The Nigerian Exchange (NGX) kicked off 2026 with one of its most surprising starts in recent memory. Market confidence was clearly on the rise, with the All-Share Index climbing by over 6 percent in January and trading volumes expanding markedly compared to the same period last year.
But for many investors — novice and experienced alike — the real story isn’t the index, it’s which stocks delivered explosive gains. Let’s take a closer look at the top ten performers for the month and unpack what this surge means for equities in Nigeria.
1. DEAP Capital Management & Trust
Topping the list is DEAP Capital Management & Trust Plc, whose shares soared by nearly 394 percent in January. That’s not a typo — hundreds of percentage points in a single month. What’s driving this? A combination of renewed investor interest and strategic developments, including a memorandum of understanding with a partner focused on financing regional projects.
Why it matters: This stock’s explosive rise shows that smaller financial firms can outperform traditional heavyweights when investor sentiment shifts sharply. And while such gains may not be sustainable each month, they highlight momentum opportunities that some traders hunt for.
2. SCOA Nigeria
Second on the list is SCOA Plc with an eye-popping 345 percent return. SCOA has long been known for its diversified footprint across manufacturing and distribution — but it’s January’s performance that’s caught new eyes. Investors rewarded optimism around operational expansion and increasing market visibility.
Market take: It’s rare to see a stock outside banking or energy deliver such outsized monthly gains. For Nigerian portfolios looking to balance blue-chip holdings with high-growth plays, SCOA’s performance is a meaningful data point.
3. NCR (Nigeria)
NCR (Nigeria) plc claimed the third spot with a roughly 174 percent return. This surge builds on momentum from late 2025. Despite mixed fundamentals, the stock has attracted notable speculative interest — making it one of the most talked-about small-cap stories on the NGX.
Investors’ question: Is this a sustainable run based on earnings prospects — or sentiment-driven momentum? That debate continues.
4. Omatek Ventures
At fourth place, Omatek Ventures Plc returned about 165 percent last month. While Omatek isn’t a household name like some banks or telecommunications stocks, its performance suggests that niche sectors — especially those tied to technology and hardware distribution — are resonating with investors hungry for non-traditional winners.
Takeaway: Outliers like Omatek remind us that Nigerian equity markets aren’t just about the giants; mid-tier and microcap stories can climb fast when sentiment shifts.
5. Red Star Express
Red Star Express, the logistics and courier company, sits at number five with returns eclipsing 139 percent. This aligns with broader optimism in sectors tied to domestic commerce and movement of goods — especially as e-commerce continues to grow in Nigeria and West Africa.
Why this matters: Logistics firms often act as barometers for economic activity. Strength here could signal broader consumer and business spending.
6. R.T. Briscoe
Scoring a 125 percent return, R.T. Briscoe Plc rounded out the top half of the list. This industrial and mechanical services player has benefited from renewed investor confidence in industrial segments — a signal that, beyond financials and consumer goods, industrials may be gaining traction.
7. Multiverse Mining & Exploration
This miner and explorer delivered 111 percent in gains, ranking seventh. Mining stocks often move fastest when broader markets swing higher, and investor appetite for resource exposure — even speculative — has clearly been strong in January.
8. McNichols
McNichols Plc’s 94 percent return underscores the opportunities in smaller, less liquid stocks. These names can swing sharply on relatively modest trading volumes — which, by the way, is why risk management is essential when chasing double-digit gains.
9. Morison Industries
Morison Industries posted 93 percent gains. Although not widely tracked by every institutional investor, shares like these show that overlooked companies can become significant winners when liquidity flows into them.
10. May & Baker
Finally, May & Baker Nigeria Plc delivered an 84 percent return, rounding out the top ten. With positive sentiment driving pharmaceutical stocks broadly, the group has attracted renewed interest — possibly tied to stable earnings and growth prospects.
What This Means for Investors — A Quick Breakdown
This isn’t just a random scatter of stocks. Three themes stand out:
• Momentum
Unlike earlier years — when banks and telecommunications names dominated headlines — this list features diverse segments, from mining to logistics to pharmaceutical names. That signals a broader market advance, where volatility and gains aren’t confined to a handful of blue-chip stocks.
• Smaller Names Can Outperform
Many of the biggest gains came from smaller capitalisation stocks. These can offer outsized returns, but they tend to see larger swings too. Liquidity can dry up fast, and price moves may be exaggerated. So, yes — the returns are impressive. But the risk callbacks are real.
• Market Sentiment
January’s broader market gains reflect heightened investor engagement. Compared to January 2025, both index performance and trading volume were significantly stronger.This shift in sentiment is meaningful — especially as investors weigh macroeconomic shifts, earnings outlooks and geopolitical developments in 2026.
Conclusion
January’s numbers suggest the Nigerian equities market continues to evolve. Where past cycles often favored blue-chip income stocks, the early 2026 rally showed diversification, sentiment and mid-tier value plays taking the spotlight. For long-term investors, these patterns highlight the importance of research, risk management and diversification — not just chasing last month’s winners. But for traders and market watchers? January offered more than its fair share of compelling stories.
 kicked off 2026 with one of its most surprising starts in recent memory. Market confidence was clearly on the rise, with the All-Share Index climbing by over 6 percent in January and trading volumes expanding markedly compared to the same period last year.){kind=link}