Regardless of the widely bullish market in 2024, a number of shares on the Nigerian Trade (NGX) skilled sharp declines. Whereas the NGX All-Share Index (NGXASI) delivered a powerful 37.65% year-to-date (YtD) return, positive factors weren’t evenly distributed.
The Oil and Fuel Index emerged because the best-performing sector, surging by an impressive 160%. In distinction, the Banking Sector Index lagged, recording a modest 20% YtD progress, underperforming the broader market.
On the particular person inventory stage, notable winners included Juli Plc (+1,646%), Sunu Assurances (+877%), Oando (+529%), Eunisell (+502%), and Transcorp (+386%).
Nevertheless, some shares recorded steep losses: Multiverse (-60.42%), Dangote Sugar (-42.98%), NASCON (-41.62%), and C&I Leasing (-32.50%).
As we step into 2025, the large query on buyers’ minds is whether or not these battered shares may rebound.
Let’s study their 2024 efficiency and consider their turnaround potential this yr.
Multiverse: Rebounding however overvalued
2024 efficiency: Multiverse suffered a dramatic reversal, dropping 60.42% YtD after a stellar 367% achieve in 2023.
Nevertheless, the inventory has rebounded strongly in 2025, gaining 51.7% YtD as of January 17, 2025.
Revenue earlier than tax surged 159% YoY to N223 million for the primary 9 months of 2024, whereas working money movement climbed to N464 million.
Regardless of these positive factors, its P/E ratio stands at a staggering 147.5x, elevating vital overvaluation issues.
Outlook for 2025: Multiverse’s restoration is supported by robust revenue progress, however its excessive valuation and inconsistent buying and selling volumes warrant warning.
Buyers ought to look forward to improved fundamentals and a extra affordable valuation earlier than committing.
Dangote Sugar: Dealing with challenges amid restoration
2024 efficiency: Dangote Sugar noticed a 42.98% decline in 2024 after a 255% rally in 2023. The inventory has gained 18.46% YtD in 2025, with enhancing liquidity as complete buying and selling quantity reached 117 million shares valued at N4.01 billion over the past three months; (October 18, 2024 – January 17, 2025)
Nevertheless, rising debt ranges and international trade losses have strained profitability. The corporate’s Backward Integration Plan (BIP) to scale back reliance on imports stays crucial however requires clear execution timelines.
Outlook for 2025: Whereas the inventory’s early positive factors in 2025 present promise, sustained restoration is dependent upon addressing operational inefficiencies and executing its BIP.
Till these are resolved, the outlook stays combined.
NASCON: Early indicators of restoration
2024 efficiency: NASCON’s share value declined by 41.62% in 2024, reflecting weaker investor sentiment following a 355% achieve in 2023.
Nevertheless, the inventory has proven resilience, gaining 22.8% YtD in 2025.
Revenue earlier than tax fell 16.33% throughout the first 9 months of 2024, whereas earnings per share (EPS) dropped by 20% to N4.42. The inventory’s P/E ratio has risen to 16.16x, suggesting optimism about restoration but in addition highlighting potential overvaluation.
Outlook for 2025: NASCON’s average volatility and regular buying and selling exercise make it comparatively secure. Nevertheless, its elevated valuation amidst declining profitability warrants cautious optimism.
C&I Leasing: Poised for progress
2024 efficiency: C&I Leasing declined 32.5% YtD in 2024 however has began 2025 with a 17.8% achieve.
Buying and selling volumes have been sturdy, with 305 million shares value N1.17 billion exchanged over the previous three months.
The corporate’s revenue earlier than tax grew by 197% within the first 9 months of 2024, supported by gross earnings progress of 179%. Price optimization efforts and asset effectivity are anticipated to drive additional restoration.
Closing ideas: The trail to potential restoration
Closing ideas: The trail to potential restoration
As we assess the underside 5 shares of 2024, the relative distance from their 52-week highs gives a telling image of their present efficiency and potential for a rebound.
