Top Performing FMCG Stocks in Q1 2024: BUA Foods Leads the Pack

Despite economic challenges faced by the consumer goods sector in 2023, Q1 2024 saw remarkable gains for several FMCG (Fast Moving Consumer Goods) stocks. BUA Foods emerged as the top performer, demonstrating impressive growth.

The collective market capitalization of 15 companies within the Consumer Goods Index surged by 49.32% to N9.389 trillion in Q1 2024, outpacing the broader market’s gain of 39.84%.

1. BUA Foods (+96.43% YtD): BUA Foods led the pack with an astounding 96.43% year-to-date share price growth in Q1. Since its listing on NGX in 2022, BUA Foods’ shares have steadily appreciated, reaching N379.90 per share. The company’s robust financial performance, particularly in revenue and earnings growth, has been a major driver behind this impressive rally.
2. PZ Cussons (+42.32% YtD): PZ Cussons saw its share price surge by 42.32% in Q1 2024, following a remarkable year in 2023 when it achieved a year-to-date gain of 132%. Despite being unprofitable, there is anticipation for improvement, with expected earnings per share growth by the end of the 2024 financial year.
3. Flour Mills (+18% YtD): Flour Mills Nigeria experienced an 18% year-to-date share price appreciation in Q1 2024, representing about 101% of its overall share price growth in 2023. The company’s return to profitability in Q3 of the fiscal year ended December 2023 played a significant role in driving its share price surge.
4. Honeywell Flour Mills (+17.47% YtD): Honeywell Flour Mills recorded a 17.47% year-to-date gain in Q1 2024, positioning it as the fourth-best-performing stock. Despite grappling with profitability issues, investors remain optimistic about potential sales growth, reflected in the company’s share price performance.
5. Unilever Plc (+13.18% YtD): Unilever’s shares gained 13.18% in Q1 2024, with steady profit growth observed since its resurgence to profitability in 2021. Analysts anticipate further earnings per share growth in 2024, reflecting positive investor sentiment.
6. Northern Nig Flour Mills (+6.18% YtD): NNFM sustained its upward trajectory with a 6.18% year-to-date share price increase in Q1 2024. The company’s impressive financial results for the fiscal year ended March 2023 contributed significantly to boosting investor confidence.

These FMCG stocks have shown resilience and growth potential amidst economic challenges, attracting investor confidence and driving significant gains in Q1 2024.