The Nigerian Exchange (NGX) achieved a significant growth of 33.81% in the first half of 2024, with the All-Share Index (ASI) climbing from 74,773.77 points to 100,057.49 points.
This growth, while lower than the 45.90% achieved in 2023, represents a year-on-year increase of 64.11%. The NGX ASeM Index was the top-performing index with a remarkable 135.25% growth, driven by Juli Plc’s astounding 1508.47% increase. However, banking stocks faced challenges, with the NGX Banking Index declining by 7.47% in H1 2024.
Several stocks posted impressive gains in H1 2024, with Chemical and Allied Products Plc (CAP) achieving a 72.66% growth, and Presco Plc seeing an 83.52% rise.
Cutix Plc, a cable manufacturer, increased by 87.23%, while printing company Tripple Gee & Company recorded a 92.09% growth.
BUA Foods Plc, the largest consumer goods company in Nigeria, saw a 96.43% rise in share price, nearly doubling its market capitalization to N6.83 trillion.
Notably, Dangote Cement Plc, the largest company on the NGX, posted a 105.28% growth, significantly boosting its market capitalization.
Julius Berger Nigeria Plc achieved a 127.91% increase in share price, while Veritas Kapital Assurance Plc grew by 148.65%.
Geregu Power Plc’s share price surged by 150.63%, joining the prestigious SWOOTs list.
However, the standout performer was Juli Plc, which ended H1 2024 with an extraordinary 1508.47% growth.
This drastic increase was driven by consistent daily gains, indicating the market dynamics in the first half of 2024.