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Shareholders of Sunu Assurances, Oando Plc and Transnational Corporation of Nigeria (Transcorp) had reason to smile in 2024 as they were the top three performers on the Nigerian equities market or NGX, as pension funds, retail and institutional investors piled into their stocks.
Transcorp gained 402.3%, Oando was up 528%, while Sunu Assurances surged a massive 877.2% as various catalysts from expectations of record profits to concluded deals cheered investors.
The 151-member NGX All-Share Index gained 37.7% in 2024 by comparison.
Oando Plc surged six-fold after completing the purchase of Rome-based Eni’s wholly owned subsidiary, which focuses on onshore oil and gas exploration and production, as well as power generation.
Transcorp posted record profit after tax (PAT) of N75.09 billion in September 2024, which is 233.92 percent higher than 2023’s N32.29 billion.
Revenues surged by 132.51 percent to N297.66 billion in September 2024 from N128.02 billion the previous year.
Other top performers in 2024 included: Conoil up 361.5%, Tantalizers +336%, RT Briscoe Plc +309.84%, Veritas Kapital Assurance +267.5%, Julius Berger +261%, John Holts +235% and Coronation Insurance +230% for the top-ten.
Nigerian equities in 2024 were also buoyed by macro reforms of President Bola Tinubu, which allowed the nation’s currency to trade freely, and ended fuel subsidies and government control of tariffs set by power firms.
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