- Nigerian stock market closes year 2023 on a bullish note with 45.90% growth
Wole Olajide
Trading of equities on the floor of the Nigerian Exchange in year 2023 closed on a bullish note despite the obvious economic challenges in the country.
The All Share Index of the Nigerian Exchange grew by 45.90%, closing the year at 74,773.77 points from 51,251.06 points it started the year with.
The Market Capitalisation grew to N40.918 trillion, which represents a growth of 46.58% from N27.915 trillion market capitalization at the beginning of year 2023.
SECTORAL PERFORMANCE
- The NGX Oil/Gas Index grew significantly by 125.54% which can be attributed to fuel subsidy removal.
- NGX Banking Index grew by 114.9% which can be linked to the recent CBN policy on Exchange Rate
- NGX Consumer Goods Index grew significantly by 90.39% despite the rising inflation and high cost of living in the country.
- NGX Industrial Goods Index also returned positive with 12.86% growth amidst tough operating environment for businesses.
- NGX Pension Index grew by 80.8%
BEST PERFORMING STOCKS (YEAR TO DATE)
- TRANSCORP HOTEL (TRANSCOHOT)
The share price of Transcorp Hotel Plc grew by 1022.88% closed the year 2023 at N70.18 from N6.25 at the beginning of the year. The rally in the price of Transcorp Hotels started in on the 4th of June 2023 when it crossed N10. The recent announcement of the Company’s compliance with NGX free float requirement and the removal of Compliance Status Indicator (CSI) of BLS (Below Listing Standard) placed beside the Company’s name can also be attributed to the surge in price of TRANSCOHOT.
2. CHAMS PLC
Chams Plc grew its share price by 795.45% to close the year at N1.97 from the share price of N0.22 at the beginning of the year.
The price of the stocks rallied consistently for many weeks to break out from kobo stocks to naira region.
3. CWG PLC
The share price of CWG Plc grew by 721.78% to close the year at N8.3 from N1.01 it started with at the beginning of the year. The rally significantly started on August 11 when the Company announced that NGX has approved the Company’s free float compliance extension request for three years (2023- 2026).
The price got to a year high of N9.5 but eventually closed the year at N8.30.
4. TRANSCORP
The share price of Transnational Corporation (TRANSCORP) grew significantly by 666.37% to close the year at N8.66 from N1.13 at the beginning of the year.
The Company achieved significant land mark in the power sector in the course of the year. The launch of the Afam Power Plant and the acquisition of FG discharge certificate for Ughelli Power Plant are part of the factors that contributed to the rally in the shares of TRANSCORP.
5. MRS PLC
The share price of MRS closed the year 2023 at N105, representing a growth of 644.68% from the share price of N14.1 at the beginning of the year. The rally began just immediately after the announcement of fuel subsidy removal by the Federal Government. All the Stocks in the Oil & Gas sector benefited significantly from the fuel subsidy removal.
6. NNFM
Northern Nigerian Flour Mills (NNFM) closed the year 2023 at N45.50, gaining 639.84% from the share price of 6.15 it started the year with. The rally started in November and the price has not looked back since then. NNFM is a subsidiary of Flour Mills of Nigeria Plc.
7. JAPAUL GOLD
The share price of Japaul Gold grew significantly by 507.14% to N1.70 from N0.28 recorded at the beginning of the year 2023.
The Company’s recent interest in Gold mining has made the stock look attractive for speculation. Recently Japaul Gold raised additional capital of 8 billion units of shares at N2.50 via special placement. This translates to a total of N20 billion. The proceeds of the capital is for expansion of the Company’s Gold projects.
8. IKEJA HOTEL
Ikeja Hotel Plc closed the year at N6, which represents 471.43% growth from its share price of N1.05 at the beginning of the year.
9. FTN COCOA
The share price of FTN Cocoa closed the year at N1.48 representing a growth of 410.34% year to date from N0.29.
The price of the stock actually touched a 52-weeks high of N4.1 but eventually closed the year at N1.48.
10. SKYWAY AVIATION
Skyway aviation is the 10th on the ranking of the best performing stocks in 2023. The share price of the grew by 407% to close the year at N25.35 from N5 share price at the beginning of the year. The price actually touched a year high of N28.15, eventually closed the year at N25.35.
