Reported by Tahir Ishaq Shehu
Consumer goods companies took center stage on the Nigerian Exchange (NGX) in the first half of 2025, delivering some of the most remarkable equity performances seen in recent years. Driven by a wave of earnings recoveries, stable macroeconomic trends, and renewed investor confidence, the NGX Consumer Goods Index surged 52.21% in H1, far outpacing the broader All-Share Index, which posted a 16.57% gain.
At the forefront of this rally were Honeywell Flour Mills Plc and Vitafoam Nigeria Plc, both of which recorded share price gains of over 200%, setting the tone for an outstanding half-year for the sector.
Top 10 Consumer Goods Stocks by Share Price Gains – H1 2025
Rank Company Share Price Gain (%)
1 Honeywell Flour Mills Plc 218.5%
2 Vitafoam Nigeria Plc 217.6%
3 International Breweries Plc 167.3%
4 Champion Breweries Plc 162.5%
5 Northern Nigerian Flour Mills Plc 146.0%
6 NASCON Allied Industries Plc 136.7%
7 Cadbury Nigeria Plc 93.0%
8 Nigerian Breweries Plc 84.4%
9 Nestlé Nigeria Plc 65.7%
10 PZ Cussons Nigeria Plc 56.4%
Sector Standouts
Honeywell Flour Mills Plc, the best-performing stock in the sector, saw its share price rally from approximately ₦6.75 to ₦21.50, reflecting a 218.5% increase. The company’s turnaround from a loss of ₦8.83 billion in 2024 to a pre-tax profit of ₦12.28 billion in the nine-month period ending March 2025 was instrumental in driving investor interest.
Vitafoam Nigeria Plc matched that momentum, soaring 217.6% in six months. The company reported a ₦4.4 billion pre-tax profit in H1 2025, up from a loss in the previous year. Analysts also cited the firm’s low price-to-earnings (P/E) ratio and strong fundamentals as key catalysts.
In the brewery sub-sector, International Breweries Plc and Champion Breweries Plc gained 167.3% and 162.5%, respectively, amid rising demand and cost rationalization. Nigerian Breweries Plc and Cadbury Nigeria Plc also enjoyed double-digit growth on the back of improved quarterly earnings and operational efficiencies.
NASCON Allied Industries Plc and Northern Nigerian Flour Mills Plc similarly attracted attention for their robust balance sheets and strategic market positioning, with share price increases of 136.7% and 146.0%, respectively.
Why the Sector Is Booming
The surge in consumer goods stocks is underpinned by multiple macroeconomic tailwinds:
Stabilized FX rates, which eased pressure on import-heavy manufacturers.
Declining inflation, improving purchasing power and boosting consumption.
Solid earnings performance, with many firms swinging back to profitability.
Investor rotation into non-oil growth sectors with predictable cash flows.
According to analysts, the sector benefited from improved market sentiment, and more investors are now looking beyond oil and banking stocks for mid-to-long-term value.
Outlook for H2 2025
While the first half of the year delivered outsized gains, market watchers remain cautiously optimistic. Earnings reports for Q3 and Q4 will likely dictate the sustainability of this rally. However, with macroeconomic conditions showing signs of resilience, many believe consumer goods stocks will continue to play a critical role in portfolio diversification strategies.