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Shares of MTN Nigeria Communications Plc (MTNN) recorded the highest return of 78.75 percent in the first half (H1) of 2025, outperforming seven others in the Premium Board league of eight companies.
The Premium Board of the Nigerian Exchange Limited (NGX) is the listing segment for the elite group of issuers that meet the Nigerian Exchange’s most stringent corporate governance and listing standards. The Board is a platform for showcasing companies who are industry leaders in their sectors.
While MTNN closed the H1 period at N357.50 per share, representing an increase of 78.75 percent since January, Zenith Bank stood at N56.95 per share, rising by 25.16 percent in the first half.
The share price of another elite stock, Lafarge Africa, stood at N87.20 on June 30, showing a 24.66 percent increase in H1. UBA, which stood at N35.40 in H1.25, was up by 4.12 percent in the review half-year to June 30.
The overall market’s return was +16.57 percent in the review half-year to June 30.
“NGX started slow, dipped in March, but rallied strongly by mid-year. The return to profitability in key sectors and reduced FX pressure have made Nigerian equities increasingly competitive in 2025,” said Bismarck Rewane-led Financial Derivatives Company (FDC) analysts in their July 2 presentation at the Lagos Business School (LBS) breakfast session.
Premium Board features companies that adhere to international best practices on corporate governance and meet NGX’s highest standards of capitalisation and liquidity.
A Premium Board listing gives a company access to a global pool of investors who are focused on companies managed in conformity with the highest standards in their target markets.
Further checks also revealed the major laggards in the Premium Board led by Dangote Cement, which stood at N440 per share as at June 30, was down mid-year by 8.10 percent.
It was followed by Access Holdings, which decreased by 7.34 percent in H1 to N22.10.
Also, First Holdco, which was N26 per share as at June 30, decreased by 7.31 percent in H1 of 2025, while Seplat Energy at N5,450 per share as at half-year to June 30 was down by 4.39 percent in the period.
Read also: MTN eyes slice of Nigeria’s $850m cloud market
Under review
Stock projections
In their second-half (H2) outlook, FDC said, “Investor sentiment will be driven by earnings performance, GDP growth, interest rate movement, dividend yields, regulatory shocks, and stock-specific events. Declining fixed income yields will prompt investors to flock to equities.”
Similarly, CardinalStone research analysts said in their mid-year economic outlook that “Nigerian equities remain favoured amid improving GDP forecasts, relative FX stability, and valuation upside.”
They noted that geopolitical and valuation concerns may push global exposure ‘in defensives.’
United Capital research analysts in their July 14 weekly stock recommendations asked investors to buy Access Holdings, sell Zenith Bank, and hold First Holdco and UBA. The analysts also asked investors to buy Dangote Cement and sell Lafarge Africa, urging them to to sell MTN and hold Seplat Energy.
Also, Futureview analysts, in their July 16 stock recommendation, urged investors to hold First Holdco and UBA, while selling Zenith Bank. Futureview analysts also believe that Dangote Cement is a stock to buy, while they urged investors to sell Lafarge Africa. The analysts also asked investors to sell MTN, favouring Seplat Energy as a stock to buy.
Iheanyi Nwachukwu
Iheanyi Nwachukwu, is a creative content writer with over 18 years journalism experience writing on banking, finance and capital markets. The multiple awards winning journalist is Assistant Editor, BusinessDay. Iheanyi holds BSc Degree in Economics from Imo State University; Master of Science (MSc) Degree in Management from University of Lagos.
Iheanyi has attended several work-related trainings including (i) Advanced Writing and Reporting Skills (Pan African University, Lagos); (ii) News Agency Journalism (Indian Institute of Mass Communication {IIMC}, New Delhi, India); and (iii) Capital Markets Development and Regulations (International Law Institute {ILI} of Georgetown University, Washington DC, USA).
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