Fast Moving Consumer Goods (FMCG) stocks have continued to post strong performances on the Nigerian Exchange (NGX), with five major players, including Dangote Sugar, National Salt Company (NASCON), Cadbury, Vitafoam and Unilever Nigeria, recording significant over 200 per cent year-to-date (YTD) gains at the end of yesterday’s transactions.
Data from the Nigerian Exchange Limited (NGX) as of yesterday, October 28, 2025, showed that these four firms have demonstrated remarkable recoveries in 2025, delivering 205 per cent returns to shareholders.
For instance, Dangote Sugar Refinery ended yesterday’s session at N64.55 per share. Having opened the year at N32.50, the stock has gained 98.6 per cent year-to-date.
This resurgence contrasts sharply with the financial challenges faced by the company in 2024, primarily due to significant foreign exchange losses.
At the commencement of the 2024 financial year, Dangote Sugar’s share price was N57.00. By the close of December 2024, the share price had declined to N32.50, reflecting a 43 per cent decrease.
This downturn was largely attributed to a foreign exchange loss of approximately N193.7 billion in the first half of 2024, a 133 per cent increase from the N83.1 billion loss in the same period in 2023. Despite a 50.8 per cent rise in revenue to N665.69 billion, the company reported a pre-tax loss of N270.89 billion for the year, a 149 per cent increase from the previous year.
However, 2025 has seen a remarkable turnaround. As of yesterday, Dangote Sugar’s share price surged to N64.55 kobo, nearly doubling from the N32.50 at the beginning of the year, marking a 98.6 per cent increase.
The company’s market capitalisation reached N784 billion by the end of trading yesterday, reflecting investor confidence and a positive outlook for the remainder of the year.
Similarly, NASCON began in January 2024 at a share price of N53. 75kobo and ended the 2024 financial year at N31.35 kobo.
However, the fortunes of the company turned around this year as the same company that reopened 2025 operations at a share price of N31.35 kobo, closed at N113.90 yesterday, October 28, 2025, representing a 263 per cent increase.
In the first half of 2025, NASCON reported a 222 per cent year-on-year growth in profit after tax to N15.6 billion, compared to N4.8 billion in the same period of 2024. Its revenue surged by 55 per cent to N78.2 billion, up from N50.4 billion in the prior-year period. In addition, the company’s gross profit increased by 70 per cent to N37.4 billion, despite a 43 per cent increase in the cost of sales.
Cadbury Nigeria Plc closed Tuesday’s trading session at N69.50 per share, maintaining its upward movement since the beginning of the year. The stock, which began the year at N21.50, has surged 223 per cent year-to-date, ranking 15th among the NGX’s top performers. Over the past four weeks, Cadbury shares have added another 10 per cent, placing it 29th in short-term performance on the exchange.
Unilever Nigeria closed trading at N74.00 per share, representing a 125 per cent rise from its opening price of N32.95 at the start of 2025. The company currently ranks 41st in YTD performance on the NGX.
Rounding out the top performers, Vitafoam Nigeria Plc recorded one of the strongest gains on the exchange, closing at N94.00 per share. The stock began the year at N23.00 and has since climbed 309 per cent, earning the 8th position among NGX’s best-performing equities. In the last four weeks alone, Vitafoam has added 19 per cent, ranking 11th for short-term performance.
The turnaround in the FMCG sector is a direct outcome of policy shifts that have helped stabilise the naira, ease FX pressures, and bolster investor sentiment across key consumer sectors.
Operators noted that the ripple effects of these policy shifts are beginning to permeate beyond stock valuations, influencing production planning, inventory management, and long-term capital investment strategies.
According to independent investor Amaechi Egbo, the recent rally in FMCG stocks is no coincidence.
“What we’re witnessing is a direct reflection of a more stable macroeconomic framework. The government’s resolve to maintain a unified exchange rate and address foreign exchange bottlenecks has restored investor confidence.
“For the first time in years, FMCG companies can plan their imports and manage costs with a degree of certainty. This has naturally translated into stronger stock market performance.”
Egbo added that while challenges such as inflation and energy costs persist, the outlook for the FMCG sector remains positive, provided the naira’s stability is sustained and policy consistency is maintained.
