The Nigerian stock market has gained over ₦24 trillion from January 2, 2026, when the market opened for the year, to February 27, 2026, in the first two months of the year.
In this report, Pinnacle Daily chronicles the 30 top-performing stocks that powered the strong rally on the Nigerian Exchange Limited (NGX).
In the period under review, the market capitalisation, which is the total value of all companies traded on the NGX, has risen from ₦99.38 trillion at the start of trading on January 2 to ₦123.76 trillion as of February 27.
Over the same period, the All-Share Index, a benchmark that reflects the performance of the NGX, climbed from 155,613.03 basis points to 192,826.78 basis points, reflecting broad-based buying interest across sectors.
An analysis of NGX data shows that 30 stocks recorded the highest price appreciation during the period, with gains cutting across conglomerates, financial services, services, healthcare, ICT, oil and gas, agriculture, construction and consumer goods.
SCOA Nigeria Plc led the rally, soaring by 437.3 per cent from ₦7.10 to ₦38.15 and adding ₦20.18bn to its market capitalisation. Fortis Global Insurance followed with a 370 per cent jump, while Deap Capital Management rose by 278.9 per cent.
Red Star Express advanced 267.2 per cent, while RT Briscoe gained 257.4 per cent. Jaiz Bank climbed 177.6 per cent, lifting its market capitalisation by ₦360.28 billion, making it one of the biggest value drivers during the period.
Other strong performers included NCR Nigeria, which rose 173.7 per cent; Infinity Trust Mortgage, up 171.4 per cent; and McNichols, which gained 159 per cent. Union Dicon Salt appreciated 140.6 per cent, while Morison Industries added 134.4 per cent.
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Omatek Ventures, DAAR Communications, May & Baker Nigeria, Secure Electronic Technology and Neimeth International Pharmaceuticals also more than doubled in value.
Julius Berger rose 88.4 per cent, adding ₦216.16bn to its market capitalisation, while NPF Microfinance Bank and Tantalizers gained 81.7 per cent and 80 per cent, respectively.
Fidson Healthcare advanced 79.6 per cent, NGX Group rose 77.1 per cent, and E-Tranzact International appreciated 76.7 per cent. John Holt, Japaul Gold & Ventures, Associated Bus Company and Skyway Aviation Holding Company also recorded gains exceeding 60 per cent.
LivingTrust Mortgage, Aradel Holdings, Okomu Oil Palm and Abbey Mortgage Bank completed the top 30 list, each posting gains of over 60 per cent.
A further look at the NGX market data revealed that the combined market capitalisation of these 30 stocks increased by ₦3.7 trillion within the two months, accounting for a significant share of the overall market expansion.
The rally was heavily driven by a few heavyweight counters, with Aradel Holdings alone adding ₦1.80 trillion to its market capitalisation, while Okomu Oil Palm contributed ₦639.12 billion. Jaiz Bank recorded a ₦360.28 billion increase, and Julius Berger added ₦216.16 billion.
Here is the list of the 30 best-performing stocks in the first two months of the year.
| Rank | Stock | Sector | Price (Jan 2) | Price (Feb 27) | Price Change (%) | Market Cap Change (Nm) |
| 1 | SCOA NIG. PLC. | Conglomerates | 7.10 | 38.15 | +437.3% | +20,177.09 |
| 2 | FORTIS GLOBAL INSURANCE | Financial Services | 0.20 | 0.94 | +370.0% | +9,554.16 |
| 3 | DEAP CAPITAL MANAGEMENT | Financial Services | 1.90 | 7.20 | +278.9% | +7,954.75 |
| 4 | RED STAR EXPRESS PLC | Services | 8.70 | 31.95 | +267.2% | +22,190.35 |
| 5 | R T BRISCOE PLC. | Services | 3.50 | 12.51 | +257.4% | +10,598.91 |
| 6 | JAIZ BANK PLC | Financial Services | 4.55 | 12.63 | +177.6% | +360,282.43 |
| 7 | NCR (NIGERIA) PLC. | ICT | 72.70 | 199.00 | +173.7% | +13,640.40 |
| 8 | INFINITY TRUST MORTGAGE | Financial Services | 7.00 | 19.00 | +171.4% | +50,045.28 |
| 9 | MCNICHOLS PLC | Consumer Goods | 3.27 | 8.47 | +159.0% | +5,807.33 |
| 10 | UNION DICON SALT PLC. | Consumer Goods | 6.90 | 16.60 | +140.6% | +2,651.50 |
| 11 | MORISON INDUSTRIES PLC. | Healthcare | 5.15 | 12.07 | +134.4% | +10,065.74 |
| 12 | OMATEK VENTURES PLC | ICT | 1.13 | 2.60 | +130.1% | +4,324.43 |
| 13 | DAAR COMMUNICATIONS PLC | Services | 0.93 | 2.11 | +126.9% | +5,720.00 |
| 14 | MAY & BAKER NIGERIA PLC. | Healthcare | 19.00 | 39.75 | +109.2% | +35,798.63 |
| 15 | SECURE ELECTRONIC TECH. | Services | 0.76 | 1.53 | +101.3% | +4,336.29 |
| 16 | NEIMETH INT. PHARMA PLC | Healthcare | 5.80 | 11.55 | +99.1% | +24,570.35 |
| 17 | JULIUS BERGER NIG. PLC. | Construction/Real Estate | 152.90 | 288.00 | +88.4% | +216,160.00 |
| 18 | NPF MICROFINANCE BANK PLC | Financial Services | 3.71 | 6.74 | +81.7% | +18,158.73 |
| 19 | TANTALIZERS PLC | Services | 2.50 | 4.50 | +80.0% | +10,000.00 |
| 20 | FIDSON HEALTHCARE PLC | Healthcare | 50.10 | 90.00 | +79.6% | +91,570.35 |
| 21 | NGX GROUP | Financial Services | 70.00 | 124.00 | +77.1% | +106,062.26 |
| 22 | E-TRANZACT INTERNATIONAL | ICT | 11.35 | 20.05 | +76.7% | +80,040.00 |
| 23 | JOHN HOLT PLC. | Conglomerates | 4.90 | 8.65 | +76.5% | +1,459.32 |
| 24 | JAPAUL GOLD & VENTURES | Oil and Gas | 2.31 | 3.86 | +67.1% | +22,107.19 |
| 25 | ASSOCIATED BUS CO. (ABC) | Services | 4.10 | 6.75 | +64.6% | +6,340.45 |
| 26 | SKYWAY AVIATION (SAHCO) | Services | 88.45 | 144.90 | +63.8% | +76,409.59 |
| 27 | LIVINGTRUST MORTGAGE | Financial Services | 3.45 | 5.60 | +62.3% | +10,750.00 |
| 28 | ARADEL HOLDINGS PLC | Oil and Gas | 670.00 | 1,084.00 | +61.8% | +1,798,765.57 |
| 29 | OKOMU OIL PALM PLC. | Agriculture | 1,095.00 | 1,765.00 | +61.2% | +639,119.70 |
| 30 | ABBEY MORTGAGE BANK PLC | Financial Services | 6.40 | 10.30 | +60.9% | +39,600.00 |
Sectoral analysis shows that financial services and services stocks dominated the list, accounting for half of the 30 top performers.
The financial services sector led with eight stocks, including Fortis Global Insurance, Deap Capital Management, Jaiz Bank and NGX Group, while the services sector followed with seven stocks, such as Red Star Express, RT Briscoe, DAAR Communications and Skyway Aviation.
Healthcare stocks also featured strongly, with Morison Industries, May & Baker, Neimeth International Pharmaceuticals and Fidson Healthcare making the top 30.
The strong early-year performance underscores renewed investor appetite and momentum on the NGX, with a mix of mid-cap surges and heavyweight gains driving the over ₦24 trillion expansion in market value within just two months.
Commenting, the National President of the New Dimension Shareholders Association, Patrick Ajudua, attributed the bullish run on the Nigerian stock market to certain fundamentals.
He said, “Yes, investors gain much in the first two months of the year. The reasons that drive this are market sentiments, positive economic policy with reference to declining inflation rate, stable foreign exchange rate and its availability.
He stressed that investors are taking positions for the prospect of good dividend payout, improved capital appreciation and bonus declaration.
Ajudua, however, expressed concerns over the war between the Isreal and Iran and the negative impact that comes with it.
“We can’t rule out the effect of a US, Israel -IRAN war, which may lead to destruction in global oil and gas prices. This, in turn have ripple effect on the stock market price of companies, particularly those in the oil and gas sector,” he added.
Alex is a business journalist cum data enthusiast with the Pinnacle Daily. He can be reached via ealex@thepinnacleng.com, @ehime_alex on X
