NGX industrial stocks rises as Berger Paints, CAP lead 80% YTD rally

Nigeria’s industrial goods stocks have remained one of the strongest-performing sectoral gauges on the Nigerian Exchange, with gains driven largely by heavyweight cement makers and renewed interest in smaller building materials stocks.

The index surged to over 10,202 points, gaming over 180.89 percent in last year and 80 percent year-to-date, underscoring the sector’s strong momentum.

A BusinessDay analysis of major industrial stocks shows that out of ten companies, seven have delivered positive returns Year-to-date (YTD) from January 2nd to June 24, with only Cutix, Tripple Gee and Austin Laz posting losses.

Berger Paints emerges top performer
Berger Paints Plc has emerged as the best-performing industrial stock year-to-date after its share price surged 207.5 percent year-to-date from N48 at the beginning of the year to N147.60 in June 24, lifting its market value to N42.8 billion.

The rally places the paints manufacturer ahead of Chemical and Allied Products (CAP), whose stock has risen 153.8 percent YTD to N175.10, giving the company a market capitalisation of N142.7 billion.

HBM Nigeria Plc, formerly Lafarge Africa, recorded a 136 percent appreciation in share price to N317.40, pushing its market value to N5.1 trillion. Investors have continued to reward the cement maker following its rebranding and improving earnings profile.

Despite recording smaller percentage gains compared with some mid-cap stocks, the sector’s largest companies continue to account for the bulk of investor wealth.

Dangote Cement, Nigeria’s fourth valuable listed company, has seen its share price rise 75.7 percent YTD from N609 to N963, bringing its market capitalisation to N16.2 trillion.

BUA Cement has performed even better, with its stock advancing 111.8 percent to N340.20 and pushing its valuation to N11.5 trillion.

Together, Dangote Cement, BUA Cement and HBM Nigeria account for about N32.8 trillion in market capitalisation, underscoring the dominance of the cement industry within the industrial sector.

Beta Glass has also posted a strong performance, gaining 52.1 percent to N562.80 and lifting its market value to N337.7 billion, while Meyer Plc appreciated by 59.1 percent to N20.60.

Laggards struggle to keep pace

Not all industrial stocks have participated in the rally.

Austin Laz & Company Plc is the worst-performing stock in the sector, declining 24.6 percent from N4.25 to N3.52 despite maintaining a market capitalisation of N3.8 billion.

Tripple Gee and Company recorded a decline of 16.5 percent to N3.69, while retaining a market value of N3.7 billion.

Cutix Plc also slipped 6.8 percent to N2.90, making it the second laggard in the sector.

Industrial stocks remain market favourites
Analysts attribute the strong performance of industrial counters to expectations of stronger earnings, improving macroeconomic sentiment and increased positioning in manufacturing companies that stand to benefit from infrastructure development and housing demand.

The NGX Industrial Goods Index has consistently ranked among the best-performing sectoral indices this year, supported by rallies in Dangote Cement, BUA Cement and a resurgence in smaller building materials companies.

With the broader market capitalisation now at N149.9 trillion after experiencing a 2.35 percent daily drop on the Nigerian Exchange on Wednesday, June 24 represents the largest single-day decline in June 2026 and one of the steepest single-day contractions of the year.

Driven by a mix of institutional profit-taking and investor sentiment recalibration, the Nigerian equity market weakened on Wednesday, with the All-Share Index year-to-date (YtD) return declining to 51.06 percent, falling below its 2025 record return of 51.19 percent.