The NGX All Share Index closed the year (2023) at an all-time high of 74,773.77 points, while the market capitalization fell short of N41 trillion, closing at N40.92 trillion.
The NGX’s All-Share Index grew by 45.90% in 2023, and this growth was driven by some exceptional performers in the market.
CN has tracked some of these performers and highlighted the top ten best-performing stocks in the NGX in 2023.
Infinity Trust Mortgage Bank ended 2023 as the tenth best-performing stock in the NGX, with a return of 372.44%. The stock started the year with a price of N1.27 and ended with a price of N6.00.
For most of the year, the share price stayed constant at N1.22, however, on November 24, it moved to N1.34, and then in December, it began a staggering ascent to N6.00.
Closing the year with a share price of N1.48, FTN Cocoa’s share price recorded a 410% growth in 2023, as it started the year at N0.29. The company started the year with a market cap of N638 million, however, it is ending with a market of N5.77 billion. On July 11, FTN Cocoa hit a year high N3.85 in the market.
Based on its fundamentals, FTN Cocoa Processors recorded a comprehensive loss of N431.2 million for the nine months ending September 2023, as it also recorded zero revenue in Q3 2023.
In its 9M 2023 financial results, the company posted negative reserves up to N9.267 billion, indicative of the poor run of form the company has suffered in recent years.
It however appears the share price surge does not align with its fundamentals.
Companies in the hospitality sector recorded impressive showings in the NGX in 2023, and Ikeja Hotels Plc was not left out.
The company which controls three leading Nigerian hotels, Sheraton Lagos Hotel, Sheraton Abuja Hotel, and Federal Palace Hotels & Casino closed in 2023 with a share price of N6.00, representing a growth of 471.4% during the year.
Ikeja Hotel closed the year with a year high, after starting the year at N0.79. Fundamentally, the year was also great for the hospitality group as they recorded a net income of N587.35 million in the nine months ending September 2023, representing a growth of 338.24% from the net loss of 246.54 million posted in the corresponding period in 2022.
As we await the company’s final year results, it is safe to say the company matched its impressive market financial performance with an impressive on-field performance.
Closing the year with a share price of N1.70, JAPAULGOLD appreciated by 507.1% in 2023 from its starting price of N0.27, ending the year with a market capitalization of N10.65 billion.
In 9M 2023, the company recorded a net income of N661.6 million, representing a staggering 2,695% growth from the N23.7 million net profit recorded during the corresponding period in 2022. This growth in net income can be linked to the impressive N2.18 billion turnover the company recorded in 9M 2023, which is 115.1% higher than the N1.015 billion recorded in the same period in 2022.
In November, JAPAULGOLD also announced plans to increase its equity capital by N20 billion through “special placements with identified investors.”
Could this be the reason for the share price surge?
Based in Kano, Nigeria, Northern Nigeria Flour Mills Plc closed the year with a share price of N45.50, representing a yearly gain of 639.8%.
In line with its impressive market performance in 2023, its fundamentals have also been impressive, as the company recorded a revenue of N13.14 billion in H1 2024 ending September 2023, representing a 59.5% growth from the same period in the previous fiscal year.
The company also recorded a year-on-year growth of 390.93% in its net income in H1 2024, as it recorded a net income of N965.7 million, up from N196.7 million recorded in H1 2023.
The only energy stock that features on this list is MRS Oil Plc. The company closed 2023 with a share price of N105, up by 644.7% from the N14.10 it started with in 2023.
The downstream oil company which is controlled by Sayyu Dantata has recorded an impressive 2023. In 9M 2023, the company recorded a revenue of N100.9 billion, representing a 45.9% year-on-year growth from the same period last year.
The company’s net income of N3.44 billion during 9M 2023 was a whopping 338.5% year-on-year increase from the N785 million recorded in 9M 2022. However, the company’s impressive financial performance can be linked to the rise in the price of petroleum products in Nigeria this year.
The Tony Elumelu-led conglomerate has recorded one of its best years yet in the NGX, with a growth of 666.4% growth recorded in 2023. The company which started the year with a share price of N1.13 closed the year with a share price of N8.66.
In line with its impressive market performance, the company’s financial performance has been satisfactory. As of the nine months ending September 2023, the company recorded a net income of N22.7 billion, representing a year-on-year growth of 19.43% from the corresponding period in 2022.
Earlier in the year, TRANSCORP was involved in an ownership tussle between Femi Otedola and Tony Elumelu. And it is deductible that this action may have added to the increased investors’ attraction to the group.
Computer Warehouse Group Plc, one of Nigeria’s pioneering IT companies was also one of the best performers in the NGX.
Starting the year with a share price of N0.92, CWG closed the year with a share price of N3.96 and a market capitalization of N20.96 billion.
Apart from its impressive market performance, the group recorded a satisfactory financial performance as it recorded a revenue of N18.26 billion in 9M 2023, representing a year-on-year growth of 79.7% from the corresponding period in 2022.
Just like its contemporary in the ICT sector, Chams Holdings Plc is another impressive performer in the NGX in 2023, with a share price growth of 795.5%. It started the year with a share price of N0.24, closing the year with a share price of N1.97.
Chams Holding Company, a pioneering computer software solutions provider owns Chams Switch, Chams Access, Card Centre, and Chams Mobile.
Aligning with its market performance, the company’s financial performance has also been satisfactory as it recorded a gross profit of N1.84 billion in 9M 2023, representing a year-on-year growth of 181.3% from the corresponding period in 2022.
With a share price appreciation of 1022.9%, Transcorp Hotels is the best performing stock in the Nigerian Exchange in 2023. The company’s share price started 2023 at N6.25 and closed 2023 at N70.18.
The company’s market cap also hit N718.8 billion at the close of 2023.
The company which is a subsidiary of Transnational Corporation Plc (TRANSCORP) owns and controls Transcorp Hilton Abuja, Transcorp Hotels Calabar, and Aura by Transcorp Hotels.
The company’s fundamentals in 2023 have been exceptional as the company recorded a net income of N4.07 billion in the nine months ending September 2023, representing a year-on-year growth of 79.19% from the corresponding period in 2022.
Also, between January and September 2023, the company’s assets grew by 2.75% to close at N123.8 billion.
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