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.
Fidson’s share price nearly tripled in the first half of 2025, closing June at N44.00 from a starting price of N15.75, boosting its market cap to N101 billion and ranking it the 48th most valuable on the NGX.
The stock gained 143.77% in Q2 alone, likely driven by strong Q1 results released in May. Revenue surged 85.4% to N35 billion, while pre-tax profit jumped 213.5% to N4.8 billion.
Fidson trades at a modest P/E of 12.62x, with a P/B of 3.62 and P/S of 0.97, suggesting it’s still reasonably valued. Its beta of 0.60 indicates lower volatility, making it attractive to growth investors seeking some stability.
