Top 5 Sectors Powering the Nigerian Exchange in H1 2025

The first half of 2025 delivered strong returns for investors on the Nigerian Exchange (NGX). Investors put money into five key areas: farms, medicines, everyday goods, technology, and services, and enjoyed returns well above the market average. 

Big wins came from companies like Presco Plc, whose value more than doubled, and drug makers such as Neimeth and Fidson, which rose by over 180 percent. 

These results show that Nigeria’s economy is growing in its core industries, that people continue to purchase everyday products, and that its tech scene is expanding rapidly.

Here’s a closer look at the five best-performing sectors and the companies driving their gains.

1. Agriculture: +126.5% Growth

Although the NGX does not maintain a dedicated agriculture index, the five agribusinesses listed on the exchange posted a combined market-cap increase of 126.5% in H1 2025.

• Presco Plc soared 168%, lifting its market value from ₦475 billion to ₦1.275 trillion.
  
• Ellah Lakes Plc recorded a remarkable 239% rise.
  These surges reflect sustained expansion in Nigeria’s purchasing managers’ index (PMI), which reported eleven consecutive months of growth for the agriculture sector, underpinned by favourable weather and improving supply chains.

2. Healthcare: +71.6% Advance

The healthcare sector rallied 71.6%, fueled by strong performances among pharmaceutical manufacturers:

• Neimeth International Pharmaceuticals jumped 185% after signing new distribution partnerships.
  
• Fidson Healthcare climbed 184%, buoyed by robust sales of key drug lines.
  
• May & Baker Nigeria contributed a 65% gain, driven by margin improvements and cost efficiencies.
  Investor appetite for defensive, high-margin drug producers strengthened this sector’s outperformance amid broader market volatility.

3. Consumer Goods: +52.2% Rally

Consumer staples rebounded sharply, with the NGX Consumer Goods Index up 52.2% year-to-date.

• Honeywell Flour Mills led the pack, surging 241% as it returned to profitability through capacity upgrades and expanded product lines.
  
• Vitafoam Nigeria, Champion Breweries, and International Breweries all posted triple-digit returns, supported by stabilised input costs and renewed domestic demand.

4. Information Technology: +31.7% Climb

Nigeria’s tech bellwethers powered the IT sector to a 31.7% gain:

• MTN Nigeria vaulted 79%, its market cap swelling to around ₦7.5 trillion on the back of data-revenue growth and cost controls.
  
• Legend Internet’s February IPO added fresh capital, injecting ₦14.9 billion into the market and sending its share price higher.
  
• CWG Plc saw shares rise 64.3%, reflecting diversifying revenue streams beyond government contracts.

5. Services: +30.6% Advance

The broadly defined services sector, which encompasses transport, hospitality, logistics, and publishing, expanded by 30.6%.

• Caverton Offshore Support Group led with a 147% surge, benefiting from renewed oil-and-gas activity.
  
• NAHCO Plc (Nigerian Aviation Handling Co.) climbed 96% as international flights recovered.
  
• ABC Transport Plc nearly doubled its market cap on stronger route utilization.
  
• Transcorp Hotels added 23%, reflecting both leisure travel recovery and improved operational efficiencies.

What This Means for Investors

The dominant gains in agriculture and healthcare underscore a flight to sectors offering both growth and defensive characteristics. Consumer goods and services stocks also attracted capital as market confidence returned, while technology names continued to benefit from Nigeria’s digital-economy expansion.

As the NGX heads into H2 2025, investors may watch for:

• Sustained PMI readings in agriculture and manufacturing.
  
• Corporate earnings and margin trends in pharma and staples.
  
• Regulatory developments affecting telecoms and tech.
  
• Infrastructure spending to support logistics and transport operators.