Over 40 NGX Stocks Deliver Triple-Digit Returns as Market Closes Strong in 2025
Investors on the Nigerian Exchange Limited (NGX) enjoyed an exceptional year in 2025, with a wave of stocks delivering extraordinary returns despite a cautious start to market activity. By December 23, no fewer than 40 listed equities had recorded gains of more than 100 per cent, significantly outperforming the broader market.
These standout performances came against the backdrop of a solid rally in the NGX All-Share Index (ASI), which posted a year-to-date gain of 48.12 per cent, extending the bullish momentum seen in 2024.
Exceptional Performers Across Key Sectors
A review of market performance as of December 22, 2025, revealed remarkable gains across banking, manufacturing, insurance, telecommunications, consumer goods, and industrial stocks.
NCR Nigeria emerged as the best-performing stock of the year, posting an exceptional gain of 1,354 per cent. It was followed by Beta Glass, which appreciated by 470.11 per cent, and Mutual Benefits Assurance with a gain of 408.20 per cent.
Other major gainers included Champion Breweries (339.63 per cent), Eunisell Interlinked (315.15 per cent), Ellah Lakes (312.97 per cent), Guinness Nigeria (312.38 per cent), Vitafoam Nigeria (311.30 per cent), Sovereign Trust Insurance (255.36 per cent), and NASCON Allied Industries (254.07 per cent).
The rally also extended to SCOA Nigeria, Wema Bank, Julius Berger, Cadbury Nigeria, Honeywell Flour Mills, International Breweries, Nigerian Breweries, Nestlé Nigeria, Unilever Nigeria, CWG, Tripple Gee & Company, and MTN Nigeria Communications, all of which posted gains well above 100 per cent.
Insurance, Industrials, and Consumer Stocks Shine
Insurance and industrial stocks featured prominently among the top performers. AIICO Insurance, Custodian Investment, NEM Insurance, NPF Microfinance Bank, and Sovereign Trust Insurance recorded strong gains, reflecting renewed investor interest following regulatory reforms in the sector.
Meanwhile, stocks such as Presco, Okomu Oil, UPDC, Ikeja Hotels, Nigerian Aviation Handling Company, and Skyway Aviation Handling Company also delivered impressive returns, supported by improved earnings and sector-specific tailwinds.
Healthcare and pharmaceutical companies were not left out, with Fidson Healthcare and Neimeth International Pharmaceuticals posting gains of 177.42 per cent and 168.56 per cent respectively.
Market Sentiment Improves as Year Progresses
Market analysts noted that trading activity was relatively subdued at the beginning of the year, as investors initially favoured fixed-income instruments due to elevated yields under tight monetary conditions.
However, sentiment improved steadily as the year progressed, supported by strong corporate earnings, dividend payments, improved currency stability, and bargain hunting in fundamentally sound stocks. These factors helped drive renewed participation in the equities market.
Trading Volumes Peak Mid-Year
According to Afrinvest Limited, 2025 was marked by strong market participation and sustained bullish sentiment, although periodic profit-taking occurred. The firm attributed heightened activity to reform-driven developments, policy implementation, and growing market awareness.
July stood out as the most active trading month, with volumes spiking sharply during the year’s most significant rally. This surge was driven by aggressive buying of fundamentally strong stocks and heightened interest in insurance equities following the signing of the Nigerian Insurance Industry Reform Act (NIIRA) 2025 into law.
Trading momentum also strengthened in September, fueled by continued optimism across key sectors and renewed investor confidence.
Outlook for 2026 Remains Positive
Looking ahead, Afrinvest described the outlook for 2026 as constructive, underpinned by favourable macroeconomic and market conditions. In its base-case scenario, the firm projects a 40.9 per cent gain in the NGX-ASI.
Key drivers include sustained price and naira stability, gradual easing of monetary policy, improved corporate earnings, increased liquidity ahead of elections, and aggressive capital mobilisation by insurance firms and pension fund administrators. Additional upside is expected from anticipated major listings, including Dangote Petrochemicals.
However, analysts cautioned that risks remain, including renewed inflationary pressures, foreign exchange volatility, weak foreign investor participation, and delays in expected listings, which could weigh on market performance.
Overall, the strong showing in 2025 has reinforced investor confidence, setting a hopeful tone for the Nigerian equities market in the year ahead.