10 Best stocks to buy on Nigerian Stock Exchange for 2024

The stock exchange opened the new year with tons of expectations, brokers, exchange houses and all players in the industry expect darker times ahead for the overall performance of the market. The Nigerian stock exchange was largely in the red for the greater part of 2022, with the bears taking the lead to the last part of the year. 

Nonetheless, despite the losses recorded in 2022, some stocks showed promising gains that placed investors on a shift of how the market traditionally functioned. This article offers the top 10 stocks to look out for in the year 2023.

Meaning of stocks and insight into the NGX?

The term “stock” is used in the financial industry to describe the total number of shares that a single shareholder owns. 

The Nigerian Stock Exchange (NGX), which was founded in 1961 and used to be known as the Lagos Stock Exchange, is now a part of the Nigerian Exchange group in Nigeria. It is overseen by the Nigerian Securities and Exchange Commission, which is the sole authority over Nigeria’s stock exchange. There are 176 companies listed on the Nigerian stock exchange and these 176 listed businesses welcome foreign and domestic investments.

We recommend purchasing the stocks of the following companies in 2023 on the Nigeria Stock Exchange based on their current performance. 

10 Best stocks to buy on the Nigerian stock exchange

1. Morison Industries Plc (MORISON)

Morison Industries plc is currently the best-performing stock in Nigeria as of 31 December 2022 closing the 4th quarter of the year 2022. Morison falls under the category of non-durable consumer goods in the stock exchange. 

The company’s stock price finished at 1.99 Naira, with a volume is 2.129 thousand, and a market capitalization is 1.968 billion Naira at the close of 2022. Morison offers products for healthcare and cleaning. The company offers a great option if you intend to invest in consumer non-durable goods in Nigeria because it offers a reasonable stock price. 

2. Honeywell Flour Mills Plc (HONYFLOUR

Honeywell is in the industry of process consumables industries under the Nigerian stock exchange. It sells processed foods for consumption to customers at Honeywell Flour Mills plc. Products like semolina, noodles, macaroni, wheat meal, and others are available from Honeywell. 

The company offers stocks for 3.23 Naira, a volume of 199.773 thousand shares, and a market capitalization of 25.377 billion Naira. Due to its technical rating, selling Honeywell stocks is preferable to purchasing for investors. Despite the recommendation to sell, Honeywell is one of the top gainers.

3. Vitafoam Nigeria Plc (VITAFOAM)

Vitafoam is a business in the process industry. It is an established furniture and bedding manufacturer. Its market capitalization is 37.769B Naira, its stock price is 22.20 Naira, and its volume is 159.72 thousand. 

Instead of selling the stocks immediately, the technical rating suggests buying them for future reference. Furthermore, it is one of the most profitable stocks in Nigeria today. 

4. Guinness Nigeria Plc (GUINNESS)

Guinness is a well-known brand of alcoholic beverage maker in the Nigerian market. The company produces alcoholic drinks from Orijin, Smirnoff, Snapp, Malta Guinness, and other brands. 

Guinness is a product of the consumer non-durable market. It has a stock price of 42.50 Naira, a volume of 222.078 million, and a market capitalization of 93.091 billion Naira. Following the company’s stock price reaching a 52-week high, technical ratings suggest that the stocks should be purchased right away. There is no better time to buy the Guinness stock than right now.

5. Royal Exchange Plc (ROYALEX)

Royal Exchange plc operates in the finance sector under the Nigerian stock exchange market. Financial services related to insurance, trusteeship, core finance and others are offered by Royal Exchange plc. 

The company has a stock price of 0.82 Naira, 881.709 million shares traded, and a market capitalization of 4.219 billion Naira. Royal Exchange is an amazing stock to buy right in 2023. If you are looking for a financial services company to invest in, the Royal Exchange plc serves as an excellent option for your investment. The company offers an affordable stock price. According to the technical rating, this stock should be bought right away.

6. Courteville Investments Plc (COURTVILLE)

Courteville operates in the commercial services industry in the Nigerian market. It’s involved in several business ventures with a strongly diversified business. 

The company’s market capitalization is 1.776 billion Naira, its stock price is 0.55 Naira, and its volume is 19. 356 million. The stocks are currently highly recommended in the market, and the stock’s unusually high volume is yet another reason to consider investing in it. 

7. University Press Plc (UPL)

University Press Plc is a well-known publishing house in Nigeria. University Press falls under the category of consumer services. It also prints, sells, and distributes books, in addition to providing publishing services. 

With a stock price of 2.94 Naira, a volume of 1.021 thousand shares, and a market capitalization of 1.268 billion. The technical ratings indicate that UPPLC stocks should be purchased immediately. If you’ve always wanted to invest in a publishing house, University Press is the right choice right now. For the past 52 weeks, the dollar-to-naira exchange rate has also been high. 

8. Cutix Plc (CUTIX)

Cutix plc is part of the product manufacturing industry. It is a Nigerian company that makes aluminium cables, cables for appliances, cables for cars, and so on. Investors should sell rather than buy right now because the company has a market capitalization of 8.454 billion, a stock price of 2.40, 235.2 thousand shares traded, and technical ratings that recommend selling rather than buying.

9. United Capital Plc (UCAP)

United Capital operates in the financial services sector. It is a financial and investment company. It offers services in investment banking, asset management, wealth management, trusteeship, and securities. This stock, which has a market capitalization of 65.4 billion, a stock price of 10.75 NGN, a volume of 1.755 million, and a technical rating of “buy” rather than “sell,” is recommended.

10. Skyway aviation handling company Plc (SKYAVN)

The transportation sector is where Skyway Aviation operates. Aviation and airport services are provided by Skyway Aviation Handling Company PLC (SHACO plc). 

The technical rating recommends purchasing the stock at the current price of 5.83 Naira, with a volume of 2.6 thousand and a market capitalization of 7 851 billion. The stocks on the preceding list were chosen based on their current performance. Due to the volatile nature of stock prices, which can change at any time, investing can be risky for potential investors. However, keep in mind that risk is inversely proportional to return, and return is inversely proportional to risk. Therefore, invest with caution. 


There are over 170 public limited liability companies listed on the Nigerian stock exchange market. The market offers both companies and investors generally the opportunity to increase profits in the long run.

Don't miss a thing. Follow us on Telegram and Follow us on WhatsApp. If you love videos then also Subscribe to our YouTube ChannelWe are on Twitter as MakeMoneyDotNG.

Richard Okoroafor

Richard Okoroafor

Richard is a brilliant legal content writer who doubles as a finance lawyer. He brings his wealth of legal knowledge in corporate commercial transactions to bear, offering the best value that exceeds expectations.

Articles: 431

Leave a Reply

Your email address will not be published. Required fields are marked *