Nigeria’s equities market concluded the first half of 2026 with one of its most spectacular performances in history, despite a brutal correction in June. The NGX All-Share Index recorded a +46.8% year-to-date (YTD) return by June 30, closing at 229,419.18 points.
This impressive performance saw several stocks deliver triple-digit returns, creating significant wealth for investors. However, the market also exposed a sharp divide between winners and losers, with some stocks experiencing substantial declines.
H1 2026 Market Performance Overview
The NGX All-Share Index peaked at 252,508 points on May 13, 2026, marking an all-time high before the June correction erased over 20,400 points from the benchmark. The YTD return had reached +60.49% on May 26, 2026, when market capitalisation stood at N160.09 trillion.
The first quarter of 2026 alone delivered a 29.35% return, pushing the index past 200,000 points for the first time. Market capitalisation grew from N99.38 trillion at the end of 2025 to N129.2 trillion by the close of Q1.
Top Performing Stocks: Millionaire Makers
Aradel Holdings Plc led the charge among high-value stocks, with its share price rising 111.57% from N670 on January 2 to N1,417.50 per share by June 30. An investment of N1 million in Aradel would have yielded N2.11 million.
Seplat Energy Plc also delivered a strong performance, returning 95.6% as its unit price increased from N5,809.00 to N11,363.90 per share. Both Aradel and Seplat contributed significantly to the NGX Oil & Gas Index’s +90.2% increase YTD.
Among low-priced stocks, Fortis Global Insurance Plc posted an astounding +1,510% gain, climbing from 20 kobo on January 2 to N3.57 per share by June 30. An initial N100,000 investment would have grown to N1,610,000.
Zichis Agro Allied Plc, despite regulatory scrutiny, delivered +1,116.08% from its January 2026 listing price of N1.81, peaking at N31.00 in May before closing at N24.20 per share on June 30. Other notable low-priced gainers included SCOA Plc (+365.459% to N33.05), Union Dicon Salt Plc (+244% to N23.75), Berger Paints (+208% to N147.60), RT. Briscoe (+184.29% to N9.95), Red Star Express Plc (+182% to N24.55), and McNichols Plc (+160% to N8.50).
Additional outstanding stocks that delivered strong returns included CAP Plc (+154% to N175.10), Lafarge Africa (WAPCO) (+130.48% to N310.00), NCR Plc (+127% to N161.20), Airtel Africa (+111.22% to N4,794.60), UACN Plc (+103% to N185.00), and The Initiates Plc (TIP) (+103.01% to N27.00). Other significant gainers were Skyway Aviation Handling Company (+93.6% to N171.20), BUA Cement (+90.59% to N340.20), ABC Transport (+90.2% to N7.80), Jaiz Bank Plc (JAIZBANK) (+82.42% to N8.30), Zenith Bank (+77.99% to N110), Unilever Nigeria Plc (+75% to N126.00), Nestle Nigeria (+59.6% to N3,125.00), Presco Plc (+58.6% to N2,300.00), Dangote Cement (+58.13% to N963), and MTN Nigeria (+40.90% to N720.00).
Sectoral Performance and Divergence
The first half of 2026 witnessed a broad-based rally across most major indices. The NGX Oil and Gas Index led with a +90.2% return, rising from 2,670.24 to 5,079.06 points. The NGX Industrial Index followed with +79.0%, moving from 5,676.48 to 10,162.54 points.
Other strong performing indices included the NGX Lotus Islamic Index (+71.3% from 13,498.59 to 23,118.32 points), NGX Premium Index (+59.5% from 15,493.19 to 24,708.02 points), and NGX Growth Index (+53.8% from 27,776.22 to 42,705.74 points). The NGX Insurance Index was the sole major index in negative territory, declining -7.7% from 1,189.32 to 1,098.12 points.
Worst Performing Stocks in H1 2026
While many stocks soared, some faced significant downturns. UPDC Plc recorded the steepest H1 decline, falling -34.69% from N4.90 at the start of the year to N3.20 by June 30, hitting a 52-week low during the correction.
Other poor performers included United Capital Plc (UCAP), down -10.16% to N16.80, Caverton Offshore Support Group Plc (CAVERTON), down -9.26% to N4.90, and Transnational Corporation Plc (TRANSCORP), down -7.78% to N41.50. VFD Group Plc (VFDGROUP) also saw a -5% decline to N10.45.
Underlying Insights and Cautions
The small-cap momentum story, particularly with stocks like Fortis Global Insurance, requires caution. Fortis, despite posting a net loss of N1.69 billion and negative EPS of -N0.13, rallied 1,510%. This highlights a trend of retail money chasing inflation-beating returns and thin free floats amplifying buying pressure.
In contrast, Zichis Agro Allied's extraordinary run had some fundamental justification, with Q1 2026 pre-tax profit rising to N241.4 million from N30.5 million a year earlier, on a 256% revenue surge to N420 million. Analysts anticipate that Q2 2026 corporate earnings releases, expected from late July, will be a primary catalyst to restore buying conviction and establish a durable floor for the ongoing correction.
