NGX nears N100trn as 35 stocks turbocharge market

…Beta Glass, Honeywell, Champion Breweries lead the pack

…Analysts bet on banking, industrial, consumer stocks

No fewer than 35 listed stocks on the Nigerian Exchange Limited (NGX) are fuelling the equities’ rally this year, pushing the market capitalisation to nearly N100 trillion.

The 35 stocks have returned 100 percent – 500 percent to investors in 2025, according to the NGX’s August 5 trading data.

Beta Glass Plc leads the pack, with a return of 529.43 percent so far this year. Honeywell Flour Mills has been an investors’ darling with 320.63 percent gain in 2025. Also, Champion Breweries has returned 290.81 percent, with Nascon rewarding investors with 217.38 percent gain.

Vitafoam (+256.09 percent), Ellah Lakes (+238.61 percent), and FTN Cocoa (+240.11percent) have also shown impressive returns this year.

Other stocks that have risen remarkably this year are: Okomu Oil Palm (+136.49 percent), Presco (+226.32 percent), NGX Group (+156.88 percent), SCOA (+142.72 percent), UACN (+217.97 percent), Custodian (+128.95 percent), Mutual Benefits (+260.66 percent), NEM (+146.58 percent), and UPDC (+274.21percent).

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While Lafarge Africa is up this year by 109.44 percent, Wema Bank’s share price has increased by 172.53 percent.

Cadbury has jumped by 193.02 percent, International Breweries (+149.55 percent), Nigerian Breweries (+137.34 percent), Nestle (+116 percent), Northern Nigeria Flour Mills (+112.19 percent), and Unilever (+142.79percent).

Also, Fidson has returned 183.23 percent to investors, with Neimeth rewarding them with a 236.24 percent return.

Others are: CWG (+127.92 percent return), Tripple Gee (+109.76 percent), MTNN (+140 percent), ABC Transcorp (+297.56 percent), Academy Press (+198.33 percent), Caverton (+190.95 percent), NAHCO (+141.04 percent), Redstar Express (+181.18 percent), and Skyway Aviation Handling Company (+169.21 percent).

Trading data also show that the NGX Industrial Index has risen this year by 54.64 percent, NGX Banking Index (+48.11 percent), NGX Insurance Index (+37.37 percent), while NGX Oil & Gas Index is the only laggard with a negative return of 10.35 percent.

Consumer goods drive market

Lower interest rates and upcoming earnings/dividend expectations have kept the mood in the market bullish.

The NGX Consumer Goods Index has outperformed this year with 79.59 percent return as at August 5. It is followed by industrial, banking and insurance stocks while profit taking in oil & gas stocks is making the sector lag behind others.

Analysts at Lagos-based Meristem see considerable headroom for further repricing, “particularly within the banking sector and the industrial and consumer goods sectors, which continue to benefit from favourable valuation multiples and sector-specific tailwinds.”

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Domestic investors shine as foreigners raise bets

As at June 30, 2025, total transactions at the nation’s bourse had increased by 11.15 percent, from N700.50 billion (about $441.64 million) in May 2025 to N778.65 billion (about $509.02 million) in June 2025.

Between June 2024 and June 2025, total transactions increased significantly by 119.62 percent.

In June 2025, the total value of transactions executed by domestic investors outperformed transactions executed by foreign investors by 64 percent.

A further analysis of the total transactions executed between June and May 2025 reveals that total domestic transactions increased by 9.93 percent, from N581.59 billion in May 2025 to N639.34 billion in June 2025.

Also, total foreign transactions increased by 17.16 percent, from N118.91 billion (about $74.97 million) to N139.31 billion (about $91.07 million) between May 2025 and June 2025.

Institutional Investors outperformed retail Investors by 14 percent. A comparison of domestic transactions between May and June 2025 reveals that retail transactions decreased by 18.62 percent from N337.46 billion in May 2025 to N274.63 billion in June 2025.

The institutional composition of the domestic market increased by 49.39 percent, from N244.13 billion in May 2025 to N364.71 billion in June 2025.

While Vetiva analysts advised investors to exercise some level of caution after the sharp run-up in the market, CardinalStone research analysts said its focus will likely shift to the banking sector “as the market awaits H1’25 earnings and interim dividend announcements.”

The stock market has maintained an upward trajectory in 2025, driven by sustained investor appetite for risk assets and strategic positioning in fundamentally undervalued tickers.

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ASI and market cap

At the close of trading on Tuesday, the NGX All-Share Index (ASI) and the market capitalisation increased to 144,796.37points and N91.608 trillion respectively.

“Looking ahead, market sentiment is expected to remain broadly positive as more corporates release their half-year results and investors position for potential interim dividends. That said, some profit taking may emerge, particularly in stocks that have posted strong recent rallies,” Coronation Research analysts said in their August 4 note.

“In addition, developments in the fixed income space, such as the outcome of upcoming bond auctions, may influence short-term portfolio rebalancing decisions.”