Some NGX-listed companies have delivered gains of more than 200% in 2026.
Fortis Global Insurance led the pack with a reported 1,215% year-to-date increase as of August 14.
The biggest gainers have been driven by a mix of earnings growth, restructuring, renewed trading activity and investor demand.
Nigeria’s stock market has produced some remarkable winners in 2026, but a closer look at the numbers shows that the biggest gains have not necessarily come from the country’s most popular blue-chip companies.
While the NGX All-Share Index had gained more than 55% this year as of August 14, several small- and mid-cap stocks had raced far ahead of the broader market, with some recording gains of more than 200%.
Read original: BendelNews
1. Fortis Global Insurance — 1,215%
Fortis Global Insurance Plc emerged as the biggest year-to-date gainer in the ranking, recording an extraordinary 1,215% increase as of August 14.
The insurer, formerly known as Standard Alliance Insurance Plc, started the year at about ₦0.20 and climbed to approximately ₦2.63.
However, investors should be careful when interpreting the huge percentage increase.
Fortis completed a four-for-one share reconstruction in July, while its shares returned to active trading on July 3 after a suspension was lifted. The combination of the restructuring and renewed trading activity played a major role in the stock’s dramatic re-rating.
2. Zichis Agro Allied Industries — 819.6%
Zichis Agro Allied Industries Plc recorded the second-largest increase, with its share price rising about 819.6%.
The stock moved from roughly ₦1.99 at the beginning of the year to ₦18.30 by August 14.
Unlike some of the other major gainers, Zichis also recorded a substantial improvement in its business performance.
Its first-half revenue rose to about ₦910.47 million, while profit after tax reached approximately ₦456.95 million. Revenue increased by 382% from the comparable period.
The company operates across areas including poultry feed, palm oil and aquaculture, giving investors exposure to several parts of Nigeria’s agricultural economy.
3. SCOA Nigeria — 365.49%
SCOA Nigeria Plc was another major surprise on the NGX, recording a 365.49% year-to-date gain.
The stock started 2026 at about ₦7.10 and reached ₦33.05 by August 14.
SCOA's rally has been linked partly to expectations surrounding its turnaround. Its 2025 revenue increased by 41% to ₦8.36 billion, while profit after tax more than doubled to ₦477.9 million.
However, its latest numbers show why investors need to look beyond share-price performance. First-half 2026 revenue rose 47%, but profit before tax fell 36% to ₦219.43 million.
4. R.T. Briscoe — 231.43%
R.T. Briscoe Plc recorded a 231.43% increase in the period under review.
The company's shares rose from approximately ₦3.50 at the beginning of 2026 to ₦11.60 by August 14.
One reason the stock stands out is that its price increase has been accompanied by an improvement in the underlying business.
Revenue increased by 51% in 2025 to ₦24.5 billion, while profit after tax climbed to approximately ₦800.9 million from about ₦332.4 million.
That combination of stronger business performance and rising investor demand has helped push the stock sharply higher.
5. Union Dicon Salt — 244.20%
Union Dicon Salt Plc delivered a 244.20% year-to-date gain, moving from around ₦7 at the start of the year to ₦23.75.
The stock's performance has been particularly interesting because its recent earnings have not increased at the same pace as its share price.
The company recorded first-quarter sales of approximately ₦8.5 million but posted a loss of about ₦8.4 million.
This suggests that part of the market's interest may be connected to expectations of restructuring and an operational recovery rather than current profitability alone.
6. Infinity Trust Mortgage Bank — 221.43%
Infinity Trust Mortgage Bank Plc gained approximately 221.43% during the period.
The lender started the year at around ₦3.50 and climbed to about ₦11.25.
Unlike some of the more speculative gainers, Infinity Trust's rally has been supported by stronger financial performance.
Its first-half interest and similar income increased by 59.6% to ₦3.73 billion, while profit after tax reached approximately ₦1.60 billion.
Turnover also increased by about 44% to roughly ₦4 billion.
7. Berger Paints — 207.50%
Berger Paints Nigeria Plc recorded a 207.50% increase, rising from approximately ₦48 at the start of 2026 to ₦147.60 by August 14.
The paint manufacturer's financial performance has provided some support for the rally.
Revenue increased by about 20% to ₦12.99 billion in 2025, while profit after tax rose to approximately ₦1.57 billion from ₦610.9 million.
Dividend expectations have also helped attract investor interest in the company.
8. Premier Paints — 204%
Premier Paints Plc also joined the list after gaining approximately 204%.
The company started the year around ₦10 and had climbed above ₦30.40 by August 14.
But its share-price performance has been considerably stronger than its recent financial results.
First-quarter revenue declined by 28%, while the company recorded a loss of about ₦7.57 million.
Investors therefore appear to be looking beyond current earnings, with expectations surrounding a possible turnaround and the stock's relatively low starting price contributing to the sharp movement.
9. First HoldCo — About 187%
First HoldCo Plc, the parent company of FirstBank, was another major performer among the year's biggest gainers.
The company started the year at about ₦48.80 and had risen to roughly ₦140, representing a gain of around 187% according to the August 14 ranking.
Unlike many small-cap stocks on the list, First HoldCo's rally has been strongly supported by earnings.
Its first-half profit before tax reached approximately ₦653.5 billion, while profit after tax stood at about ₦526.1 billion.
Lower impairment charges and stronger non-interest income contributed to the improved performance.
10. Airtel Africa — 177.53%
Airtel Africa Plc completed the top 10 with a reported 177.53% year-to-date gain.
The telecommunications company's Nigerian-listed shares started the year at around ₦2,270 and climbed to approximately ₦6,300.
The company has also been carrying out share buybacks, while its first-quarter net profit increased 27% year-on-year to $198 million.
Investor attention has also been drawn to the potential value of Airtel Money, with expectations surrounding a possible listing providing another potential catalyst for the company.
What Is Driving the Huge NGX Gains?
The 2026 rally shows that there is no single explanation for the extraordinary performance of these stocks.
Some companies have benefited from stronger earnings and improved profitability. Others have attracted investors because of turnaround expectations, restructuring, renewed trading activity or possible corporate actions.
Low share prices have also played a role. When a stock starts from a very low base, relatively small movements in naira terms can translate into enormous percentage gains.
Limited free-float shares can amplify the effect even further when demand suddenly increases.
This is particularly important when looking at stocks such as Fortis Global Insurance and SCOA, where corporate restructuring, limited share availability and renewed investor interest have contributed to the price movements.
Does a Huge Gain Mean the Stock Is Still a Buy?
Not necessarily.
A stock that has already gained 200%, 500% or even more is not automatically a better investment than one that has risen less.
In fact, the huge increase can create additional risks for new investors because a stock that has moved sharply upward can also experience significant profit-taking and price corrections.
The difference between share-price momentum and business performance is particularly important.
Zichis Agro Allied Industries, for example, combined a huge share-price increase with substantial revenue and profit growth, while some other gainers recorded much weaker recent earnings despite their spectacular market performance.
Investors should therefore examine financial statements, earnings, debt levels, dividend prospects, liquidity, valuation and corporate announcements before making investment decisions.
The Bigger NGX Picture
The performance of these stocks has occurred against a much broader rally in Nigerian equities.
The NGX All-Share Index had gained more than 55% year-to-date by August 14, 2026, showing that the strong performance was not limited to a handful of companies. However, the top individual gainers significantly outperformed the overall market.
The Nigerian Exchange's official equities price-list page provides market-price information, although its displayed prices are delayed by 30 minutes.
For investors watching the Nigerian market, the biggest lesson from the 2026 rally may be that spectacular returns can come from unexpected corners of the exchange.
But spectacular gains can also carry spectacular risks.
Note: The percentages and prices in this article refer to the ranking reported as of August 14, 2026, not live market prices. Share prices can change after publication. This article is for information purposes and is not financial advice.