Nigeria’s equities market opened 2026 on a strong footing, with mid-cap and growth-oriented stocks dominating the top gainers’ chart and delivering a combined N312.9 billion increase in the first quarter. The performance showed sustained investor appetite for fundamentally sound counters amid improving market conditions.
The rally in the top 10 equities aligns with the broader bullish trend on the Nigerian Exchange Limited (NGX), which has continued to attract significant domestic and institutional inflows. Market data shows that investor confidence has remained resilient, supported by macroeconomic reforms, improved liquidity, and positive corporate earnings outlooks.
Leading the pack among the top gainers was NGX, which recorded an outsized N186.591 billion gain, accounting for a substantial share of the total. The stock’s strong performance reflects heightened demand, speculative positioning, and optimism sur- rounding its asset base and expansion prospects.
Infinity Trust Mortgage Bank followed with a notable N50.045 billion gain, driven by renewed interest in the housing finance segment and expectations of improved mortgage penetration. Analysts noted that policy support and structural reforms in the real estate sector have continued to boost investor sentiment.
In the logistics space, Red Star Express emerged as another standout performer, posting a N18.564 billion gain on the back of rising distribution activity and increased e-commerce penetration. Similarly, NCR Nigeria recorded a N13.640 billion increase, benefiting from improved pricing dynamics and optimism in the downstream oil sector.
Fortis Global also delivered a solid performance with a N12.911 billion gain, reflecting confidence in its earnings trajectory and strategic expansion initiatives. SCOA Nigeria added N10.105 billion, supported by positive sentiment around its diversified operations. Other mid-tier performers contributed meaningfully to the overall tally.
RT Briscoe advanced by N7.235 billion amid improved expectations in the automotive and leasing segments, while Deep Capital rose by N5.703 billion due to increased trading activity. John Holt and Premier Paints posted gains of N4.767 billion and N3.323 billion respectively, supported by operational improvements and stronger demand across their respective sectors.
The performance of these largely mid-cap stocks highlights a rotation of capital into undervalued and growth-oriented counters, as investors seek alpha beyond traditional blue chips. Analysts noted that the concentration of gains among mid-tier equities signals a maturing market with broader participation.
