The first half of 2025 saw the Nigerian Stock Exchange (NGX) post a moderate 16.57% year-to-date gain; a noticeable slowdown compared to the 33.81% rally during the same period last year. But while the broader market moved cautiously, some individual stocks delivered triple-digit returns, rewarding bold investors who spotted value early.
Why did these stocks take off?
Several key themes drove the performance of a number of top stocks in H1 2025. Several companies surprised the market with strong Q1 earnings results, reigniting investor interest and pushing up valuations. Others benefited from valuation re-ratings, as investors snapped up historically undervalued stocks with improving fundamentals. There was also a noticeable uptick in speculative activity, especially around penny and illiquid stocks that offered the promise of high returns. Sector rotation played a role too, with agriculture, healthcare, and industrials attracting increased attention as investors looked beyond the traditional banking and oil sectors for growth opportunities.
Let’s take a closer look at the top 10 NGX stocks by share price performance.
How Much Would ₦1,000,000 Investment Be Worth Today?
| Rank | Stock | Opening Price (₦) | Closing Price (₦) | % Return | ₦1 Million Investment Value (₦) |
| 1 | Beta Glass | 64.90 | 333.95 | 414.6% | ₦5,149,460 |
| 2 | Honeywell Flour Mills | 6.30 | 21.50 | 241.3% | ₦3,412,698 |
| 3 | The Initiates Plc (TIP) | 2.50 | 8.25 | 230% | ₦3,300,000 |
| 4 | Vitafoam | 23.00 | 74.00 | 221.7% | ₦3,217,391 |
| 5 | Smart Products Nigeria | 0.20 | 0.60 | 200% | ₦3,000,000 |
| 6 | Neimeth Pharmaceuticals | 2.29 (est.) | 6.53 | 185.2% | ₦2,852,401 |
| 7 | Fidson Healthcare | 15.50 | 44.00 | 183.9% | ₦2,838,710 |
| 8 | Presco | 475.00 | 1,275.00 | 168.4% | ₦2,684,211 |
| 9 | Champion Breweries | 3.81 | 10.00 | 162.5% | ₦2,624,671 |
| 10 | SCOA Nigeria | 2.06 | 5.39 | 161.7% | ₦2,618,932 |
Investment value calculated as: ₦1,000,000 × (Closing Price ÷ Opening Price), rounded to nearest naira.
A closer look at the Top 10 performing stocks on the NGX in H1 2025
10. SCOA Nigeria (+161.65%)
Starting the year at ₦2.06 and closing at ₦5.40, SCOA offered a hefty return mostly delivered in January alone. It remains a speculative high-risk play, with a PE ratio of 22.5x and a very low beta, suggesting more hype than fundamentals. Investors should monitor future earnings closely.
9. Champion Breweries (+162.47%)
Champion jumped from ₦3.81 to an estimated ₦10.00, buoyed by Q1 profits up 317.93%. While attractive, it’s now trading at a steep valuation, implying high expectations. A possible acquisition or long-term growth plan may be fueling interest—but tread carefully.
8. Presco (+168.42%)
Presco surged from ₦475 to ₦1,275, driven by strong earnings (₦58.6 billion pre-tax profit in Q1). With a PE ratio of 12.8x, Presco is not cheap but still offers solid agri-sector exposure, stable growth, and a strong asset base.
7. Fidson Healthcare (+183.87%)
Fidson nearly tripled to ₦44, following stellar Q1 numbers—profit up 213.5%, revenue up 85.4%. A modest PE of 12.62x and low beta (0.60) make this a balanced growth play, appealing to investors seeking upside with some stability.
6. Neimeth Pharmaceuticals (+185%)
Rising from ₦1.00 to ₦2.85, Neimeth’s stock exploded after shareholders approved a ₦20 billion capital raise. While its PE is very low (2.35x), its P/B and P/S ratios are sky-high, suggesting it’s priced for future growth. Volatile but interesting.
5. Smart Products Nigeria (+200%)
The biggest surprise: a penny stock jumping from ₦0.20 to ₦0.60. Despite its tiny market cap (₦27 million), it had the highest dividend yield on the NGX (40%). Illiquid and risky, yes—but it was 2025’s speculative darling.
4. Vitafoam (+222%)
Rallying to ₦74 from ₦23.30, Vitafoam posted consistent monthly gains and N4.4 billion in Q1 pre-tax profit. It’s a fundamentally solid stock with moderate risk (beta 0.41) and remains reasonably valued, even after the surge.
3. The Initiates Plc (TIP) (+230%)
TIP soared from ₦2.50 to ₦8.25, driven by Q1 profit up 385% and revenue from waste management. With a ₦0.10 dividend declared, the company has become one of the few growth-plus-income plays on the NGX.
2. Honeywell Flour Mills (+241%)
One of the most impressive turnarounds this year. Honeywell reversed a massive loss to report ₦12.28 billion pre-tax profit, lifting the stock from ₦6.75 to ₦21.50. Still trading at a modest PE (11.68x), it could have more room to run.
1. Beta Glass (+415%)
The undisputed star of H1 2025. Beta Glass rocketed from ₦64.90 to ₦334 after reporting a 639% surge in Q1 profits and building on a blockbuster FY 2024. Despite the rally, its valuation remains reasonable, with a PE of 9.03x. It’s backed by both fundamentals and momentum, making it the top pick going into H2.
What to Do in H2 2025
H1 2025 rewarded investors who moved early and spotted opportunity in earnings rebounds, undervaluation, and sector shifts. But with many of the best performers now trading at higher levels, what’s the smart move going into the second half of the year?
Whether you’re just starting out or you’ve been in the game for years, H2 2025 offers a fresh window to position yourself for long-term growth. Here’s how:
For Beginner Investors: Start Now
If you missed the rally, don’t panic — and definitely don’t start chasing after stocks that have already soared and may be overpriced. Instead, do these:
- Open a brokerage account: Choose a reliable, regulated platform that offers NGX access and user-friendly tools.
- Start small: Don’t rush. Begin with an amount you can afford to lose and treat it as a learning phase.
- Focus on value stocks: Look for companies with strong fundamentals, good earnings, and reasonable valuations.
- Read earnings reports: Learn how to interpret profit and loss statements, revenue growth, and margins. They tell the real story.
- Hold for the long term: Avoid the temptation to panic sell. Wealth is built over time, not overnight.
- Reinvest dividends: If your stock pays out, consider reinvesting instead of cashing out — compounding works wonders.
For Seasoned Investors: Stay Disciplined, Seek New Catalysts
The real winners in H2 will be those who stay patient, data-driven, and alert to fresh opportunities. As the market digests the H1 rallies, now is the time to:
- Rebalance your portfolio: Lock in profits from overextended positions and reallocate to undervalued sectors.
- Watch earnings closely: Q2 and Q3 results will help separate temporary hype from sustainable growth stories.
- Look beyond the top 10: Some of H1’s laggards may emerge as the best perfoming stocks of H2, especially if their fundamentals improve.
- Keep an eye on policy and macro signals: Interest rate trends, FX stability, and reforms will heavily influence investor sentiment.
- Stay liquid: With more volatility likely, having some cash ready will let you take advantage of dips.
