In July, the NGX posted a 2.28% decline as the All-Share Index moved from 100,057.49 at the start of the month to end the month at 97,774.22.
During the month, half-year earnings results were released with many companies still reeling from the impact of the Naira devaluation in the first quarter of the year.
The announced windfall tax on banks also put investors in an apprehensive mood, with most banking stocks suffering drastic declines during the month.
These factors combined to make July one of the worst performing months for the NGX this year.
Despite the bearish performance of the NGX in July, some stocks posted impressive returns during the month, with their performances driven majorly by investor confidence. During the month, 42 stocks recorded gains, while 57 stocks posted declines, with 41 stocks recording no price changes.
Here are the ten best performing stocks in the NGX in July 2024.
Eterna Plc had a good month, with its share price rising from N16.00 to 19.00 during the month, marking an 18.8% increase. Year-to-date, Eterna has gained 37.2%, although it is still far off its all-time high of N30.67 reached in July 2023.
The stock’s outstanding performance is linked to the general bullish sentiment about oil and gas stocks on the NGX.
Book publishing company, Learn Africa Plc saw its share price climb from N3.30 to N3.95 in July, marking a 19.7% growth during the month. With its share price of N3.95, Learn Africa has recorded a year-to-date gain of 23.8%.
Industrial & Medical Gases (IMG) Nigeria Plc, one of the largest makers of industrial gases in Nigeria, posted a share price of 20.2% in July, as its share price moved from N11.90 to N14.30.
Neimeth saw its share price move from N1.6 to N1.95 in July, marking a 21.9% gain. Year-to-date, Neimeth has posted a marginal gain of 0.52%. After posting a net loss of N2.9 billion in 2023, the company is projecting a N211 million profit for FY 2024.
Sovereign Trust Insurance saw its share price move from N0.45 to N0.55 during the month, representing 22.2% growth. Year-to-date, Sovereign Trust has grown by 31%, however, it is still shy off the year-high share price of N0.72 reached on January 16.
Coronation Insurance’s share price moved from N0.67 to N0.85 in July 2024, marking a 26.9% growth during the month. During the month, the stock achieved a year-to-date performance of 25%.
Its growth during the month was linked to its financial turnaround, as the group posted a half-year pre-tax profit of N7.7 billion, in contrast with N512 million loss posted in H1 2023.
In July, United Capital Plc posted a solid 28.6% rise, with its share price increasing from N24.10 to N31.00. At the end of July, United Capital posted a year-to-date gain of 34.78%. During the month, United Capital posted a N9 billion pre-tax profit, marking a 63% YoY growth from H1 2023.
Off the back of a profitable 2024 half-year, the company announced a bonus share issuance of two new shares for every share held. It also announced an interim dividend for the period, its first ever.
In July, Livestock Feeds Plc enjoyed investor confidence, with its share price soaring by 35.8% to move from N1.76 to N2.39 during the month. At the end of July, Livestock Feeds had posted a year-to-date gain of 27.6%.
Conoil Plc was another stock that benefitted from the bullish sentiments on Oando Plc stock. Its share price rose from N105 to N144 during the month, bolstered by strong performance throughout 2023, which reinforced the fundamentals driving its growth.
