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The top 10 share-price gainers among NGX 30 stocks added about N27.29 trillion in market value in the first half of 2026.
The 10 gainers include: WAPCO-Lafarge, ETI, Aradel, Airtel Africa, NASCON, Seplat Energy, BUA Cement, Zenith Bank, Unilever Nigeria and Stanbic IBTC, delivering returns ranging from 63% to 130%.
Unilever Nigeria and NASCON joined NGX30 due to strong share price growth, replacing Oando and Transcorp.
The broader NGX 30 basket also had a strong first half. By the end of June, the 30 companies had a combined market capitalization of N135.75 trillion, after adding about N45 trillion in net market value in the first half of 2026.
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The index itself gained 46.78% over the same period. It opened 2026 at 5,672.72 points, hit 9,080.67 points in May, before closing June at 8,326.29 points.
The performance was broadly in line with the wider market. The NGX All-Share Index gained 47.43% over the same period, rising from 155,613.03 points at the start of the year to 229,419.18 points by the end of June, after touching 250,385.70 points in May.
10: StanbicIBTC Holdings: +63.00% YTD
StanbicIBTC rounds out the top 10 as the highest return-on-equity banking name in the NGX 30 top ten.
An ROE of 41% with a PEG ratio of 0.12 describes a bank generating exceptional returns on shareholder capital.
Stanbic IBTC fell 3.75% in June, a relatively mild correction compared with several other NGX 30 names.
9. Unilever Nigeria: +75.00% YTD
Unilever is one of the entries into the NGX 30 with a market capitalization of N724 billion as of June 30, 2026, reflecting 75% YtD gain; adding N310 billion in market value, despite a sharp 19.23% pullback in June.
At N126, it remains below its N172 52-week high, while its 13.41 RSI suggests heavy recent selling
Its return on assets of 19.5% and ROE of 32.8% suggest the company is making good returns from its assets and shareholders’ funds, while EPS of N5.85 shows improved earnings.
8. Zenith Bank: +77.99% YTD
Zenith Bank’s 77.99% YTD return made it the strongest-performing FUGAZ stock and the top banking name in the NGX 30 by H1 return.
However, it fell 16.09% in June, wiping off about N867 billion and reducing its YTD market-cap gain to N1.98 trillion.
However, investors are paying about N4.34 for every N1 of earnings, which is relatively cheap. Price/Book of 0.8x means the stock is trading below the value of its net assets, so the market is still applying a discount. Its ROE of 21.7% shows that it is still generating strong returns for shareholders.
Its RSI of 21.26 shows it was heavily sold in June, but it is less volatile than the broad market given its beta of 0.74.
Outlook: Q2 earnings could reset sentiment.
7. BUA Cement: +90.59% YTD
BUA Cement’s 90.59% YTD return made it one of the strongest industrial stocks in the NGX 30, adding about N5.48 trillion in market value in H1.
However, it fell 19.00% in June as profit-taking hit cement stocks, leaving it at about 73.96% of its 52-week high.
The stock is not cheap, with 28.4x P/E and 12.2x price/book, but 68.4% ROE, 25.3% ROA and N623.2 billion EBITDA show strong earnings power. Its 14.22 relative strength index suggests heavy selling in June.
Outlook: H2 will test whether earnings can justify the premium investors are paying.
5. Seplat Energy: +95.63% YTD
Seplat Energy’s 95.63% YTD return makes it one of the strongest and most stable NGX 30 performers in H1 2026.
It lost just 1.06% in June, preserving about N3.4 trillion in market-cap gains and closing at 97.96% of its 52-week high.
The stock is not cheap nor trading at a discount to book value. Investors are paying 26x earnings and 2.6x book value.
But when compared with the cash profit the business is generating, it appears cheap. With an EV/EBITDA of 3.7x, investors are paying about 3.7 times its operating earnings, which is attractive for an oil and gas company.
Outlook: Seplat could stay attractive if earnings and oil-sector confidence remain strong.
5. NASCON: +104.19% YTD
NASCON’s 104.19% YTD return made it one of the strongest consumer goods companies in NGX 30 and a new entrant, like Unilever.
It added about N296.7 billion in market value in H1 and barely moved in June, losing just 0.23%, or about N1.3 billion.
Its 14.9x P/E and 8.8x EV/EBITDA suggest the stock is not excessively priced, while 54.4% ROE, 28.5% ROA show strong profitability. Its 12.32 RSI shows recent selling pressure.
Outlook: NASCON must keep earnings strong to defend its new NGX 30 status.
4. Airtel Africa: +111.22% YTD
Airtel Africa delivered the biggest wealth-creation story in the NGX 30, rising 111.22% YTD and adding N9.5 trillion in H1.
Unlike most large caps, it gained 31% in June, adding N4.28 trillion, probably because investors looked for more defensive stocks.
Its 18.2x P/E and 5.1x price/book show investors are paying a premium, but 24.1% ROE, N3.74 trillion EBITDA and 8.1x EV/EBITDA support the growth story.
Its 0.47 beta shows lower volatility, while 96.62 RSI suggests strong buying pressure.
Outlook: Airtel may remain attractive, but investors may take profit if the rally runs too far.
3. Aradel Holdings: +111.57% YTD
Aradel’s 111.57% YTD return made it one of the biggest NGX 30 winners in H1 2026, adding about N3.25 trillion in market value.
But it suffered the 4th sharpest June correction on the NGX, falling 26.70% (N2.2 trillion), after a huge rally.
Its 56.6% ROE and 15.5% ROA show that Aradel is not just growing in share price; the business itself is generating strong profits from both shareholders’ funds and company assets.
However, 4.1x price/book and 8.5x EV/EBITDA show investors are already paying for growth. Its low 14.71 RSI signals heavy selling.
Outlook: Aradel’s H2 story depends on whether investors see the June fall as a buying opportunity or a warning to wait.
2. ETI: +127.21% YTD
ETI’s 127.21% YTD return made it the second-best NGX 30 performer in H1 2026 and one of the strongest banking rallies.
It added about N698 billion in market value and lost only 2.26% or N40 billion in June, showing resilience during the sell-off.
The stock still looks cheap, with investors paying just 3.6x earnings and 0.6x book value, while 25.7% ROE shows strong returns. Its 1.03 beta means it moves broadly with the market.
Outlook: ETI could remain attractive if earnings keep improving and but also on whether investors remain confident in Nigerian equities.
1. WAPCO-Lafarge: +130.48% YTD
WAPCO-Lafarge was the best-performing NGX 30 stock in H1 2026, rising 130.48% and adding about N2.83 trillion in market value.
It fell 9.36% in June, suggesting profit-taking after a strong rally, not a full loss of confidence. Its 15.0x P/E and 8.6x EV/EBITDA look reasonable, while 47.9% ROE, 28.2% ROA and N492.6 billion EBITDA show strong profitability.
However, the 5.9x price/book means investors are already paying a premium. Its 17.97 RSI shows heavy recent selling.
Outlook: H2 depends on whether cement demand and earnings remain strong.
What to watch in H2 2026
The second half of 2026 will be more demanding. After gains of between 63% and 130%, investors will be looking for results that justify the rally.
For many of these stocks, H2’s performance will depend on whether earnings remain strong; policy concerns ease, and the broader market recovers from the June’s correction.
