in January 2024 would have had his shares worth N581,000 by December 9, 2024.

4. Sunu Assurances Nigeria Plc

Sunu Assurances is grouped with the insurance sub-sector under financial services. Its stock prices surged from N1.10 at the beginning of the year to 5.7 on December 11, 2024, which is about 418% growth.

The company also posted impressive financials and even paid out dividends to shareholders, meaning an altogether positive year for investors.

If you had invested N100,000 in Sunu Assurances shares at the beginning of the year, those shares would now be worth about N518,000.

5. Transnational Corporation of Nigeria

In 2024, Transnational Corporation of Nigeria (Transcorp) shares grew from N8.66k to N43.5, a 402% growth. There were some slow months, but it was an exciting year for Transcorp, and the stock price went as high as N53.45k before retracing.

Transcorp Group posted impressive N34.1 billion profits for 2023, and analysts believe this tilted market sentiments in its favour.

The Group also declared an impressive H1 2024 result, with revenue growth of 113.61%, PBT growth of 283%, and 25% growth in total assets. The launch of Transcorp power in March and share construction in October also pushed stock prices upward.

6. Tantalizers Plc

Tantalisers Plc’s share price growth makes for an interesting story because the company has had consecutive years of annual losses and even had an after-tax loss of N290.74 million for 2023.

Reduced consumer spending due to inflation, naira depreciation, and other factors like double taxation also deeply cut into the company’s earnings. In spite of this, the company showed resilience to turn things around.

Tantalizers Plc reconstituted its board, appointed a new Group Managing Director, and Deputy Managing Director, and even secured N1.07 billion through private placement. These moves, according to analysts, kept the market sentiments stable.

Its stock price grew 340% from N0.47k at the beginning of the year to N1.60 by the close of December 11, 2024. An investor who bought N100,000 worth of Tantalizers Plc shares would now have those shares worth N440,000.

7. Conoil Plc

Conoil Plc is another notable player in the oil and gas sector, specifically in the Petroleum Production subsector. In 2024, following the removal of fuel subsidy, Conoil was among oil marketers able to operate in a more market-driven environment and record better gains.

Nigeria’s prominent oil marketers have benefited from the country’s removal of petroleum product subsidies. This change has allowed marketers to operate in a more market-driven environment, leading to greater financial gains.

The stock price started the year at N83.90k and has enjoyed a strong bullish drive up to N352 by the close of the market on December 11, 2024.

This 320% growth means that an investor who bought N100,000 worth of Conoil shares in January 2024, would have his shares now worth N420,000 on December 11, 2024.

8. RT Briscoe

RT Briscoe operates in the automobile and auto parts retailers subsector and launched Nigeria’s first SEC-approved money market fund this year.

Its share price closed 2023 at N0.61k per unit and grew as high as N4.28k in 2024 before retracing. By the close of the market on December 11, 2024, it was worth N2.42k per share, almost 300% growth from January 2024.

An investor who bought N100,000 worth of RT Briscoe shares in January 2024 would have those shares worth N397,000 by December 11, 2024.

9. Julius Berger Nigeria Plc

Julius Berger is a popular player in the infrastructure/heavy construction subsector in Nigeria. 2024 has been a good run for the company as well. The recently released financials show revenue of N405 billion and an after-tax profit of N12.3 billion for the first 9 months of 2024.

Its share price grew from 43 to N155.3 (261%) by the close of the market on December 11, 2024, even touching N172.6 during the year. An investment of N100,000 in the Julius Berger stocks at the beginning of the year would now be worth about N361,000.

10. Veritas Kapital Assurance Plc

Veritas Kapital is in the insurance carriers/broker subsector under the financial services sector and has enjoyed a good year too. Its H1 2024 results showed 330.54% growth in revenue and 413.6% growth in Profit Before Tax.

Its shares went from N0.37k in January to N1.23k on December 11, 2024, a 232% growth. The shares even went as high as N1.79 during the year. An investment of N100,000 in this company as of January 2024 would have been worth N332,000 by December 11, 2024.

What moved these stocks?

In a chat with Legit.ng, stock market analyst Olumide Adesina observed that these stocks, just like several others on the NGX, enjoyed favourable reforms in their sectors.

He said:

“A number of these stocks also showed strong fundamentals in the course of the year, and these are the sort of things that drives share prices. This year alone, the stock market capitalisation is up by over 15 trillion naira as a result of favourable reforms and policies across different sectors.”

Stocks in the energy sector saw huge gains because of the anticipated returns. In the oil and gas sector, the entry of the Dangote Refinery and the removal of subsidy are generating many activities and profits.

Adesina added that some of the shares are fairly illiquid, but they still attracted a lot of retail buying during the year due to their impressive fundamentals and affordability for new investors.

There are also no guarantees that they will continue on the same trajectory in 2025, as the Stock market is subject to many unpredictable factors that could turn out positive or negative.

Adesina emphasized that any move to invest in the stock market should be backed by due diligence.

Source: Legit.ng