Fifteen stocks listed on the Nigerian Exchange (NGX) have delivered returns of more than 100% in 2026, significantly outperforming the broader market despite varying financial performances.
Data compiled by Nairametrics Research from share price, trading and financial data published by the Nigerian Exchange covers the period from January 2, 2026, to August 14, 2026 closing prices.
The NGX All-Share Index gained 55.91% over the same period, meaning the 15 stocks on the list outperformed the benchmark by at least 46 percentage points.
The stocks span 10 sectors, including banking, oil and gas, industrial goods, consumer goods, healthcare and services. Their returns range from 101.94% to 365.49%.
Morison Industries Plc ranked 15th with a 101.94% gain, as its share price rose from N5.15 at the end of 2025 to N10.40 by August 14, 2026.
The company reported H1 2026 revenue of N274 million, up 21.42% from N226 million a year earlier. However, it recorded a loss after tax of N10.28 million, compared with a loss of N4.33 million in H1 2025.
Morison has also recorded losses in four of the past five years. Its trailing earnings per share remained negative at N0.03. On August 14, the stock recorded three trades involving 509 units.
Julius Berger Nigeria Plc followed with a 103.27% return, rising from N152.90 to N310.80.
Its H1 2026 revenue increased 23.62% year-on-year to N424.56 billion, while profit after tax declined 14.70% to N6.06 billion. The stock recorded 35 trades and a volume of 1,978 units on August 14.
Red Star Express Plc gained 106.90%, moving from N8.70 to N18.00. Its H1 revenue increased 21.92% to N6.45 billion, while profit after tax rose 7.01% to N221 million.
Vitafoam Nigeria Plc delivered a 110.87% return, with its share price rising from N92.00 to N194.00.
The company recorded H1 revenue of N91.21 billion, up 7.47%, while profit after tax rose 45.42% to N13.63 billion. The stock recorded 38 trades and 106,271 units on August 14.
International Energy Insurance Plc gained 112.80%, rising from N2.50 to N5.32.
The strong share-price performance came despite weaker H1 financial results. Revenue fell 49.74% to N1.17 billion, while profit after tax declined 70.53% to N160 million. The stock recorded 274 trades and 1.58 million units on August 14.
NCR Nigeria Plc returned 121.73%, climbing from N72.70 to N161.20.
H1 revenue increased 37.58% to N1.24 billion, while profit after tax surged 221.34% to N144 million. The stock recorded only six trades involving 1,227 units on August 14.
Aradel Holdings Plc gained 127.88%, rising from N670.00 to N1,526.80.
Its H1 2026 revenue jumped 576.88% to N2.49 trillion, largely reflecting the consolidation of acquired assets. Profit after tax increased 30.50% to N191.05 billion.
Aradel recorded 707 trades and 166,867 units on August 14.
HBM Nigeria Plc, formerly Lafarge Africa Plc, posted a 148.33% gain, with its share price increasing from N134.50 to N334.00.
The company reported H1 revenue of N678.41 billion, up 31.23%, while profit after tax increased 57.03% to N208.35 billion.
On August 14, HBM Nigeria recorded 1,108 trades and 1.31 million units.
Airtel Africa Plc ranked seventh with a 177.53% gain, rising from N2,270.00 to N6,300.00 and closing at its 52-week high.
The telecommunications company reported H1 revenue of $1.85 billion, representing 31% year-on-year growth. Data revenue rose 36.5% to $750 million, while mobile money revenue increased 38.9% to $434 million.
EBITDA rose 36.6% to $928 million, with the EBITDA margin improving to 50.1%. Operating profit increased 40.7% to $627 million.
First HoldCo Plc delivered a 192.28% return, with its share price climbing from N47.90 to N140.00.
Although H1 revenue declined 2.74% to N1.40 trillion, profit after tax surged 85.45% to N526.26 billion.
The stock was also the most actively traded among the 15 stocks on August 14, recording 1,902 trades and 19.55 million units.
Premier Paints Plc recorded a 204% gain, rising from N10.00 to N30.40.
The company’s H1 revenue grew 8.65%, although it swung to a loss after tax of N8.07 million from a profit of N1.14 million in the corresponding period of 2025.
Berger Paints Plc ranked fourth with a 207.50% return, as its share price climbed from N48.00 to N147.60.
H1 revenue increased 13.36% to N10.35 billion, while profit after tax rose 33.35% to N1.25 billion. The company recorded 42 trades and 15,387 units on August 14.
R T Briscoe Plc delivered a 231.43% return, rising from N3.50 to N11.60.
Its H1 revenue increased 50.70% to N24.60 billion, while profit after tax jumped 140.95% to N801 million. The stock recorded 37 trades and 509,892 units on August 14.
Union Dicon Salt Plc gained 244.20%, moving from N6.90 to N23.75 and closing at its 52-week high.
The company reported H1 2026 revenue of N13.01 million, while profit after tax stood at a loss of N8.37 billion. The stock recorded seven trades involving 20,164 units on August 14.
SCOA Nigeria Plc topped the 15-stock ranking with a 365.49% return, increasing from N7.10 to N33.05.
The gain represents a near-fivefold increase in the stock’s price from the beginning of the year. SCOA reported H1 revenue of N4.93 billion, up 47.39%, although profit after tax declined 54.67% to N147.93 million.
Despite the strong price appreciation, trading activity remained limited, with eight trades involving 6,672 units on August 14.
Fortis Global Insurance Plc, however, stood apart from the 15-stock ranking with an extraordinary 1,215% year-to-date gain.
The insurer’s share price rose from N0.20 to N2.63, far exceeding SCOA Nigeria’s 365.49% gain.
Fortis reported H1 2026 revenue of N1.55 billion, representing an increase of approximately 1,600% from N91 million in H1 2025. However, the company recorded a loss after tax of N3.17 billion, compared with a loss of N1.11 billion in the prior-year period.
The stock’s performance requires additional context. Fortis has maintained a negative trailing EPS of N0.13 and recorded sustained losses from 2021 through Q1 2026.
The company also underwent a four-for-one share consolidation and resumed trading after a six-year suspension. A share consolidation reduces the number of shares outstanding while proportionately increasing the price per share, meaning it does not by itself create economic value for shareholders.
Fortis also remains loss-making and is working to settle a N5.74 billion obligation linked to an old bond.
On August 14, Fortis recorded 122 trades and a massive volume of 874.08 million units. This represented 97.3% of the combined volume traded across the 16 stocks discussed in the analysis.
The performance of Fortis highlights the difference between share-price returns and underlying business performance. A stock can generate an extraordinary percentage gain from a very low starting price without a corresponding improvement in profitability or intrinsic value.
For investors, the broader list also shows that strong share-price performance has not always been accompanied by equally strong earnings growth. While companies such as First HoldCo, Vitafoam, HBM Nigeria, Aradel and R T Briscoe recorded significant improvements in profitability, others posted weaker earnings or continued losses despite their substantial market gains.
The performance of the stocks therefore underscores the need to consider earnings, valuation, liquidity, corporate actions and trading activity alongside headline price returns when assessing the NGX’s biggest gainers in 2026.
