Consumer Goods Index Shines Bright as NGX’s Star Performer in 2025
The Nigerian Exchange Limited (NGX) has seen one sector rise above all others in 2025: Consumer Goods. Driven by soaring demand for companies like BUA Foods, Champion Breweries, Honeywell Flour Mills, and Vitafoam Nigeria, the Consumer Goods Index emerged as the best performing indicator in the first eight months of the year.
Performance Highlights
• The NGX Consumer Goods Index surged 84.24% Year-to-Date (YtD), dwarfing the broader NGX benchmark index, which gained 36.31% YtD.
• By contrast, the Oil & Gas Index (+12.19% YtD) and ASeM Index (+2.88% YtD) were the worst performers.
This resilience has been fueled by investor rotation into defensive and growth stocks, especially in periods of market volatility.
Sector Champions
BUA Foods Plc
• Market capitalization hit ₦10.62 trillion as of August 29, 2025, making it the largest listed company on NGX.
• Stock price climbed 42.2% YtD, from ₦415 to ₦590 per share.
• Strong Q1 and H1 earnings reflected the positive impact of reforms, including FX liberalisation and subsidy removal.
Champion Breweries Plc
• Biggest gainer with a stunning 354.07% rise, from ₦3.81 in Dec 2024 to ₦17.30 per share in Aug 2025.
• Posted a ₦2.29 billion profit after tax (PAT) in H1 2025, reversing a ₦387 million loss in H1 2024.
• No FX losses recorded in H1 2025 (compared to ₦910 million FX loss in H1 2024).
• Finance income of ₦140 million further boosted the bottom line.
Honeywell Flour Mills Plc
• Stock soared 257.94%, closing at ₦22.55 per share in Aug 2025, up from ₦6.30 in Dec 2024.
• Revenue jumped 123% YoY to ₦277.06 billion (9M 2025), surpassing 2024’s full-year revenue of ₦188 billion.
• Swung from ₦8.83 billion loss to ₦12.28 billion pre-tax profit.
• FX losses reduced sharply from ₦25 billion (2024) to ₦8.56 billion (2025).
• Lower finance costs unlocked ₦27 billion in operating profit.
Vitafoam Nigeria Plc ️
• Share price jumped 256.1%, from ₦23.00 in 2024 to ₦81.90 in Aug 2025.
• Revenue rose to ₦84.87 billion (9M 2025), up from ₦60.49 billion in 2024.
• Posted ₦8.72 billion profit, compared to a ₦3.29 billion loss last year.
• Dividend declaration further boosted investor sentiment.
Analysts’ Insights
• David Adnori, VP Highcap Securities: Growth is driven by massive interest in food & beverage giants like BUA Foods, Nestlé Nigeria, Nigerian Breweries, and Cadbury. He expects price-sensitive information to keep shaping stock movements.
• Cordros Securities: Recommends BUY for most Consumer Goods stocks, citing:
• Essential nature of products
• Ability to pass on price hikes effectively
• Strong market share and resilient consumer demand
• Afrinvest (Brewery Sector Update 2025):
• Predicts stronger profitability driven by premiumisation strategies, Gen-Z innovation, supply chain decarbonisation, and strategic M&A activity.
• Cordros Capital on Nigerian Breweries:
• Performance boosted by FX stability, 2024 rights issue proceeds, and ongoing process optimisation.
✨ Bottom Line
The Consumer Goods Index has become NGX’s powerhouse of growth in 2025, fuelled by soaring demand, strong corporate earnings, and investor confidence. With reforms stabilising FX markets and companies delivering record-breaking profits, analysts believe the sector is poised to remain resilient and may continue outperforming the market in the months ahead.
The Nigerian Exchange Limited (NGX) has seen one sector rise above all others in 2025: Consumer Goods. Driven by soaring demand for companies like BUA Foods, Champion Breweries, Honeywell Flour Mills, and Vitafoam Nigeria, the Consumer Goods Index emerged as the best performing indicator in the first eight months of the year.
Performance Highlights
• The NGX Consumer Goods Index surged 84.24% Year-to-Date (YtD), dwarfing the broader NGX benchmark index, which gained 36.31% YtD.
• By contrast, the Oil & Gas Index (+12.19% YtD) and ASeM Index (+2.88% YtD) were the worst performers.
This resilience has been fueled by investor rotation into defensive and growth stocks, especially in periods of market volatility.
Sector Champions
BUA Foods Plc
• Market capitalization hit ₦10.62 trillion as of August 29, 2025, making it the largest listed company on NGX.
• Stock price climbed 42.2% YtD, from ₦415 to ₦590 per share.
• Strong Q1 and H1 earnings reflected the positive impact of reforms, including FX liberalisation and subsidy removal.
Champion Breweries Plc
• Biggest gainer with a stunning 354.07% rise, from ₦3.81 in Dec 2024 to ₦17.30 per share in Aug 2025.
• Posted a ₦2.29 billion profit after tax (PAT) in H1 2025, reversing a ₦387 million loss in H1 2024.
• No FX losses recorded in H1 2025 (compared to ₦910 million FX loss in H1 2024).
• Finance income of ₦140 million further boosted the bottom line.
Honeywell Flour Mills Plc
• Stock soared 257.94%, closing at ₦22.55 per share in Aug 2025, up from ₦6.30 in Dec 2024.
• Revenue jumped 123% YoY to ₦277.06 billion (9M 2025), surpassing 2024’s full-year revenue of ₦188 billion.
• Swung from ₦8.83 billion loss to ₦12.28 billion pre-tax profit.
• FX losses reduced sharply from ₦25 billion (2024) to ₦8.56 billion (2025).
• Lower finance costs unlocked ₦27 billion in operating profit.
Vitafoam Nigeria Plc ️
• Share price jumped 256.1%, from ₦23.00 in 2024 to ₦81.90 in Aug 2025.
• Revenue rose to ₦84.87 billion (9M 2025), up from ₦60.49 billion in 2024.
• Posted ₦8.72 billion profit, compared to a ₦3.29 billion loss last year.
• Dividend declaration further boosted investor sentiment.
Analysts’ Insights
• David Adnori, VP Highcap Securities: Growth is driven by massive interest in food & beverage giants like BUA Foods, Nestlé Nigeria, Nigerian Breweries, and Cadbury. He expects price-sensitive information to keep shaping stock movements.
• Cordros Securities: Recommends BUY for most Consumer Goods stocks, citing:
• Essential nature of products
• Ability to pass on price hikes effectively
• Strong market share and resilient consumer demand
• Afrinvest (Brewery Sector Update 2025):
• Predicts stronger profitability driven by premiumisation strategies, Gen-Z innovation, supply chain decarbonisation, and strategic M&A activity.
• Cordros Capital on Nigerian Breweries:
• Performance boosted by FX stability, 2024 rights issue proceeds, and ongoing process optimisation.
✨ Bottom Line
The Consumer Goods Index has become NGX’s powerhouse of growth in 2025, fuelled by soaring demand, strong corporate earnings, and investor confidence. With reforms stabilising FX markets and companies delivering record-breaking profits, analysts believe the sector is poised to remain resilient and may continue outperforming the market in the months ahead.