July saw a 2.28% decrease in the Nigeria Exchange Group (NGX) while the All-Share Index ended the month at 97,774.22, down from its beginning value of 100,057.49.
Half-year earnings figures were disclosed throughout the month, and many businesses were still feeling the effects of the Naira devaluation that occurred in the first quarter of the year.
Investor anxiety was further heightened by the recently proposed windfall tax on banks, which resulted in sharp drops in the majority of banking stocks during the month.
July was among the NGX’s poorest-performing months of the year due to a combination of these reasons. Some equities saw notable gains in July despite the NGX’s negative performance; these gains were primarily the result of investor optimism.
42 equities saw price increases during the month, 57 saw decreases, and 41 saw no changes in price, according to Brandspur business and economy news.
The ten best-performing stocks in the NGX in July 2024 are underlined:
1. Oando Plc – +74.2%
In terms of Oando Plc’s performance on the NGX, July 2024 was the finest month ever. During that time, the share price of the stock increased from N14.35 to N25.00, representing a gain of 74.2%. Since May 2024, when the firm released its financial accounts for 2022 and 2023, Oando Plc has been experiencing a bull market.
2. Conoil Plc – +37.1%
Another stock that profited from the optimistic outlook for Oando Plc was Conoil Plc. The company’s share price increased from N105 to N144 during the month as a result of its solid 2023 performance, which reaffirmed the foundations supporting its expansion.
Conoil is one of the NGX’s best-performing stocks so far this year, having increased by 71.6%. The share price is also at an all-time high.
3. Livestock Feeds Plc – +35.8%
Livestock Feeds Plc had a rise in share price of 35.8% in July, from N1.76 to N2.39, reflecting the confidence of investors in the company. Livestock Feeds reported a 27.6% year-to-date gain at the end of July.
4. United Capital Plc – +28.6%
United Capital Plc’s share price increased from N24.10 to N31.00 in July, a strong 28.6% gain. United Capital reported a 34.78% year-to-date gain at the end of July. United Capital reported a N9 billion pre-tax profit for the month, which is a 63% YoY increase from H1 2023.
The corporation announced a bonus share issuance of two additional shares for each share owned, following a profitable 2024 half-year. Additionally, it declared the first-ever interim dividend during the time frame.
5. Coronation Insurance – +26.9%
In July 2024, the share price of Coronation Insurance increased by 26.9%, from N0.67 to N0.85. The stock had a 25% year-to-date performance throughout the month.
The company’s rise during the month was associated with its financial turnaround, as it reported a N7.7 billion half-year pre-tax profit as opposed to a N512 million loss in H1 2023.
6. Sovereign Trust Insurance Plc – +22.2%
During the month, Sovereign Trust Insurance’s share price increased by 22.2%, from N0.45 to N0.55. Sovereign Trust has increased by 31% so far this year, although its share price is still below the N0.72 high set on January 16.
7. Neimeth International Pharmaceuticals Plc – +21.9%
In July, Neimeth’s share price increased by 21.9%, from N1.6 to N1.95. Neimeth has shown a small rise of 0.52% so far this year. The corporation is forecasting an N211 million profit for FY 2024 after reporting a net loss of N2.9 billion in 2023.
8. Industrial & Medical Gases Nigeria Plc – +20.2%
One of Nigeria’s biggest producers of industrial gases, Industrial & Medical Gases (IMG) Nigeria Plc, reported a 20.2% increase in share price in July, rising from N11.90 to N14.30.
9. Learn Africa Plc – +19.7%
The share price of Learn Africa Plc, a book publishing company, increased by 19.7% in July, from N3.30 to N3.95. Learn Africa has gained 23.8% so far this year with a share price of N3.95.
10. Eterna Plc – +18.8%
Eterna Plc had a successful month, with an 18.8% gain in its share price from N16.00 to N19.00 during the month. Eterna has increased 37.2% so far this year, but it is still far off its all-time high of N30.67, which was attained in July 2023.
The exceptional success of the stock is associated with the overall positive outlook about NGX oil and gas equities.
