Jan 1 (Lagos) - 2023 was the year of the Nigerian stock market. It is funny when you meet friends and family who don't have a clue about what happened in the stock market in 2023 and they keep lamenting about the sorry state of the economy. Smart investors made a fortune in the stock market last year and if you were the ones looking at the American markets or Bitcoin but you missed what was happening here at home, then there is no one to blame by yourself.
Only other winners apart from the stock market in Nigeria were perhaps the forex speculators, the ones who rush to convert their money into Dollars and then wait for devaluation of the Naira - but there no fun in that.
While the real economy was in tatters given the devaluations, inflation and other factors, the stock market was thinking about the future and not the past.
So let us take a look at some stocks that owned 2023 apart from
TRANSCORP and
TRANSCOHOT because we already mentioned those two as the top performing stocks on last year.
What other stocks made huge moves? there were plenty of them.
Computer warehouse Group (
CWG ) - up 800% in 2023
Geregu Power Plc (
GEREGU ) - up more than 200% in 2023
United Bank for Africa Plc (
UBA ) - up more than 200% in 2023
First Bank holdings (
FBNH ) - up more than 100% in 2023
Dangote Sugar Plc (
DANGSUGAR ) - up more than 250% in 2023
National Salt Company (
NASCON ) - up more than 430% in 2023
Cadbury Nigeria Plc (
CADBURY ) - up 90% in 2023
GT Bank (
GTCO )- up almost 100% in 2023
There are many others on the list that have gained more than 80% to mention here. While there are some micro-caps that have gained astronomically like
CHAMS ,
MULTIVERSE ,
FTNCOCOA and
DAARCOMM but historically lack of any profits here means we will not focus too much on them but people made money on these micro-caps and laughed all the way to the bank in 2023.
reporting for easykobo.com on New years day 2024 from Lagos, Nigeria