Lagos, Nigeria (VOICE OF NAIJA)- AN investor who committed N1 million to Aradel Holdings Plc at the beginning of 2026 would have seen that investment grow to about N2.11 million by June 30, based solely on capital appreciation.
Aradel emerged as one of the Nigerian Exchange’s strongest-performing large-cap stocks in the first half of the year, with its share price surging 111.57 percent to N1,417.50 from N670 on January 2.
Another standout performer was Seplat Energy Plc, whose share price climbed 95.6 percent to N11,363.90 from N5,809.00, reinforcing investor appetite for oil and gas stocks. Together, Aradel and Seplat helped drive the NGX Oil & Gas Index to a 90.2 percent year-to-date gain, making it the best-performing sector index.
At the opposite end of the market, low-priced stocks produced even more dramatic percentage returns.
An investment of N100,000 in Fortis Global Insurance Plc at the start of the year would have appreciated to approximately N1.61 million, while the same amount invested in Zichis Agro Allied Plc would have risen to about N1.22 million. A N1 million investment in either stock would have produced multi-million-naira returns.
These were not hypothetical gains but actual market performances during one of the strongest first-half rallies in the history of the Nigerian Exchange.
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Historic rally tempered by June correction
Despite the remarkable gains, June delivered a sharp market correction that erased part of the year’s earlier rally and highlighted the risks of momentum investing. Several stocks that ranked among the market’s top performers before June suffered steep declines during the month as investors locked in profits.
The NGX All-Share Index closed June 30 at 229,419.18 points, representing a 46.8 percent year-to-date return. Although this was significantly below the more than 60 percent return recorded in late May, it still ranks among the strongest half-year performances ever recorded by the exchange.
The market had reached its peak on May 26, when the benchmark posted a 60.49 percent year-to-date return and total market capitalisation stood at N160.09 trillion, before the June sell-off wiped more than 11 percentage points off overall gains.
Sector performance
Virtually every major NGX index closed the first half in positive territory.
The Oil & Gas Index led with a 90.2 percent gain, followed by the Industrial Index at 79.0 percent, the Lotus Islamic Index at 71.3 percent, the Premium Index at 59.5 percent, the Growth Index at 53.8 percent, the AFR Dividend Yield Index at 50.8 percent, the Commodity Index and MERI Growth Index, each at 49.3 percent, the NGX 30 Index at 46.8 percent, the Banking Index at 36.6 percent, and the Consumer Goods Index at 15.6 percent.
The Insurance Index was the only major sector benchmark to finish in negative territory, declining 7.7 percent during the period.
The broad-based nature of the rally underscored widespread investor participation rather than gains concentrated in only a handful of stocks.
Biggest gainers
Fortis Global Insurance delivered the market’s most spectacular return, soaring 1,510 percent from 20 kobo to N3.57 per share.
Zichis Agro Allied gained 1,116.08 percent, rising from its January listing price of N1.81 to a peak of N31.00 in May before closing June at N24.20.
Other standout performers included:
SCOA Nigeria Plc: 365.46 percent
Union Dicon Salt Plc: 244 percent
Berger Paints Nigeria Plc: 208 percent
RT Briscoe Plc: 184.29 percent
Red Star Express Plc: 182 percent
McNichols Plc: 160 percent
CAP Plc: 154 percent
Lafarge Africa Plc: 130.48 percent
NCR Nigeria Plc: 127 percent
Airtel Africa Plc: 111.22 percent
Aradel Holdings Plc: 111.57 percent
UACN Plc: 103 percent
The Initiates Plc: 103.01 percent
Several blue-chip stocks also posted impressive gains, including Skyway Aviation Handling Company (93.6 percent), BUA Cement (90.59 percent), ABC Transport (90.2 percent), Jaiz Bank (82.42 percent), Zenith Bank (77.99 percent), Unilever Nigeria (75 percent), Nestlé Nigeria (59.6 percent), Presco (58.6 percent), Dangote Cement (58.13 percent) and MTN Nigeria (40.9 percent).
READ ALSO:NGX Falls 0.86% As Sell-Off Wipes Off N1.3tn
Worst performers
Not all investors benefited from the rally.
UPDC Plc recorded the steepest decline among major stocks, falling 34.69 percent to N3.20 from N4.90, while touching a 52-week low during the June correction.
Other notable laggards included:
United Capital Plc: -10.16 percent
Caverton Offshore Support Group Plc: -9.26 percent
Transnational Corporation Plc: -7.78 percent
VFD Group Plc: -5 percent
Rally driven by momentum and fundamentals
The first-half rally revealed two distinct investment stories.
Several low-priced stocks recorded extraordinary gains largely on the back of strong retail participation, limited free float and momentum trading rather than earnings fundamentals.
Fortis Global Insurance, for example, rallied 1,510 percent despite reporting a N1.69 billion net loss and negative earnings per share of 13 kobo.
Zichis Agro Allied presented a different narrative. Its rally was supported by strong operating performance, with first-quarter pre-tax profit rising to N241.4 million from N30.5 million a year earlier, driven by a 256 percent increase in revenue to N420 million. The company also rewarded shareholders through dividends and bonus shares, providing stronger fundamental support for its remarkable price appreciation.
Outlook
The NGX All-Share Index reached a historic peak of 252,508 points on May 13 before retreating by more than 20,400 points during the June correction.
Market analysts believe attention is now shifting to second-quarter corporate earnings, expected from late July, which are likely to determine whether the market regains momentum or extends its consolidation phase.
Strong earnings from bellwether companies could restore investor confidence and provide a firmer foundation for the next phase of the market’s performance after an extraordinary first half of 2026.
