There are months when the market feels like it’s drifting through calm waters, barely making a ripple. And then there are months—like November 2025—when everything seems to shake at once. The Nigerian equities market lost altitude, no doubt about that, posting a 6.88% decline and breaking a seven-month stretch of upward momentum. The All-Share Index slid from 154,126.5 to 143,520.5 points, pushing the market’s total value from N97.8 trillion down to N91.28 trillion. It wasn’t a pretty sight.
Yet markets behave in curious ways. Even in seasons of red candles and uneasy sentiment, a handful of companies quietly write a different story. They push ahead, almost stubbornly, sustained by fundamentals, liquidity, sentiment, or sometimes, plain-old market psychology.
This feature walks through the top performers—one by one—but with a broader lens: what their movements say about investor behaviour, sector patterns, and Nigeria’s ever-evolving corporate landscape. Let’s get right into it.
10. Jaiz Bank (3.33%): A Quiet, Steady Climb
Jaiz Bank didn’t roar; it paced itself. The stock opened the month at N4.50 and edged up to N4.65, delivering a calm 3.33% rise. It’s the kind of performance you might overlook if you’re hunting for fireworks, but sometimes consistency says more about a company’s internal engine than the month-by-month swings.
What helped? Strong third-quarter numbers certainly soothed nerves. With profit before tax hitting N8.5 billion and nine-month profit reaching N23.2 billion—up 26.19% year-on-year—investors saw enough to keep the faith. Revenue from financing and investments also climbed sharply. In a month when the market seemed rattled, Jaiz’s return of 56.7% year-to-date felt like a reassuring whisper: stability is still possible.
9. Aso Savings and Loans (3.88%): Back From the Shadows
If November had a comeback narrative, Aso Savings and Loans would be in the running. After the NGX lifted a long-standing trading suspension in late October, interest surged. Although the equity stumbled in the first week—dropping below N1—it bounced back with surprising energy, ending the month at N1.07.
A 3.88% gain may look tame, but when you remember the stock had posted 106% in October, you begin to see the story differently. Investors were still calibrating sentiment, and the volatility reflected a marketplace trying to rediscover confidence in a stock that disappeared from the charts for over eight years. Year-to-date, the stock sits at a hefty 114%, making its renaissance one of the more unusual plot twists on the exchange.
8. Legend Internet (6.46%): Dividend-Fueled Revival
Legend Internet found its footing again after four straight months of decline. Shares began at N5.26 and recovered to N5.60, lifted partly by a dividend declaration that acted like a signal flare in a foggy market.
The company’s distribution of 6 kobo per share—84% payout ratio—sent the message that management remained confident about its cash position. And confidence, especially in technology-focused companies on the NGX, often carries weight. The stock isn’t quite back at its April 2024 listing price of N6.20, but it’s close enough that traders can sense a possible reset forming.
7. Ellah Lakes (6.95%): Riding Agribusiness Momentum
Agriculture doesn’t always command headlines, yet Ellah Lakes managed to capture attention with a 6.95% rise. Starting at N12.95 and closing at N13.85, the company recorded steady gains across most weeks of November.
A big part of the enthusiasm came from its public offer extension to December 19, 2025—a sign of strong subscription interest. The company’s shift toward palm oil and cassava operations also appeared to strengthen its revenue base. And with a year-to-date performance of 333%, you can hardly blame investors who treat Ellah Lakes as one of the few bright lights in agriculture-focused listed companies.
6. eTranzact International (13.78%): Riding the Payments Wave
The payments ecosystem in Nigeria tends to reward agility, and eTranzact showed plenty of that in November. The stock rose from N12.35 to N14.05—a 13.78% boost—backed by strong earnings and efficiency gains.
Earnings per share rose from N0.24 to N0.37, and the company declared a final dividend, which often helps investors stay patient during market turbulence. Digital payments remain one of Nigeria’s fastest-growing subsectors, driven by large-scale retail activity, fintech expansion, and shifting consumer preferences. With a 115% year-to-date return, eTranzact continues to show it understands the terrain.
5. UACN (18.65%): A Conglomerate Reimagining Itself
UACN’s November almost looked like two different months stitched together. Early on, shares nearly fell below N60. But once traders caught wind of the company’s acquisition of CHI Limited from Coca-Cola—valued at N19.2 billion—the tide turned fast.
By the month’s close, the stock had surged to N78.90, securing an 18.65% leap.
The acquisition, now approved by the FCCPC, places CHI’s major juice and dairy brands under the UACN umbrella. It’s a strategic move with long-term implications: expanded product lines, deeper distribution networks, and more negotiating power with retailers. Unsurprisingly, the stock has soared 207.79% year-to-date. Investors love a conglomerate with a clear growth map.
4. University Press (19.05%): Stability in an Unlikely Corner
Publishing stocks rarely generate buzz, yet University Press delivered a surprisingly strong 19.05% gain. From N5.04 to N6.00, the stock pushed against three months of declines.
The biggest lift came mid-month when the stock posted a 17% rise in one week. Revenue for the quarter rose modestly to N2.4 billion, driven largely by performance in southwestern Nigeria—an encouraging sign that demand for educational materials remains resilient in a digital-leaning world.
Year-to-date returns stand at 55.84%, proving that even traditional sectors can find momentum when fundamentals stay firm.
3. Eunisell Interlinked (37.29%): Oil and Gas Demand Reshaping Strategy
Eunisell Interlinked continued a remarkable nine-month upward run with a 37.29% gain in November. Starting at N59 and closing at N81, the stock’s climb reflected strong investor confidence in its repositioning toward oil and gas services.
Revenue for the year ending September rose 23.4%, driven by the company’s pivot away from power-related products. With 83.7% of revenue now sourced from oil and gas services, the company appears to have found a segment where demand remains strong and relatively predictable. The result? A massive year-to-date return of 306.85%.
2. Ikeja Hotel (60.90%): A Hospitality Surge
Few expected hospitality to deliver one of the month’s biggest surprises, but Ikeja Hotel recorded an extraordinary 60.90% rise. The stock hit N30.25 after opening at N18.80—a psychological milestone for traders who watched it flirt with that level for months.
The real acceleration came in the last two weeks, with a 45% jump driven by strong nine-month results: N18.5 billion in revenue and N7.3 billion in pretax earnings. With Nigeria’s domestic travel and events sector rebounding, hotel operators are finally tasting the recovery they waited years to see. Ikeja Hotel now sits at a 176.44% year-to-date gain.
1. NCR (Nigeria) (241.56%): A Blistering Performance at the Top
NCR Nigeria wasn’t just the best performer—it was in a league of its own. The stock jumped from N16.00 to N54.65, rising 241.56% in a single month. Every week posted gains, with the third week delivering a stunning leap of over 60%.
The catalyst? A dramatic reversal in financial performance. The company swung from a pretax loss of N2.6 billion in 2024 to a pretax profit of N237.9 million in 2025, thanks largely to aggressive cost control—especially the reduction of administrative expenses tied to currency losses.
With a 1,354% year-to-date return, NCR has become one of the most astonishing equity stories in the Nigerian market—an example of how balance sheet repair can change a company’s destiny almost overnight.
