H1 2026 NGX Report: The Best and Worst Stocks of the First Six Months

An average equities investor who locked down N1 million in the shares of Aradel Holdings Plc on January 2, 2026 would have earned N2.11 million by end of June 30 through rise in price of the stock alone.

The share price rose 111.57% to close at N1,417.50 per share on June 30, up from N670 on January 2.

In similar vein, Seplat Energy Plc, the most valuable stock in terms of price valuation, would have returned 95.6% as the unit price rose from N5,809.00 as of January 2 to N11.363.90 per share. Aradel and Seplat jointly lifted the NGX Oil & Gas Index by +90.2% increase year-to-date.

But low-priced stocks like Fortis Global Insurance and Zichis Agro Allied Plc would have made an investor a millionaire with just N100, 000 in the same period going by NGX trade data.

Invested in Fortis Global Insurance Plc, the sum of N100,000 would have become N1,610,000. In Zichis Agro Allied, it would have returned N1,216,080. And with N1 million, the investor would have become a multi-millionaire.

These are not theoretical projections. They are the actual returns delivered by Nigeria’s equities market in the first half of 2026, one of the most spectacular half-year performances in NGX history.

But the market also unleashed a brutal June correction, reminding investors that no rally lasts forever. Some stocks that were best performers before the close of H1, became June’s worst decliners. The divide between winners and losers has never been sharper.

What the data is saying:

By the close of June 30, 2026, the NGX All-Share Index settled at 229,419.18 points. The year-to-date (YTD) return closed at +46.8%, dropping from over 60% in May. Yet at 46.8%, H1 2026 remains one of the strongest half-year performances in NGX history.

The market had peaked at a +60.49% YTD return on May 26, 2026. Market capitalisation stood at N160.09 trillion at that point — before the June correction stripped more than 11 percentage points off the return.

Sector performance vs the benchmark — H1 2026:

The first half produced a broad-based rally across virtually every major index. Oil and gas, industrial, and growth indices delivered the strongest returns.

• NGX Oil and Gas Index: +90.2% — from 2,670.24 to 5,079.06 points
• NGX Industrial Index: +79.0% — from 5,676.48 to 10,162.54 points
• NGX Lotus Islamic Index: +71.3% — from 13,498.59 to 23,118.32 points
• NGX Growth Index: +53.8% — from 27,776.22 to 42,705.74 points
• NGX Premium Index: +59.5% — from 15,493.19 to 24,708.02 points
• NGX AFR Dividend Yield Index: +50.8% — from 21,981.77 to 33,151.05 points
• NGX 30 Index: +46.8% — from 5,672.72 to 8,326.29 points
• NGX Commodity Index: +49.3% — from 1,173.90 to 1,752.64 points
• NGX MERI Growth Index: +49.3% — from 10,468.25 to 15,628.24 points
• NGX Banking Index: +36.6% — from 1,515.85 to 2,070.11 points
• NGX Consumer Goods Index: +15.6% — from 3,975.48 to 4,594.41 points
• NGX Insurance Index: -7.7% — from 1,189.32 to 1,098.12 points — the only major index in negative territory

Insurance was the clear exception. Every other tracked index delivered positive returns. The divergence confirms that H1 2026’s rally was broad-based rather than concentrated in a handful of names.

More insights:

Within the headline numbers lies a far more nuanced story. It is defined by spectacular individual winners that made investors wealthier, and a correction that exposed the difference between price action and fundamental value.

First, here are eight low-priced stocks that minted millionaires:

• Fortis Global Insurance — which was trading at just 20 kobo on January 2 — posted a +1,510% gain to close at N3.57 per share on June 30.
• Zichis Agro Allied, despite regulatory scrutiny and a trading suspension, delivered +1,116.08% from its January 2026 listing price of N1.81 to a peak of N31.00 in May before moderating to close at N 24.20 NGN per share on June 30.
• SCOA Plc: up + 365.459% to close at N33.05 per share on June 30, up from N7.10 per share.
• Union Dicon Salt Plc rose +244% to N23.75, from N6.90
• Berger Paints – up +208% to N147.60, from N48.00
• RT. Briscoe gained 184.29% to N9.95, up from N3.50 per share.
• Red Star Express Plc – up +182% to N24.55, from N8.70
• McNichols Plc gained 160% to close at N8.50, up from N3.27 on January 2.

Here are outstanding stocks that also returned above 100% growth, and those that returned above YTD Index yield of 46.8% in the review period.

• CAP Plc – up 154% to N175.10, from N69.00
• Lafarge Africa (WAPCO) – up +130.48% to N310.00, from N134.50
• NCR Plc surged +127% in H1 2026 to close at N161.20., up from N72.70 per share.
• Airtel Africa – up +111.22% to N4,794.60, from N2,270.00
• UACN Plc – up +103 to N185.00, from N91.00
• The Initiates Plc (TIP) — up +103.01% to N27.00 from N13.30.
• Skyway Aviation Handling Company rose 93.6% to N171.20, up from N88.45
• BUA Cement – up +90.59% to N340.20, from N178.50
• ABC Transport – up +90.2% to N7.80, from N4.10
• Jaiz Bank Plc (JAIZBANK) — +82.42% to N8.30, up from N4.55
• Zenith Bank – up +77.99% to N110, from N61.80.
• Unilever Nigeria Plc – up +75% to N126.00, from N72.00
• Nestle Nigeria – up +59.6% to N3,125.00, from N1,958.00
• Presco Plc – up +58.6% to N2,300.00, from N1,450.00
• Dangote Cement – up +58.13% to N963, from N609
• MTN Nigeria – up +40.90 to N720.00, from N511.00

These are among the worst performing stocks in H1 2026 returns:

• United Capital Plc (UCAP) —Down -10.16% to N16.80, from N18.70
• UPDC Plc (UPDC) —Down -34.69% to N3.20, from N4.90
• VFD Group Plc (VFDGROUP) —Down -5% to N10.45, from N11.00
• Transnational Corporation Plc (TRANSCORP) —Down -7.78% to N41.50, from N45.00
• Caverton Offshore Support Group Plc (CAVERTON) —Down -9.26% to N4.90, from N5.40

UPDC recorded the steepest H1 decline at -34.69%. The stock hit a 52-week low during the correction.

What you should know:

The NGX All-Share Index peaked at 252,508 points on May 13, 2026 — an all-time high — before the June correction erased more than 20,400 points from the benchmark.

• By June 30, the index settled at 229,419.18 points, carrying a +46.8% H1 return — down from a peak YTD return of +60.49% recorded on May 26, 2026, when market capitalisation stood at N160.09 trillion.
• The market delivered a 29.35% return in Q1 2026 alone, crossing 200,000 points for the first time in history. Market capitalisation rose from N99.38 trillion at end-2025 to N129.2 trillion by quarter-end.
• The small-cap momentum story must be treated with caution. Fortis Global Insurance, SCOA Nigeria, RT Briscoe, and Red Star Express surged between 182% and 1,510% in H1. Their dramatic price gains contributed minimally to overall market capitalisation growth despite dominating percentage return tables.
• What connected them was the same environment: retail money chasing inflation-beating returns, thin free floats amplifying buying pressure, and momentum rewarding early movers regardless of fundamentals. Fortis posted a net loss of N1.69 billion with negative EPS of -N0.13, yet its stock rallied 1,510%.
• Zichis Agro Allied was a different case. The company had genuine earnings support — Q1 2026 pre-tax profit of N241.4 million, up from N30.5 million a year earlier on a 256% revenue surge to N420 million — and rewarded shareholders with dividends and bonus shares, providing some fundamental justification for its extraordinary run.

UPDC recorded the steepest H1 decline at -34.69%, falling from N4.90 at the start of the year to N3.20 at June 30 — hitting a 52-week low during the correction. Q2 2026 corporate earnings releases, expected from late July, remain the primary catalyst that analysts believe can restore buying conviction and provide a durable floor for the ongoing correction.