Let’s dive into the exciting world of stocks and take a closer look at the NGX’s top performers in January 2024. The NGX, making big waves, wrapped up the month with an All-Share Index of 104,421.23 points, boasting a cool year-to-date gain of 39.65%. That’s just a tad shy of the impressive 45.90% gain it had in 2023.
As of January 31, 2023, the NGX’s All-Share Index closed at 101,154.46 points, signaling a monthly gain of 35.28% in January 2024. Investors were all smiles as the NGX’s market cap skyrocketed from N40.92 trillion to a whopping N55.36 trillion during the month, giving them a handsome increase of about N14.44 trillion.
So, what’s the secret sauce behind this stellar performance? Well, it boils down to some specific stocks that stole the show. Let’s roll out the red carpet for these high-fliers.
Transcorp Hotels: Checking in at +38.8%
Kicking off our list is Transcorp Hotels, with a jaw-dropping 38.8% surge in its share price from N70.18 to N97.40 between January 2 and January 31, 2024. The hospitality giant’s market cap soared from N718.8 billion to N997.6 billion, playing briefly in the Stocks Worth Over One Trillion (SWOOT) league on January 11.
BUA Foods: Feeding the Gains at +40.5%
Next up is BUA Foods, the heavyweight in consumer goods, flexing its muscles with a monthly gain of 40.5%. Starting the year at N198.90, BUA Foods closed January at N271.80, adding a solid N1.41 trillion to its market cap, reaching a hefty N4.89 trillion.
Geregu Power: Powering Up with +42.4%
Geregu Power Plc, the power player on the NGX, wowed everyone with a 42.4% surge in its stock price, climbing from N399.00 to N568.00 in January 2024. The company’s market cap didn’t lag behind, jumping from N997.5 billion to N1.42 trillion by month-end.
Unity Bank: Unity in Gains at +43.8%
Unity Bank Plc joined the party with an impressive 43.8% gain in January. Starting at N1.62, its share price danced its way up to N2.33, while the market cap showed an increase of N8.3 billion, closing the month at N27.2 billion.
Transnational Corporation (TRANSCORP): Diverse Gains at +49.7% Transnational Corporation Plc (TRANSCORP), a conglomerate with interests in the hospitality, oil and gas, and power sectors, recorded a significant 49.7% gain. Its share price sprinted from N8.66 to N12.96, and the market cap ballooned from N352 billion to N526.8 billion.
Universal Insurance Company: Insuring Success at +50%
Universal Insurance emerged as a star with a solid 50% monthly gain. Starting at N0.26, it closed January at N0.39, also enjoying a N2.08 billion increase in market cap, making it a total of N6.24 billion.
Japaul Gold and Ventures: Gold Rush at +54.1%
Japaul Gold delivered a gold-standard performance with a 54.1% monthly gain. Its share price leaped from N1.70 to N2.62, and the market cap followed suit, climbing from N10.6 billion to N16.4 billion.
Wema Bank: Banking on Success at +78.6%
Wema Bank Plc stole the spotlight with an outstanding 78.6% gain in January alone. Starting at N5.60, its share price wrapped up the month at N10.00, while the market cap witnessed a robust increase of N56.6 billion, closing January at N128.6 billion.
BUA Cement: Cementing Gains at +90.7%
BUA Cement, a titan in the cement industry, recorded an impressive 90.7% gain. Its share price catapulted from N97.00 to N185.00, and the company’s market cap saw a colossal increase of N2.98 trillion, reaching a staggering N6.26 trillion.
Dangote Cement: Cementing the Lead at +139%
Taking the crown is Dangote Cement, the heavyweight champion and the best-performing stock in January 2024. With a phenomenal 139% gain, its share price soared from N319.90 to N763.00, resulting in a market capitalization of N13 trillion at the end of January.
In a nutshell, January 2024 was a wild ride on the NGX, with these stocks turning heads and making investors smile from ear to ear. Keep your eyes peeled as the market continues to unfold, and who knows which stocks will steal the show next?
