The Nigerian Exchange (NGX) posted a moderate 16.57% year-to-date return in the first half of 2025; a slower pace compared to the 33.81% rally recorded during the same period last year.
Despite this, several individual stocks significantly outperformed the broader market, delivering triple-digit returns and signaling investor appetite for turnaround stories, growth plays, and speculative opportunities.
What drove the outperformance?
- Strong earnings surprises: Many top performers delivered breakout Q1 results that caught the market’s attention.
- Valuation re-ratings: Investors responded to stocks with low historical P/Es and recovering fundamentals.
- Speculative flows: Some penny and illiquid stocks gained sharply on sentiment, not just fundamentals.
- Sector rotation: Agriculture, healthcare, and industrials saw increased traction as investors diversified beyond banking and oil.
From Beta Glass’s fundamentals-backed rally to Smart Products’ speculative surge, the first half of 2025 produced a wide mix of winners; some still reasonably valued, others priced for perfection.
Here’s a closer look at the top 10 NGX stocks by share price performance.
Beta Glass soared 414.6% YtD to close H1 2025 at N334, making it the NGX’s top performer. The rally followed its stellar Q1 2025 result, where pre-tax profit surged 639% YoY to N15.2 billion, driven by robust revenue growth.
This builds on its FY 2024 earnings, with N21 billion pre-tax profit, up 123%, and N8.6 billion from Q4 alone, a 433% increase.
Now valued at N200 billion, Beta Glass trades at a modest P/E of 9.03x, P/B of 2.68x, and P/S of 1.49x, suggesting it’s still reasonably priced.
With a beta of 1.26, the stock is market-sensitive but continues to attract strong investor interest, underpinned by fundamentals and momentum heading into H2.
