Top 10 Performing Equities on the Nigerian Exchange (NGX), January to Date.

Top 10 performing equities in 2025

As the year draws to a close, we bring you the best 10 equities that delivered the most returns to investors in from January to date.

These stocks have delivered remarkable returns compared to the broader market and highlight both opportunities and lessons for investors navigating the dynamic Nigerian capital market.

1. Beta Glass Plc

Beta Glass has taken the top position with an exceptional year-to-date performance of over 400%. The company benefited from a significant surge in profitability during the first quarter, where earnings rose by more than 600% year-on-year. Its low price-to-earnings (P/E) ratio of around 9x made it attractive to investors seeking value and growth.

Investor takeaway:

Beta Glass has been a classic turnaround story, but such sharp gains can also lead to volatility. Investors should monitor whether its earnings momentum can be sustained over the next few quarters.

2. Honeywell Flour Mills Plc

Honeywell Flour’s share price has appreciated by roughly 240% since January. The company’s recovery was driven by improved efficiency, increased revenue (up over 120% year-on-year), and a return to profitability with a pre-tax profit of about ₦12.3 billion. These results, combined with renewed investor confidence, helped push the stock higher.

Investor takeaway:

This is a solid turnaround supported by fundamentals, not just speculation. However, as prices climb, continued earnings stability will be critical to maintain investor interest.

3. The Initiates Plc

The Initiates Plc has delivered an impressive 230% gain year-to-date. The stock rallied following strong quarterly results, with profits growing by nearly 385%. The company’s expansion into the waste management and environmental services sector has captured investor attention.

Investor takeaway:

Small-cap companies like The Initiates offer high growth potential, but also higher risk due to lower liquidity and sensitivity to market sentiment.

4. Vitafoam Nigeria Plc

Vitafoam has returned around 220% since the beginning of the year. The company’s consistent earnings growth, supported by improved margins and efficient cost management, contributed to investor confidence. With a relatively moderate beta of around 0.4, the stock has shown less volatility compared to others on this list.

Investor takeaway:

Vitafoam’s strength lies in its steady performance and strong fundamentals, making it one of the more balanced high-performing equities on the NGX.

5. Neimeth International Pharmaceuticals Plc*

Neimeth’s share price has surged by approximately 185% this year. The company’s announcement of a ₦20 billion capital raise and its low P/E ratio (about 2.35x) helped attract new investors betting on its growth story.

Investor takeaway:

Neimeth’s performance reflects optimism in the healthcare sector, but investors should be mindful of potential share dilution and execution risks associated with the capital raise.

6. Fidson Healthcare Plc

Fidson has been one of the standout performers in the healthcare sector, gaining roughly 184% year-to-date. Its first-quarter profit rose by more than 200%, while revenue climbed over 80%. A combination of strong earnings, improved operational efficiency, and positive investor sentiment has kept the stock on an upward trajectory.

Investor takeaway:

Fidson represents a healthy balance between growth and value. It may continue to attract investors seeking exposure to defensive sectors like pharmaceuticals.

7. Presco Plc*

Presco’s stock has advanced by approximately 168% so far this year. The agricultural company reported substantial profits, driven by strong demand for palm oil and related products. With pre-tax profits exceeding ₦58 billion in the first quarter, the company benefited from both local and global commodity price trends.

Investor takeaway:

• Presco’s performance underscores the potential in Nigeria’s agribusiness sector, though exposure to commodity price volatility and exchange rate risk should be carefully managed.

1. Champion Breweries Plc*

Champion Breweries recorded a year-to-date gain of about 162%, driven by increased sales and a 317% surge in quarterly profits. The company’s ability to scale its operations and improve efficiency has bolstered investor confidence.

Investor takeaway:

The consumer goods sector remains attractive, but inflation and declining purchasing power could pose future challenges. Investors should watch how consumer demand evolves.

9. SCOA Nigeria Plc*

SCOA Nigeria has climbed roughly 160% this year. Its diverse business operations—spanning automobiles, manufacturing, and power solutions—helped it benefit from the economic rebound. The company posted solid earnings growth of over 130% year-on-year.

Investor takeaway: SCOA’s diversified portfolio provides resilience, but investors should assess whether earnings growth is sustainable amid Nigeria’s macroeconomic headwinds.

10. NASCON Allied Industries Plc

NASCON completes the top ten list with a gain of about 46% year-to-date. Although its performance has been less explosive than others, NASCON has remained one of the more stable and liquid stocks on the NGX. The company has benefited from improved margins and its strong parent company association within the Dangote Group.
Investor takeaway: NASCON offers investors a relatively safer entry into the list of top performers, with consistent dividends and strong corporate governance.

Broader Market Themes and Insights

1. Small and Mid-Cap Dominance:
   Most of the top performers are small or mid-cap stocks, highlighting that big gains in the NGX often come from less-followed companies undergoing turnarounds or expansions.
2. Earnings-Driven Growth:
   Across the board, these stocks share a common feature—substantial earnings improvements. Whether through cost control, revenue expansion, or strategic refocusing, their price movements have been driven largely by fundamentals.
3. Sectoral Diversity:
   The list cuts across various industries—manufacturing, healthcare, agriculture, and consumer goods—demonstrating that opportunities exist throughout the Nigerian market rather than being concentrated in a single sector.
4. Valuation Opportunities:
   Despite sharp price increases, several of these equities remain modestly valued relative to their earnings growth. This may indicate further upside if earnings remain strong.
5. Liquidity and Risk Factors:
   Many of the best performers are relatively illiquid, meaning their prices can move sharply with modest trading volumes. Investors should remain cautious about potential reversals in such stocks.
6. Macro-Economic Sensitivity:
   Inflation, exchange rate fluctuations, and monetary policy shifts continue to influence the NGX. Companies with strong export earnings or cost control mechanisms are generally better positioned.

Investor Considerations

• Past performance is not a guarantee of future returns.* Stocks that have doubled or tripled in price can still correct sharply if sentiment changes or earnings fall short.
• Timing matters. Entering a stock after a huge rally may limit upside potential. Investors should focus on identifying the next wave of growth stories rather than chasing past winners.
• Diversification remains essential. Allocating across sectors and market caps helps manage risk.
• Stay informed. Regularly track company disclosures, financial reports, and regulatory filings to make data-driven investment decisions.
• Risk management. Consider position sizing, stop-loss orders, and liquidity before investing heavily in high-volatility stocks.

The Nigerian Exchange has seen some remarkable stock performances this year, with several equities delivering returns that far exceed expectations. From the industrial strength of Beta Glass to the consumer-driven surge of Honeywell Flour and the pharmaceutical growth stories of Fidson and Neimeth, the NGX remains full of opportunities for discerning investors

High returns often come with higher risk, and investors must balance ambition with prudence. The next few months will reveal whether these top performers can sustain their momentum or if new leaders will emerge in Nigeria’s ever-evolving equity landscape.