During the first six months of 2025, the Nigerian Exchange (NGX) demonstrated robust performance, climbing 16.57 per cent. The NGX All-Share Index gained over 17,000 points to finish at 119,978.57 on June 30.
Throughout the six months, market participants secured considerable capital appreciation of N13.2 trillion, with market capitalisation expanding from N62.76 trillion at year-start to N75.96 trillion.
Although numerous large-cap securities recorded solid advances, the period’s exceptional performers were primarily mid-cap enterprises, which drove market momentum through substantial returns.
Top 10 NGX Performers for H1 2025
Beta Glass (BETAGLAS): +414.6%
Beta Glass, a Frigoglass subsidiary, achieved outstanding H1 2025 performance, with share prices climbing 414.6 per cent—from N64.90 to N333.95 by June-end. The stock’s most dramatic surge occurred in May, gaining 133 per cent following Q1 2025 results release.
The company announced Q1 net profit of N10 billion, representing a remarkable 594 per cent year-on-year increase from Q1 2024’s N1.44 billion. Investor confidence strengthened further with news of an additional €17.5 million Nigerian investment, disclosed by the CEO in an exclusive BusinessDay interview, demonstrating a commitment to expansion and sustained growth.
Honeywell Flour Mills (HONYFLOUR): +241.3%*
Honeywell Flour Mills appreciated consistently by 241 per cent in H1 2025, with share prices advancing from N6.3 at year-start to N21.5 by June 30. Following Flour Mills of Nigeria (FMN) delisting from NGX, its subsidiaries HFMP and NNFM have achieved significant exchange gains.
For the year ending March 31, 2025, the company reported N14.6 billion net income, marking a return to profitability since the FMN acquisition.
The Initiates Plc (TIP): +230%
Waste management enterprise The Initiates Plc surged 230 per cent during H1 2025. The stock advanced from N2.5 at year-start to N8.25 by June-end.
In Q1 2025, the company achieved N1.2 billion turnover, marking 283 per cent year-on-year growth from Q1 2024’s N314.6 million. The company’s Q1 2025 pre-tax profit reached N467 million, up 385 per cent from N96 million in Q1 2024.
Vitafoam Plc (VITAFOAM): +221.7%
Vitafoam achieved strong H1 2025 performance, with share prices surging 221.7 per cent, from N23 at year-start to N74 by June-end.
The rally stemmed from solid financial recovery. For the six months ending June 30, the company reported N6.7 billion profit after tax, reversing the N5.58 billion net loss from the same 2024 period. Earnings per share increased to N5.01, while total assets expanded to N59.4 billion from N51.3 billion in the financial year.
Smart Products (SMURFIT): +200.0%
Smart Products Plc, a real estate company specialising in warehouse leasing and management, achieved 200 per cent gains on the Nigerian Exchange in H1 2025. The stock rose from 20 kobo at year-start to 60 kobo by June-end.
While absolute naira returns remain modest, the company’s appeal stems from its impressive 40 per cent dividend yield recorded in 2024. This strong income potential has positioned Smart Products prominently among dividend-focused investors, making it a notable small-cap market selection.
Neimeth International Pharmaceuticals (NEIMETH): +185.2%
In H1 2025, Neimeth emerged as the top-performing healthcare stock on the Nigerian Exchange (NGX), recording a remarkable 185 per cent share price surge. The stock opened at N2.29 and closed in June at N6.53.
Investor sentiment was supported by strong financial performance, particularly 114 per cent year-on-year operating profit growth. Neimeth reported Q1 2025 operating profit of N449.9 million, compared to N210.1 million in the same 2024 period. The stock’s sharpest rally occurred in June, gaining 111 per cent in a single month.
Fidson Healthcare (FIDSON): +183.9%
Following closely behind Neimeth is fellow pharmaceutical Fidson Healthcare, which recorded 184 per cent capital gains during the half-year.
The stock began the year at N15.50 and closed the half-year at N44.00. In Q1 2025, the company posted N3.25 billion net income, representing 213.5 per cent appreciation from Q1 2024’s N1.04 billion.
Presco Plc (PRESCO): +168.4%
Presco Plc emerged as the top gainer by market capitalisation in H1 2025. Its share price climbed from N475 to N1,275, translating to approximately N800 billion market cap increase.
The group’s strong financial performance significantly drove investor interest. In Q1 2025, Presco reported N93.8 billion revenue, a 120 per cent jump from the same 2024 period’s N43.5 billion. Net income nearly doubled to N47.6 billion, up from N24.1 billion year-on-year.
Since early 2020, Presco’s share price has soared nearly 2,600 per cent. This underscores its investor appeal not only for impressive capital appreciation but also for consistent dividend distributions.
Champion Breweries (CHAMPION): +162.5%
Champion Breweries attracted strong investor interest in H1 2025, standing out as the only consistently profitable brewer on NGX since 2023. The company’s share price surged 162.5 per cent during the period, rising from N3.81 to N10.00.
This impressive rally was supported by a notable Q1 2025 financial recovery. Champion Breweries posted N984.6 million net income, a sharp turnaround from the N823.8 million net loss recorded in the same 2024 quarter. The combination of profitability and strong market momentum reinforced its appeal to investors seeking consumer goods sector value.
SCOA Nigeria (SCOA): +161.7%
SCOA Nigeria, led by Massad Boulos, delivered strong H1 2025 returns, with share prices climbing 161.7 per cent—from N2.06 at year-start to N5.39 by June-end.
A notable catalyst for the stock’s rally was heightened media attention surrounding Boulos’ connections to U.S. President Donald Trump. During Trump’s inauguration week, from January 16 to 24, SCOA shares surged 75 per cent alone, as investor sentiment was boosted by speculation around potential business and political synergies.
