On the Nigerian Stock Exchange (NGX), several Naira stocks outperformed expectations, enriching investors despite a global preference for dollar-denominated assets.
The standout stock, Juli Plc, achieved an extraordinary 1646% growth, turning a N100,000 investment into N1.6 million by December.
Stocks in the services, energy, financial services, oil and gas, and heavy construction sectors led this bullish run, with most of the growth driven by favorable sectoral reforms and strong fundamentals.
Juli Plc, a retailer and wholesaler in the food, drug, and laboratory services sector, started the year with a stock price of N0.59. By December 11, it had surged to N10.30, marking a growth of over 1600%. The spike was attributed to the rising prices of medications after major manufacturers exited Nigeria, boosting Juli Plc’s stock price.
Eunisell Interlinked Plc, an engineering services provider, saw its stock price rise by 502% in the last quarter of 2024, largely due to strong financial results, including a 160.74% revenue growth.
Similarly, Oando Plc, a major player in the oil and gas sector, witnessed its stock price soar by 500%, from N10.50 to N61.70, benefiting from corporate actions like the $783 million Agip Oil acquisition.
Other notable performers included Sunu Assurances Nigeria Plc, whose stock surged 418%, and Transnational Corporation of Nigeria, with a 402% growth, driven by impressive financial results and strategic expansions.
Tantalizers Plc, despite consecutive years of losses, demonstrated resilience and turned its fortunes around, achieving a 340% stock price increase. Conoil Plc capitalized on the removal of fuel subsidies, seeing a 320% rise in stock value.
These stocks, fueled by favorable market reforms, sector growth, and strong fundamentals, outpaced inflation and market indices. However, analysts caution that the stock market remains unpredictable, and future investment decisions should be backed by thorough research and due diligence.
