The NGX All-Share Index recorded an impressive 37.65 percent return in 2024, showcasing the resilience of the Nigerian equity market. The top-performing index of the year was the NGX Oil and Gas Index, fueled by outstanding performances from Oando and Conoil.
Banking stocks saw a cumulative gain of 21 percent, but the NGX Banking Index lagged behind other sectors, making it a relative underperformer. Here are some of the best-performing sectors in the NGX in 2024:
1. Oil and Gas – 160%
The Oil and Gas sector emerged as the best-performing sector in the NGX in 2024, driven by stellar performances from Oando (+529 percent) and Conoil (+362 percent). Other stocks like MRS Oil Nigeria, Seplat, TotalEnergies, and Eterna Plc also saw significant gains.
2. Insurance – 123%
Insurance stocks on the NGX had a strong year in 2024, with the NGX Insurance Index returning 123 percent. Companies like Sunu Assurances, Veritas Kapital Assurance, and Coronation Insurance delivered impressive gains, reflecting the momentum in the insurance sector.
3. Consumer Goods – 54%
The NGX Consumer Goods Index returned 54 percent in 2024, with companies like BUA Foods and Unilever Nigeria standing out with impressive gains. However, Nestle Nigeria and NASCON faced challenges, experiencing declines in their stock performance.
4. Industrial Goods – 32%
Industrial goods stocks on the NGX had modest returns in 2024, with the NGX Industrial Goods Index posting a 32 percent return. Julius Berger Nigeria and Lafarge Africa were standout performers in the sector, while Dangote Cement and BUA Cement saw mixed results.
5. Banking – 21%
The banking sector was the weakest performer in the Nigerian equities market in 2024, with the NGX Banking Index recording a modest 21 percent gain. Factors like bearish reactions to policy changes affected investor sentiment, but banks like Wema Bank, Fidelity Bank, Jaiz Bank, and GTCO Holdings still managed to deliver positive returns.
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