Santa Came Early For Owners of Beta Glass, Ellah Lakes, Champion as They Lead NGX With 300%+ Gains

The “Santa Rally” on the Nigerian Exchange (NGX) has indeed arrived early for investors, with the market minting millionaires through a broad-based rally in “old-economy” and industrial stocks.

While the NGX All-Share Index (ASI) has posted a strong 48.99% YTD gain as of December 23, 2025, a select group of stocks including Beta Glass, Champion Breweries, and Ellah Lakes have far outpaced the benchmark, delivering massive triple-digit returns.

Beta Glass, Ellah Lakes, and Champion Breweries, have year to date returns of 470.10 percent, 312.97 percent, and 310.76 percent respectively, outperforming the NGXSI index, according to data compiled by MoneyCentral.

Other top performers are NCR Plc, Mutual Benefit, The Initiatives (TIP) Plc, Vitafoam Nigeria Plc, Chellaram Plc, and SCOA Nigeria Plc, with YTD gains of 1,354.0 percent, 419.67 percent, 404 percent, 311.30 percent, 256.76 percent, and 244.66 percent respectively.

The NGXASI Index is up 48.99 percent year-to-date (YTD) as of December 23, 2025.

Relative stability in the foreign exchange market, the removal of subsidy on fuel and transition to a flexible exchange rate regime have strengthened investors’ confidence in the equity market.

The National Bureau of Statistics (NBS) released the GDP report for the third quarter (Q3) of 2025, which indicated that the Nigerian economy expanded by 3.98 percent year-on-year YoY (vs 4.23 year on year (YoY) recorded in Q2’25).

Nigeria’s headline inflation rate slows to 16.05 percent in October 2025 from 18.02 percent in September 2025 for the seventh straight month.

The yield on Nigeria 10Y Bond Yield held steady at 16.76 percent on December 10, 2025. Over the past month, the yield has edged up by 1.18 points, though it remains 4.40 points lower than a year ago, according to over-the-counter interbank yield quotes for this government bond maturity.

There were corporate stories behind the stock market swings as some firms implemented corporate structuring while others tapped the equity and debt market to strengthen their balance sheet and withstand the macro shocks.

Beta Glass’s market rally was fueled by record revenue of ₦152.0 billion and a 227.0 percent profit spike as this growth was sustained by a transition to solar power,

Investors have specifically rewarded their move toward sustainability, including a massive solar power installation at their Agbara facility which has shielded margins from rising grid energy costs.

The performance of Mutual Benefit was ignited by the NGX lifting a long standing trading suspension in March 2025, followed by a jump in probability to N14.30 billion.

“The company’s successful navigation of the new IFRS 17 standards and improved transparency were the primary catalysts for this massive re-rating,” said analysts at Afrinvest Securities.

Tolaram Group acquired 58 percent stake in Guinness Nigeria for a consideration of N104 billion, which shows the resilience of Asia firms in the country.

UACN has deposited N19.2bn in escrow toward the acquisition of CHI Limited (makers of Chivita & Hollandia), with regulatory approval received, significantly expanding its FMCG footprint.

After years of being a “quiet” stock, Ellah Lakes exploded in 2025. The company’s ₦235 billion public offer and its acquisition of over 11,000 hectares of cultivated land have positioned it as a national champion in the oil palm and cassava value chains. The market is currently pricing in the “harvest phase” of its long-term transformation as part of its next phase of expansion and value creation..

Champion Breweries is acquiring the brand assets of Bullet, Nigeria’s leading Ready-to-Drink (RTD) alcoholic and energy beverage. This moves the company beyond regional lager into the high-margin, high-growth RTD segment popular with younger consumers.

The Brewer also benefited from a rotation back into consumer goods. As inflationary pressures began to show signs of peaking in mid-2025, speculators and institutional investors piled into the brewery, betting on its lean operations and strategic importance in the regional beverage market.

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