Ten Best Performing NGX Stocks In The First Half Of 2025 

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.

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10. SCOA Nigeria (+161.65%) 

SCOA Nigeria Plc is 10th on the list with a year-to-date performance of 161.65%.  The stock opened the year at a share price of N2.06 but soared through the first six months to close at N5.40.

Most of the bullish action occurred in January when the stock powered with a performance of 97.57%.

SCOA looks like a high-risk, potentially high-reward stock. It has a low valuation based on the revenue price to sales ratio of 0.5, but its high PE ratio (22.5x) and unusual beta (-0.11) suggest the market may be pricing in future potential more than current performance.

Investors should watch earnings closely.

9. Champion Breweries (+162%) 

Champion Brewery Plc is 9th on the list with a year-to-date performance of 162.47%.

The stock opened the year at a share price of N3.81 but soared through the first six months.

Most of the bullish action occurred in May and June, likely due to market reaction to the company’s Q1 2025 results, in which it reported a pre-tax profit of N1.74 billion, up 317.93%.

Champion Breweries is trading at a steep premium across earnings, book value, and revenue, suggesting investors are betting heavily on future growth, operational strength, or acquisition of interest. However, its low beta helps moderate risk.

Caution is advised; this stock is priced for perfection.

8. Presco (+168%) 

Presco Plc is the 8th stock with a year-to-date performance of 168.42%. The stock began the year at a share price of N475 per share, but closed June at N1,275, well in the green.

Within this, the stock closed 4 consecutive months out of 6 in the green, with most movements occurring in June when it gained 35.6%.

Presco’s fundamentals likely influenced positive sentiment, with a pre-tax profit of N58.6 billion in Q1 2025, up 97.6% YoY.

Presco combines fair earnings valuation (PE 12.8x) with premium pricing on assets and revenue, showing the market expects it to keep delivering strong returns.

While it’s not the cheapest, its performance, asset base, and stable beta make it a solid growth play, especially for investors looking for Agri-sector exposure with upside.

7. Fidson Healthcare (+183.87%) 

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.

6. Neimeth Pharmaceuticals (+185%) 

Neimeth Pharmaceuticals delivered a standout 185% gain in the first half of 2025, including a massive 104% rally in June alone, placing it 6th among the NGX’s best performers.

The surge pushed its market cap to N27.9 billion, making it the 76th most valuable stock on NGX

The bullish run was largely driven by news that shareholders approved a N20 billion capital raise at the June AGM, fueling investor optimism.

Neimeth’s P/E of 2.35x suggests it’s still cheap based on earnings, but its very high P/B (17.36) and P/S (6.08) indicate it’s priced well above book and revenue values, meaning investors are paying a big premium for growth potential.

5. Smart Products Nigeria (+200%) 

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.

4. Vitafoam (+222%) 

Vitafoam surged 222% year-to-date, climbing from N23.30 to N74.00, making it the 4th best performer on the NGX in the first half of 2025.

The stock has shown consistent momentum, closing 5 of 6 months in the green, with a strong push in Q2 after reporting N4.4 billion pre-tax profit in Q1.

Despite the rally, its P/E of 7.04x, P/S of 0.93, and beta of 0.41 indicate it’s still reasonably valued with moderate risk and strong fundamentals.

3. The Initiates Plc (TIP) (+230%)

The Initiates Plc soared 230% in the first half of 2025, from N2.50 to N8.25, making it the third best-performing stock on the NGX.

The rally gained pace in May and June, likely fueled by its strong Q1 results of N467 million pre-tax profit, up 385% YoY, with revenue surging 152% to N4.6 billion from core waste management and cleaning services.

TIP’s fundamentals are catching attention. The declared N0.10 dividend added further appeal.

2. Honeywell Flour Mills (+241%)

Honeywell Flour Mills is the second-best performing stock on the NGX in H1 2025, delivering an impressive 241.3% return.

The stock opened the year at N6.75 and surged to N21.50.  Its rally is largely driven by a remarkable financial turnaround, reporting a N12.28 billion pre-tax profit in the first nine months of 2025, a reversal from a N8.83 billion loss in the same period last year.

On valuation, Honeywell trades at a P/E of 11.68x, a P/B of 4.74x, and a P/S of 0.38x, suggesting it’s still reasonably valued relative to earnings and revenue.

A beta of 0.45 indicates moderate volatility. With improving fundamentals and strong market interest, Honeywell appears to be a recovering stock with more upside potential.

1. Beta Glass (+415%) 

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.