Nigerian stock market soars in 2025 as 45 stocks post triple-digit gains

Nigeria’s equities market defied persistent macroeconomic headwinds in 2025, delivering one of its strongest rallies in recent history as dozens of listed companies posted extraordinary gains that far outpaced the benchmark index.

Data from the Nigerian Exchange Limited (NGX) show that no fewer than 45 listed companies recorded share price increases of more than 100 per cent during the year, with a handful of stocks delivering returns in excess of 1,000 per cent.

The surge was driven by a combination of strong corporate earnings, improved market liquidity and renewed investor confidence following regulatory and policy reforms.

By the close of trading on December 31, 2025, the NGX All-Share Index (ASI) had risen by 51.19 per cent year-to-date to settle at 155,613.03 points. Market capitalisation mirrored the performance, climbing by 51.19 per cent to N99.376 trillion.

While the benchmark performance was impressive, it was overshadowed by explosive gains in several mid-cap and small-cap stocks.

NCR Nigeria Plc emerged as the top-performing stock of 2025, soaring by an extraordinary 1,354 per cent to close at N72.70, up from N5.00 at the end of 2024.

Despite having only about 108 million shares outstanding and a relatively modest market capitalisation of N7.85 billion, the company outperformed all other listed equities on the exchange.

Other standout performers included Eunisell Interlinked Plc, which gained 497 per cent to close at N115, and Beta Glass Plc, which rallied by 470 per cent to end the year at N370.00.

The Initiates Plc followed with a 432 per cent gain to N13.30, while Mutual Benefits Assurance Plc rose by 408 per cent to N3.10.

Guinness Nigeria Plc posted a strong comeback, appreciating by 398 per cent to close at N349.90, while MeCure Industries Plc gained 369 per cent to N65.20.

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Ellah Lakes Plc rose by 324 per cent to N13.40, and Vitafoam Nigeria Plc completed the top 10 with a 300 per cent increase to N92.00. Aso Savings was excluded from the ranking due to liquidation.

Beyond the top performers, the rally was broad-based. Over 18 stocks delivered returns above 200 per cent, including Fidson Healthcare Plc (+223%), MTN Nigeria (+156%) and Neimeth Pharmaceuticals (+153%).

In total, more than 27 additional stocks recorded gains of over 100 per cent, underscoring the depth of the 2025 market advance.

Market analysts say the performance reflects renewed confidence in Nigeria’s capital market, even amid high inflation, tight monetary conditions and broader economic uncertainty.

Increased domestic investor participation, clearer policy direction, regulatory reforms and improved corporate earnings were cited as key drivers of the bullish sentiment among both institutional and retail investors.

In terms of sector performance, the Consumer Goods index led the pack with a 129.51 per cent gain, followed by Insurance at 65.64 per cent and the MERI Growth Index at 61.28 per cent.

On the downside, the ASeM index declined by 12.05 per cent, while Oil & Gas (-1.54%) and the Lotus Islamic Index (-0.94%) ended the year in negative territory.

By year-end, the NGX hosted a total of 314 listed securities, spanning equities, exchange-traded funds (ETFs), index futures and bonds.

Market observers noted that July marked a key inflection point for the rally, following strong second-quarter earnings releases and renewed buying interest from pension fund administrators and retail investors.

As trading begins in 2026, investors are closely watching whether the Nigerian equities market can sustain its bullish momentum or whether profit-taking, evolving macroeconomic conditions and policy adjustments will usher in a more cautious phase for the market.