The Nigerian Exchange (NGX) closed 2024 as a global leader in equities performance, posting a remarkable year-to-date return of 37.65%, stating that the achievement was driven by increased local investor participation, strategic positioning in value and growth stocks, and improved market sentiment throughout the year.
The NGX recorded its highest quarterly return in the first quarter, surging by 39.84%, according to a report by CardinalStone Securities. This was boosted by the positive momentum of the post-inauguration rally in 2023. Despite a slower second half, the market maintained its strong performance with a 4.43% gain in later months, delivering 102 gainers and 29 losers overall.
Top gainers included Juli Plc (+1,645.76%), Sunu Assurance (+788.43%), Oando (+508.29%), Eunisell (+502.19%), and Conoil (+361.50%). Conversely, the worst performers were Multiverse (-64.01%), Dangote Sugar (-43.48%), Nascon (-41.94%), Daar Communications (-36.36%), and UPDC REIT (-28.57%).
All five key sectors posted gains, led by the Oil & Gas sector (+160.01%), which benefited from increased demand for Oando shares. Other sectoral gains included Insurance (+123.22%), Consumer Goods (+54.44%), Industrial Goods (+31.70%), and Banking (+20.88%).
On the final trading day of 2024, the All-Share Index (ASI) dipped by 0.22% to close at 102,926.40 points, while market capitalization fell to N62.76 trillion, representing a loss of N136 billion due to heightened sell-offs. Despite this, 36 stocks recorded gains, with Beta Glass, Universal Insurance, and Prestige Assurance leading at +10.00% each.
Trading activity reflected mixed sentiment, with the volume and number of deals declining by 31.72% and 35.91%, respectively. However, the total trading value rose by 4.24%, driven by the exchange of 437.76 million shares worth N40.34 billion in 8,830 transactions. Access Corporation led trading activity with 30.3 million shares worth N723 million exchanged across 406 deals.
Analysts predict that the strong fundamentals underpinning the NGX’s performance in 2024 will lay a solid foundation for continued growth in 2025, with local investor confidence and sectoral resilience expected to drive future gains.
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