Nigeria’s equities market sustained strong momentum in the first quarter of 2026, driven largely by aggressive rallies in oil & gas, industrial goods, and select mid-cap stocks. The Nigerian Exchange recorded broad-based gains, with several equities delivering double-digit and, in some cases, triple-digit returns within the period.
Market data compiled from trading activity across January to March shows that performance was concentrated in energy, industrial, and emerging growth stocks, with smaller-cap equities outperforming traditional blue chips.
The Best-Performing Nigerian Stocks in Q1 2026 The following companies ranked among the strongest performers based on cumulative price appreciation and consistent rally patterns across the quarter:
1. Premier Paints Plc recorded one of the sharpest gains in the market, rising over 30% within March alone, reflecting strong speculative and sector-driven demand.
2. Conoil Plc surged significantly on the back of renewed investor interest in energy stocks, supported by broader oil & gas sector strength.
3. BUA Cement Plc maintained strong upward momentum, benefiting from industrial sector expansion and infrastructure demand.
4. Fidson Healthcare Plc posted solid gains, reflecting increased positioning in healthcare equities.
5. Omatek Ventures Plc advanced steadily as investors rotated into lower-priced growth stocks.
6. Nigerian Exchange Group Plc rose strongly, supported by increased trading activity and bullish sentiment in the equities market.
7. Guinness Nigeria Plc recorded notable appreciation, driven by consumer sector recovery expectations.
8. International Breweries Plc gained on improved investor sentiment in FMCG stocks.
9. May & Baker Nigeria Plc delivered steady returns amid renewed interest in defensive sectors.
10. Chemical and Allied Industries Plc rounded out the top performers, benefiting from industrial and construction sector activity.
Market Drivers Behind Q1 Performance
The rally was largely fuelled by the dominance of the oil and gas sector, which recorded over 60% year-to-date growth making it the best-performing segment on the exchange. Stocks such as Aradel Holdings Plc, Seplat Energy Plc, and Japaul Gold Plc played a central role in lifting overall market returns.
Investor appetite also shifted toward mid- and small-cap stocks, where price inefficiencies and momentum trading created outsized gains compared to large-cap equities.
Broader Market Context Nigeria’s stock market remains one of the best-performing globally in early 2026, extending a strong 2025 rally that saw the benchmark index gain over 50%. Continued investor confidence, improved liquidity, and sector-specific catalysts have sustained bullish sentiment into the first quarter of the year.
Source: Nairametrics
