Food Stocks Outshine Agriculture Equities on NGX in Q3 2025

Agriculture-related equities on the Nigerian Exchange (NGX) closed mixed last week, with food and allied companies providing a lift despite weakness in core farm-focused stocks.

Weekly Performance (September 15–19, 2025)

Agricultural producers such as Ellah Lakes Plc and FTN Cocoa Processors Plc recorded declines of 4.06% and 3.23% respectively. Meanwhile, Okomu Oil Palm Plc, Presco Plc, and Livestock Feeds Plc traded flat with no price movement at the end of the period.

In contrast, the food and allied segment delivered strong performances. Northern Nigeria Flour Mills (NNFM) surged 8.33%, Cadbury Nigeria Plc gained 7.48%, and BUA Foods Plc rose 6.73% to lead the week’s gainers. Dangote Sugar Refinery Plc also inched up by 0.25%, while Nestlé Nigeria Plc and Union Dicon Salt Plc closed unchanged.

Losses were recorded in Honeywell Flour Mills Plc, which shed 3.91%, and NASCON Allied Industries Plc, down 0.41%. Flour Mills of Nigeria Plc did not record trade activity during the week.

Q3 Performance to Date

The broader picture in the third quarter of the year shows diverging fortunes across the agriculture and food value chain.

Agricultural producers have struggled to maintain momentum. Ellah Lakes, for example, has experienced sharp swings, rising strongly in July before giving back much of those gains in August and September. However, it remains modestly ahead for the quarter. FTN Cocoa also delivered significant early gains but has since cooled, erasing part of its rally. Okomu Oil rose steadily in July and August before flattening at ₦1,020, while Presco spiked by more than 22% in mid-July only to settle back at ₦1,480, where it has held steady for weeks. Livestock Feeds has traded in a wide range throughout the quarter, swinging between gains and losses before ending September largely flat.

Food and Allied Sector Trends

The food and allied companies, however, tell a different story. BUA Foods has been the standout, climbing nearly 37% over the quarter, a reflection of strong investor demand for consumer staples. Dangote Sugar showed mixed movement, rallying in July before retreating in recent weeks, but it still sits ahead of its Q3 opening. Honeywell Flour remains pressured, as losses gradually eroded early advances through August and September. NASCON Allied Industries has delivered consistent upward momentum, with a more than 7% rise quarter-to-date after earlier double-digit gains.

Northern Nigeria Flour Mills, in contrast, has been weighed down by persistent selling pressure, losing nearly 20% from its July levels. Union Dicon Salt experienced sharp volatility, recording double-digit gains in the middle of the quarter before sliding back in September. Cadbury Nigeria rallied strongly in July, rising more than 20%, though fluctuations have marked subsequent weeks. Meanwhile, Nestlé Nigeria surged by 20% earlier in the quarter and has largely consolidated around those levels, showing resilience despite a slight dip in September.

Outlook

Overall, while traditional agriculture stocks showed muted activity, investor sentiment was stronger in the food processing sector, underscoring continued demand for consumer staples and value-added products.