News in brief:
– Presco, Ellah Lakes, and BUA Foods led gains on the NGX last week, boosting investor optimism in the agriculture sector.
– Meanwhile, several food companies posted losses, reflecting a mixed performance across the board.
Presco and Okomu Oil, Nigeria’s leading palm oil producers, continued their impressive performance on the Nigerian Exchange (NGX) last week.
Presco recorded an 11.68% surge in its stock value, bringing its year-to-date gain to an impressive 123.18%. This outstanding performance has rewarded stakeholders handsomely as the company’s revenue continues to climb.
Not to be outdone, rival Okomu Oil posted a 4.62% rise for the week. Its share price has risen from ₦444 at the start of 2025 to ₦680 by mid-year, reflecting sustained investor confidence.
However, the standout performer in this category was Ellah Lakes, which recorded a 23.09% jump, making it the top gainer in terms of value added. The company’s stock has now increased by over 74% since the beginning of the year, signalling a potential turnaround after a lacklustre 2024.
In contrast, Livestock Feeds experienced a drop in its stock price and appears on track to be the worst-performing agriculture stock on the NGX this second quarter. Despite a strong start, significant declines in June have pushed its value below its opening level for the quarter.
Food companies fared even worse. Northern Nigeria Flour Mills posted a 17.19% decline last week, marking its third consecutive weekly loss. Honeywell Allied Industries, Dangote Sugar Refinery, and Cadbury Nigeria also recorded losses during the same trading period.
Meanwhile, BUA Foods continued to stand out, gaining 4.58% and maintaining its status as the most resilient investment among its peers. The company has now achieved 12 straight weeks without a loss—an exceptional feat in the current market climate.
Nascon Allied Industries was the only other food processor to post gains last week, rising 4.22% to close at ₦63. This represents a gain of over 100% compared to its opening price in 2025, positioning it as one of the top performers in the first half of the year.
Nestlé Nigeria and Union Dicon Salt saw no changes in their share prices, though Union Dicon successfully halted the downward slide it had experienced since May.
While the broader agriculture and food sector on the NGX delivered mixed results, standout performers like Presco, Ellah Lakes, and BUA Foods have injected optimism into the market. As the second half of the year begins, all eyes will be on whether these strong performers can maintain momentum and whether underperforming stocks can stage a recovery.
