Nigerian Stock Exchange Soars in Q1 2024: CEOs Steer Companies to Record Highs

The first quarter of 2024 witnessed a swift rise on the Nigerian stock exchange, with the All-Share Index reaching a laudable 104,562.06 points, marking a major increase of 39.84%. The NGX trading capital volume also experienced a substantial uptick, rising by 44.5% to close at N59.13 trillion by the quarter’s end. This surge reflects a notable N18.21 trillion increase from the initial N40.92 trillion at the beginning of 2024.

Behind these successful companies are visionary Chief Executive Officers who navigate the challenges and steer their organizations towards financial success. Bellow are CEOs of companies with the best-performing stocks on the NGX during the first quarter of 2024.

Dr. Lars Richter, Managing Director and Director at Julius Berger Nigeria Plc, saw a significant 53.5% surge in the company’s share price during Q1 2024. Starting the year at N43.00, the company’s share price soared to N66.00 by the end of the quarter. Furthermore, the company’s market capitalization experienced a noteworthy appreciation, increasing by N36.8 billion to reach N105.6 billion by the close of the quarter.

Andrew M. Ikekhua, Managing Director of NEM Insurance Plc, witnessed a remarkable 57.1% increase in its share price, closing the quarter at N9.90 compared to N6.30 at the beginning of the year. This surge contributed to an impressive gain in the company’s market capitalization, which rose by N18.1 billion from N31.6 billion to N49.7 billion during the same period.

Owen D. Omogiafo, President and Group CEO of Transnational Corporation Plc (Transcorp), oversaw a 64% surge in its share price, soaring from N8.66 to N14.20 in Q1 2024. With significant holdings in Transcorp Hotels Plc and Transcorp Power Plc, the conglomerate achieved a substantial market capitalization of N577.2 billion during the quarter.

Adaobi Nwakuche, Managing Director of Veritas Kapital Assurance Plc, led the company to an impressive 81.1% increase in its share price, moving from N0.37 at the start of the quarter to N0.67 at the end of the quarter. The company’s market cap also appreciated by N4.16 billion during the first quarter.

Chief Adebimpe Giwa, GMD of Tripple Gee and Company Plc, oversaw a notable impact on the NGX in Q1 2024. The company’s share price surged by 92.1%, reaching N4.13 at quarter-end from N2.15 at the beginning. Additionally, its market capitalization increased by approximately N980 million during the quarter.

Ayodele Abioye, Managing Director of BUA Foods Plc, led the company to post an outstanding performance in the NGX in Q1 2024. The company’s share price appreciated by 96.4%, moving from N193.40 to N379.90 during the quarter. BUA Foods’ market capitalization also appreciated by N3.36 trillion, closing the quarter at N6.84 trillion.

Ossai Mustapha Reuben, CEO/Group Managing Director of The Initiates Plc (TIP), demonstrated strong performance on the NGX in Q1 2024, with a 97.4% increase in its share price. Starting the quarter at N1.15, the company’s share price surged to N2.27 by the end of the quarter. Additionally, TIP’s market capitalization saw a significant rise of N997 million, climbing from N1.023 billion to N2.020 billion during the same period.

Arvind Pathak, Group Managing Director of Dangote Cement Plc, oversaw a remarkable surge in its share price during Q1 2024, soaring by 114.7%. Starting at N319.90, the share price surged to N686.70 by the quarter’s end. Additionally, the group’s market capitalization witnessed a staggering increase of N6.25 trillion, rising from N5.45 trillion to N11.70 trillion.

Akin Akinfemiwa, CEO of Geregu Power Plc, led the premier power company listed on the NGX to an astounding 150.6% surge in its share price during Q1 2024. Witnessing an impressive rise from N399.00 to N1000.00 per share, the company’s stock soared to unprecedented heights. This surge also propelled Geregu Power’s market capitalization, which experienced a substantial increase of N1.5 trillion. Starting the quarter at N997.5 billion, the company’s market value surged to N2.5 trillion by the end of Q1 2024.

These CEOs, through their strategic leadership and vision, contributed significantly to the impressive performance of their companies on the NGX, reflecting positive investor sentiment and confidence in their respective organizations’ prospects.

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