Nigeria’s stock market stumbled hard in November 2025, breaking a seven-month winning streak and posting its steepest monthly drop of the year. Yet, even as the broader market fell nearly 7%, a handful of equities powered through the downturn and delivered standout gains for investors. These top performers posted returns ranging from 241% to just over 3%, proving that momentum can flourish even in a bearish climate.
The All-Share Index opened November at 154,126.5 points but slumped to 143,520.5 points, with more than 11 billion shares traded. Market capitalization also shed value, sliding from ₦97.8 trillion to ₦91.28 trillion—its worst showing in 2025 and only the second monthly decline of the year. Despite this, quarter-to-date performance remained slightly positive at 0.57%, thanks largely to a few resilient stocks that bucked the trend.
NCR (Nigeria) Plc led the pack with one of the most dramatic surges seen on the Exchange this year. The stock rocketed 241.56% as upbeat nine-month earnings sharply reversed a prior-year pretax loss and sent investor sentiment soaring. From ₦16.00 at the start of the month, NCR closed at ₦54.65, logging gains every single trading week. Year-to-date, the stock is up an astonishing 1,354%.
Ikeja Hotel Plc claimed second place with a 60.90% leap, moving from ₦18.80 to ₦30.25 as the hospitality giant delivered strong revenue growth and a doubling of pretax profit. Most of the momentum came late in the month, with shares breaking above the ₦30 threshold for the first time.
Eunisell Interlinked Plc came in third with a 37.29% rise, extending a rally that has lasted since March. The stock climbed from ₦59 to ₦81 on the back of robust revenue from its oil and gas services arm, now the company’s dominant segment. The nine-month financials showed a 23% revenue jump, helping push its year-to-date return to 306.85%.
University Press Plc followed with a 19.05% gain, ending a three-month slide. The company posted stronger second-quarter revenue, driven largely by activity in Nigeria’s western region. Shares rose from ₦5.04 to ₦6.00, delivering a year-to-date return of 55.84%.
UAC of Nigeria Plc secured the fifth spot with an 18.65% rise, rebounding from months of declines. Investors reacted positively to its announcement of a ₦19.2 billion acquisition of CHI Limited from Coca-Cola, pushing the stock from ₦66.50 to ₦78.90. The approval of the deal by regulators fuelled additional momentum.
The sixth-best performer was eTranzact International Plc, which climbed 13.78% to ₦14.45 after recovering from October’s steep drop. Improved nine-month pretax earnings helped restore investor confidence.
Ellah Lakes Plc followed with a 6.95% rise to ₦13.85, boosted by its ₦235 billion equity raise launched mid-month. The aggressive capital expansion plan helped the stock edge closer to its August highs.
Legend Internet Plc took eighth place with a 6.46% increase, reversing a four-month losing streak and finishing at ₦5.60. A dividend declaration in late October likely encouraged renewed interest.
Aso Savings and Loans Plc ranked ninth with a 3.88% rise after the NGX lifted its long-running suspension in late October, pushing the stock from ₦1.03 to ₦1.07.
Rounding out the list was Jaiz Bank Plc at 3.33%. The stock closed at ₦4.65 after posting strong third-quarter results, including a 26% jump in nine-month profit.
Despite a bruising month for the overall market, these 10 stocks rewarded investors with resilience, momentum and—in some cases—outsized returns that sharply contrasted with the broader downturn.
