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.
Smart Products posted a stunning 200% gain in the first half of 2025, rising from N0.20 to N0.60, despite its tiny market cap of N27 million.
The stock rallied on speculative interest, especially in April, but low liquidity poses a high risk. Interestingly, it had the highest dividend yield (40%) for 2025.
With a P/B of 0.22 and P/S of 0.55, it remains undervalued.
