July, 2025 | Lagos
The Nigerian Exchange (NGX) closed the first half of 2025 with a moderate year-to-date return of 16.57%, reflecting a slower growth trajectory compared to the 33.81% surge posted during the same period in 2024.
While the overall market growth decelerated, several individual equities defied the broader trend, recording triple-digit returns and reinforcing investors’ appetite for turnaround prospects, high-growth ventures, and speculative plays.
Analysts attribute the tempered pace of market-wide growth to a mix of macroeconomic headwinds, tighter monetary policy, and profit-taking on earlier gains. However, they noted that investor sentiment remained optimistic in select sectors, particularly fintech, industrials, and alternative energy.
“These high-flyers demonstrate the depth of opportunities in the Nigerian capital market, especially for investors who can identify undervalued or growth-driven companies early,” said Bola Adebayo, a market analyst with Abacus Investments.
The top 10 performing stocks in the first half of 2025—ranked by share price appreciation—served as major contributors to the NGX’s resilience, even as broader indices cooled off. These outperformers captured interest from both retail and institutional investors, underlining a shift toward value-hunting in a volatile economic environment.
Market observers anticipate that the second half of 2025 will hinge on evolving economic indicators, exchange rate stability, and the Central Bank’s policy direction. Investors are advised to stay cautious yet agile as market dynamics unfold.