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Fifteen companies listed on the Nigerian Exchange (NGX) have delivered returns of more than 100% in 2026, significantly outperforming the broader equities market despite the recent wave of profit-taking.
Data compiled by Nairametrics Research from NGX share-price, trading and financial information showed that the stocks recorded gains ranging from 101.94% to 365.49% between the beginning of the year and the August 14, 2026 market close.
Over the same period, the NGX All-Share Index gained 55.91%, meaning every stock in the top 15 beat the benchmark by at least 46 percentage points. The companies cut across 10 sectors, including banking, oil and gas, industrial goods, consumer goods and healthcare.
SCOA Leads the Pack With 365% Gain
At the top of the ranking is SCOA Nigeria Plc, whose share price jumped from N7.10 at the end of 2025 to N33.05 by August 14.
That represents a 365.49% year-to-date return, with the stock increasing about 4.65 times its opening price. Its 52-week range stood between N6.00 and N38.15.
SCOA reported N4.93 billion in H1 2026 revenue, a 47.39% increase from N3.34 billion a year earlier. However, profit after tax fell 54.67% to N147.93 million.
Despite the strong price appreciation, the stock recorded only eight trades involving 6,672 units on August 14, highlighting relatively limited trading activity.
Union Dicon Salt Records 244% Appreciation
Union Dicon Salt Plc ranked second, gaining 244.20% as its share price climbed from N6.90 to N23.75.
The August 14 closing price was also its 52-week high.
The company’s H1 2026 revenue stood at N13.01 million, while profit after tax swung sharply into a N8.37 billion loss, compared with a N35.67 billion profit in H1 2025.
The stock recorded seven trades and 20,164 units on the final trading day covered by the analysis.
R T Briscoe Gains 231%
R T Briscoe Plc delivered a 231.43% return, moving from N3.50 to N11.60.
Unlike some stocks in the ranking where share-price gains have outpaced earnings, Briscoe recorded substantial operational improvements.
Its H1 2026 revenue increased 50.70% to N24.60 billion, while profit after tax rose 140.95% to N801 million.
The company recorded 37 trades involving 509,892 units on August 14.
Berger Paints, Premier Paints Also Cross 200%
Two paint manufacturers also featured prominently.
Berger Paints Plc gained 207.50%, rising from N48 to N147.60. Its H1 revenue increased 13.36% to N10.35 billion, while profit after tax grew 33.35% to N1.25 billion.
Premier Paints Plc, meanwhile, returned 204%, with its share price climbing from N10 to N30.40.
However, Premier Paints recorded a contrasting financial performance. Although revenue increased 8.65% in H1 2026, the company posted an N8.07 million loss, compared with a N1.14 million profit in the corresponding period of 2025.
First HoldCo Leads Among Major Stocks
First HoldCo Plc recorded a 192.28% gain, with its share price rising from N47.90 to N140.
The stock’s performance was supported by a sharp improvement in earnings. Although H1 revenue declined slightly by 2.74% to N1.40 trillion, profit after tax surged 85.45% to N526.26 billion.
The company also recorded the highest number of trades among the 15 stocks on August 14, with 1,902 trades and 19.55 million units changing hands.
The rally has coincided with improving earnings and continued insider accumulation, including increased shareholding by Chairman Femi Otedola.
Airtel Africa Returns 177.53%
Airtel Africa Plc posted a 177.53% return, rising from N2,270 to N6,300.
The stock closed at its 52-week high on August 14.
The telecoms company reported H1 2026 revenue of $1.85 billion, up 31% year-on-year. Data revenue increased 36.5% to $750 million, while mobile-money revenue climbed 38.9% to $434 million.
EBITDA rose 36.6% to $928 million, while operating profit increased 40.7% to $627 million.
HBM Nigeria, Aradel and NCR Join Triple-Digit Winners
HBM Nigeria Plc, formerly Lafarge Africa, gained 148.33%, moving from N134.50 to N334.
Its H1 revenue increased 31.23% to N678.41 billion, while profit after tax rose 57.03% to N208.35 billion.
Aradel Holdings Plc returned 127.88%, despite trading below its 52-week peak after a mid-year correction. Revenue jumped 576.88% to N2.49 trillion, while profit increased 30.50% to N191.05 billion.
NCR Nigeria Plc gained 121.73%, with its share price rising from N72.70 to N161.20. Its H1 revenue increased 37.58% to N1.24 billion, while profit after tax more than tripled to N144 million.
Insurance and Consumer Stocks Complete the List
International Energy Insurance Plc returned 112.80%, while Vitafoam Nigeria Plc gained 110.87%.
Vitafoam’s H1 revenue grew 7.47% to N91.21 billion, while profit after tax increased 45.42% to N13.63 billion.
International Energy Insurance, however, recorded weaker fundamentals despite its share-price appreciation. H1 revenue fell 49.74% to N1.17 billion, while profit declined 70.53% to N160 million.
Red Star Express Plc gained 106.90%, with H1 revenue rising 21.92% to N6.45 billion and profit increasing 7.01% to N221 million.
Julius Berger Nigeria Plc returned 103.27%, although its H1 profit declined 14.70% to N6.06 billion despite a 23.62% increase in revenue.
Morison Industries Plc, with a 101.94% gain, completed the 15-stock ranking. Its revenue increased 21.42% to N274 million, but its H1 loss widened to N10.28 million.
Fortis Global Insurance Emerges as Extreme Outlier
Outside the 15-stock ranking, Fortis Global Insurance Plc recorded an extraordinary 1,215% year-to-date gain, far ahead of SCOA’s 365.49%.
The stock rose from N0.20 to N2.63, but its performance requires significant context.
Fortis reported H1 revenue of N1.55 billion, representing an increase of about 1,600%, but still recorded a N3.17 billion loss after tax.
The company also underwent a four-for-one share consolidation and resumed trading following a six-year suspension. Such a consolidation reduces the number of shares outstanding and mechanically increases the price per share without necessarily increasing the underlying value of the business.
Consequently, the 1,215% increase should not be interpreted simply as evidence of superior fundamental performance.
Share-Price Gains Do Not Always Mirror Earnings
The performance of the 15 stocks reveals a major distinction between market returns and business fundamentals.
While companies such as First HoldCo, Airtel Africa, HBM Nigeria, R T Briscoe and Berger Paints combined strong share-price performance with improving earnings, others posted significant market gains despite weaker or declining profitability.
The data also shows substantial differences in liquidity. Some of the biggest percentage gainers recorded relatively few transactions, while First HoldCo attracted heavy trading activity.
For investors and market observers, the figures therefore highlight not only the strength of selected NGX stocks in 2026, but also the importance of looking beyond headline price gains when assessing the underlying performance of individual companies.
