By Boluwatife Oshadiya | June 1, 2026
Key Points
- Berger Paints emerged as the Nigerian Exchange’s best-performing stock in May with an 80.55% gain
- Mid-cap and small-cap companies dominated the top 10 performers despite slower market-wide growth
- The NGX All-Share Index advanced 3.35% to a record 250,385.7 points, pushing market capitalisation to N160.5 trillion
Main Story
Investors in select Nigerian equities recorded substantial gains in May 2026, with Berger Paints Plc leading the Nigerian Exchange’s top-performing stocks after delivering an 80.55% monthly return.
The strong performance came as the broader market extended its bullish run, although at a slower pace. The NGX All-Share Index rose by 3.35% during the month to close at a historic 250,385.7 points, surpassing the 250,000-point mark for the first time. Total market capitalisation also climbed to N160.5 trillion.
While heavyweight stocks such as Dangote Cement supported overall market performance, investor attention shifted toward smaller and mid-sized companies that posted outsized gains.
Berger Paints topped the ranking after its share price surged from N81.75 to N147.60. The rally followed improved earnings performance, with the company reporting a 116.43% increase in full-year 2025 pre-tax profit to N2.4 billion and a 48% rise in first-quarter 2026 profit to N693.1 million. The company also announced a final dividend of N1.25 per share, up from N1.00 in the previous year.
International Energy Insurance ranked second with a 64.36% gain, while FTN Cocoa Processors secured third place after advancing 62.73%. Associated Bus Company and Zichis Agro Allied Industries completed the top five, posting returns of 58.65% and 51.52%, respectively.
Other notable performers included Mecure Industries, SCOA Nigeria, UPDC REIT, Fidson Healthcare and Learn Africa, all of which recorded gains exceeding 37% during the month.
Market analysts attributed much of the rally to stronger corporate earnings, dividend announcements and renewed investor appetite for growth-oriented stocks amid improving economic sentiment.
What’s Being Said
“The sustained positive performance across several sectors reflects growing investor confidence in companies delivering strong earnings growth and shareholder value,” analysts at the Nigerian Exchange noted in recent market commentary.
“Investors are increasingly rewarding companies with strong fundamentals, dividend consistency and clear growth strategies, particularly within healthcare, manufacturing and agriculture,” said Ayodeji Ebo, Managing Director of Optimus by Afrinvest.
What’s Next
- Investors will closely monitor second-quarter earnings releases beginning in July for signs that current momentum can be sustained
- Market participants are expected to assess the impact of monetary policy decisions on equity valuations and investor flows
- Companies that delivered strong first-quarter results are likely to remain in focus as institutional investors reposition portfolios for the second half of 2026
Bottom Line
The Bottom Line: May’s strongest performers highlight a growing shift in investor interest beyond traditional blue-chip stocks. While the broader market’s pace of growth moderated, strong corporate earnings, dividend payouts and improving business performance continue to create opportunities in selected mid-cap and small-cap equities.
