The Nigerian Exchange delivered a strong start to 2026, gaining 6.27% in January as the All-Share Index rose by 9,757.4 points to close at 165,370.4.
This performance is a big step up from January 2025, when the index gained just 1.53%, showing stronger early-year momentum as market value climbed to N106.1 trillion.
Beyond price gains, trading activity improved, with over 15 billion shares exchanged versus 12 billion in January 2025, reflecting stronger investor participation.
The rally was driven by standout individual stocks, with the top 10 names posting gains of over 80%, highlighting the breadth of the market’s advance.
During the first three trading weeks of January, the market pushed the index above 166,000 for the first time ever, before a mild pullback in the final two weeks trimmed some gains.
Still, despite the late-month decline, returns among the top-performing stocks remained exceptional. Here are the top 10 stocks.
May & Baker Nigeria Plc ranked 10th in January 2026, delivering an 84.21% return. The stock opened at N19, with over 80 million shares traded, and closed the month at N35.
Performance was strongest in the second trading week, with the share price peaking at N43.50 in the fourth week. Profit-taking in the final week eased momentum, and the stock stabilized around N35.
The rally likely reflected positive sentiment across pharmaceutical stocks on the NGX, supported by improved sales.
In its most recent twelve-month financials, revenue rose to N38.2 billion from N28.9 billion, while post-tax profit jumped to N4.4 billion, nearly three times the N1.62 billion recorded the previous year.
