The Nigerian stock market in Q1 2026 finished with strong momentum. In the first quarter (January to March 2026), investors experienced one of the most powerful rallies in the history of the Nigerian capital market. The Nigerian Exchange (NGX) delivered massive returns, driven by strong corporate earnings, economic reforms, and increased investor confidence. The NGX All-Share Index (ASI) opened at around 155,612.9 points and rose to about 201,287.8 points by late March, surging 45,674.8 points.
The Market Capitalization soars by N29.83 trillion from N99.38 trillion to 129.21 trillion by the end of March 2026. This performance brings the year-to-date return to 29.3% in the first quarter. This means the first quarter of 2026 recorded one of the largest quarterly wealth increases in the history of the Nigerian Exchange.
Sector Performance in Q1 2026
Different sectors performed at different levels during the quarter. The NGX Oil and Gas Index rose about 60.83% year-to-date, doubling the All-Share Index and making it the strongest sector in the market. The drivers included higher crude oil prices, improved upstream production and strong investor demand for energy stocks.
The Industrial Goods Index came second gaining 55.23%. This performance was driven by strong demand for cement and infrastructure development across Nigeria.
The Banking Index recorded about 29.16% growth during the period. Bank recapitalization plans and strong earnings expectations supported banking stocks.
Top 5 Performing Stocks in Q1 2026
1. Fortis Global Insurance (+515%)
Fortis Global Insurance emerged as the best-performing stock in the first quarter of 2026, recording a remarkable 515% increase in share price, with more than one billion shares traded during the period. By the end of the quarter, the stock closed at ₦1.23.
This sharp increase followed the company’s return to trading on February 4, 2026, after being suspended from the Nigerian Exchange for six years. The Momentum began to build in February, when the stock surged significantly, rising by about 370% to approximately ₦0.94. The upward trend continued into March, when the share price moved above the ₦1.00 level for the first time, eventually settling at ₦1.23 by the end of the quarter.
2. Premier Paints (+275)
Premier Paints ranked as the second-best performing stock in the first quarter of 2026, recording a 275% increase in share price. During the period, more than 16 million shares were traded, and the stock closed the quarter at ₦37.50.
Trading activity was minimal at the start of the year. The stock saw no transactions in January, and only a small increase of about 10% in February, moving from ₦10 to slightly higher levels.
The major rally occurred in March, when the share price climbed sharply to ₦37.50, supported by a trading volume of roughly 15 million shares.
Investor interest was supported by news in December 2025 that the company’s major shareholders were in talks with Xenergi Limited over a potential 51% stake acquisition, a move that would give the firm controlling ownership and influence over board decisions.
The company’s 2025 audited results, released in March, also showed improvement, with performance shifting from a ₦477,000 loss to a pre-tax profit of ₦2.4 million, signalling a recovery in operations.
3. John Holt Plc(+250)
ranked as the third-best performing stock in Q1 2026, delivering a 250% gain with more than 46 million shares traded during the quarter. The stock closed March at ₦17.15.
ranked as the third-best performing stock in Q1 2026, delivering a 250% gain with more than 46 million shares traded during the quarter. The stock closed March at ₦17.15.
4. Red Star Express (+223.6%)
ranked as the fourth best-performing stock in the first quarter of 2026, delivering a 223.56% increase in share price with more than 49 million shares traded during the period. The stock ended the quarter at ₦28.15.
The courier and logistics company began the year trading at ₦8.70 and recorded strong price momentum early in the quarter, crossing the ₦20 mark in January for the first time. The rally continued into February, when the share price climbed by over 53% to approximately ₦31.95. However, the stock pulled back slightly in March, closing the quarter at ₦28.15.
5. SCOA Nigeria (219%)
SCOA Nigeria Plc ranked as the fifth best-performing stock in the first quarter of 2026, recording a 219.01% increase in share price with more than 13 million shares traded during the period. The stock closed the quarter at ₦22.65.
The diversified company, which operates across automobile distribution, power solutions, furniture, and agricultural equipment, experienced strong price movement early in the year. In January, the share price rose sharply from ₦7.10 to about ₦31.60, reflecting significant investor demand. The upward trend continued into February, when the stock climbed further to around ₦38.15 before retreating in March, eventually settling at ₦22.65 by the end of the quarter.
The first quarter of 2026 has once again reminded investors why the Nigerian stock market can be both rewarding and unpredictable. With the market adding nearly ₦30 trillion in value and the NGX All‑Share Index pushing to new highs, the period delivered one of the strongest openings to a year in recent market history. Mid-cap and smaller stocks delivered extraordinary gains, showing that opportunities often emerge where few investors are looking.
