Business News

Best performing stocks in Nigeria YtD (October 2023)

The Nigerian stock market has shown remarkable resilience in the face of a challenging macroeconomic environment.

The NGX All-Share Index appreciated by 4.3% to close the month of October at 69,236.19 index points, recording a YTD return of 35.09% growth.

Despite concerns such as rising inflation, interest rate hikes, elevated exchange rates, and apprehension surrounding the fallout of the 2023 general elections, investor confidence remained strong, leading to increased buying activity.

Some stocks have performed exceptionally well, posting triple-digit returns in the first ten months of the year. These are mainly companies that have strong fundamentals, diversified revenue streams, and competitive advantages in their respective sectors.

These stocks have delivered impressive returns despite volatility in the economy, marked by elections elevated exchange rates, and rising inflation, which affected business performance.

The top performers encompass a range of sectors, indicating diverse opportunities for investors.

These are the top 5 performers in 2023 YTD October 2023.

Chams Plc has delivered a noteworthy YTD return of 909%. The company closed the month of October at N2.22 per share from 0.22 kobo it opened the year.

CWG Plc has witnessed significant growth with a YTD return of 729%. The company began the year with a share price of N1.01 and closed the month of October at N8.37 per share.

MRS Plc, a major player in the petroleum sector has posted a remarkable YTD return of 680%. Amidst challenging market conditionsMRS Plc closed the month of October at N109.95 per share from N14.10 per share it opened the trading year on January 2023.

Transcorp Hotel Plc, a major player in the hospitality sector, has demonstrated its resilience by delivering an impressive YTD return of 610%.

FTN Cocoa Processors Plc in 10 months gained 493% in price appreciation. The price moved from N0.29 recorded on December 30, 2022, to N1.72 as at 31st of October 2023.

Equity trading on the Nigerian Exchange Limited (NGX) closed trading on Wednesday, November 1st, 2023, in the green territory as the NGX All-Share Index appreciated by 1.94% to cross 70,000 index points.

The development was unprecedented in the history of the Exchange being the first time the Exchange will achieve the feat.

The market positive sentiment among investors is being attributed to several factors, including favourable policies introduced by President Bola Tinubu’s administration such as the removal of fuel subsidies, streamlining of exchange rates, the floating of the naira and investors strategically positioned themselves and taking advantage of the recent record earnings posted by quoted firms.