No fewer than 40 listed equities on the Nigerian Exchange Limited (NGX) delivered spectacular triple-digit returns to investors in 2025, underscoring a year of strong wealth creation, despite tight monetary conditions and early-year risk aversion.

A review of stock market performance as at December 22, 2025 showed that the standout gainers significantly outpaced the NGX All-Share Index (ASI), which posted a robust year-to-date gain of 48.12 per cent, consolidating on its bullish run in 2024.

Leading the chart was NCR Nigeria, which emerged as the market’s biggest winner with an extraordinary 1,354 percent appreciation, reflecting renewed investor appetite for undervalued and fundamentally improving stocks. Beta Glass followed with a gain of 470.11 percent, while Mutual Benefits Assurance surged by 408.20 per cent, buoyed by strong sector sentiment and reform-driven optimism.

Champion Breweries recorded a 339.63 per cent increase, Eunisell Interlinked advanced by 315.15 percent, and Ellah Lakes gained 312.97 per cent. Other notable triple-digit performers include Guinness Nigeria (312.38 per cent), Vitafoam Nigeria (311.30 per cent), Sovereign Trust Insurance (255.36 per cent) and NASCON Allied Industries (254.07 percent).

The rally cut across sectors, with strong performances recorded in banking, consumer goods, insurance, industrials, agriculture, healthcare, energy and services. SCOA Nigeria rose by 244.66 per cent, while UPDC appreciated by 223.90 per cent. Presco gained 205.26 per cent, Ikeja Hotels climbed 203.11 per cent, and UACN advanced by 179.01 percent.

In the financial services space, Wema Bank rose by 108.89 per cent, AIICO Insurance gained 174.83 per cent, Custodian Investment advanced by 105.26 percent, NEM Insurance increased by 131.05 percent, while Nigerian Exchange Group climbed 134.31 percent.

Consumer and industrial names also featured prominently, with Cadbury Nigeria up by 177.21 per cent, Honeywell Flour Mills by 181.75 percent, International Breweries by 125.23 per cent, Nigerian Breweries by 148.44 percent, Nestlé Nigeria by 123.73 percent and Unilever Nigeria by 118.51 percent.

Telecoms and services stocks were not left out, as MTN Nigeria Communications rose by 165.85 percent, CWG advanced by 144.16 percent, ABC Transport gained 156.01 per cent, Academy Press rose by 143.33 percent, Caverton Offshore Support Group added 128.45 percent, while aviation handlers NAHCO and SAHCO climbed 137.79 percent and 164.42 percent respectively.

Market analysts attributed the strong performance to a combination of improving corporate fundamentals, dividend payouts, better currency stability and aggressive bargain hunting as the year progressed. According to analysts, trading activities were initially subdued as investors rotated into fixed-income securities attracted by elevated yields amid tight monetary conditions.

“Sentiment improved significantly in the second half of the year, supported by robust earnings releases, dividend declarations and renewed confidence in fundamentally sound stocks,” analysts said.

Afrinvest Limited noted that 2025 recorded strong market participation, characterised by sustained bullish sentiment, albeit with intermittent profit-taking. The firm said reform-driven developments, policy implementation and growing investor awareness collectively drove higher trading volumes.

The research firm identified July as the peak of market activity, with volumes surging on the back of strong earnings and heightened interest in insurance stocks following the signing of the Nigerian Insurance Industry Reform Act (NIIRA) 2025. Trading activity also picked up in September amid renewed optimism across key sectors.

Looking ahead, Afrinvest projected a constructive outlook for 2026, forecasting a 40.9 per cent gain in the NGX-ASI under its base-case scenario.

The firm cited expectations of price and naira stability, gradual monetary policy easing, improved earnings, pre-election liquidity and aggressive capital mobilisation by insurance companies and pension fund administrators as key drivers.

However, it cautioned that upside risks would depend on sharper disinflation and stronger foreign exchange inflows, while downside risks include renewed inflationary pressures, FX volatility, weak foreign participation and delays in anticipated major listings.

As 2025 draws to a close, the Nigerian equities market has reaffirmed its capacity to deliver outsized returns, rewarding patient investors who stayed the course amid volatility.

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