By Boluwatife Oshadiya | June 1, 2026
Key Points
- Nigerian Exchange’s top 10 performers in May 2026 delivered returns from 80.55% (Berger Paints) to 37.10% (Learn Africa), led by mid- and small-cap names amid slowing broad market gains.
- All-Share Index rose 3.35% to close at 250,385.7 points, crossing the 250,000 milestone for the first time, with market capitalisation reaching N160.5 trillion.
- Strong company-specific fundamentals, earnings beats, dividends, and corporate actions drove outperformance in sectors including paints, healthcare, agro-processing, and real estate.
- Trading volume exceeded 18 billion shares as investor appetite for high-growth opportunities persisted despite moderation from April’s 20.36% surge.
- Year-to-date leaders like SCOA Nigeria (365.49%) highlight sustained momentum in select equities.
Main Story
The Nigerian Exchange (NGX) maintained its positive trajectory in May 2026, with the All-Share Index (ASI) posting a 3.35% monthly gain to close at 250,385.7 points — its slowest advance of the year but enough to push the benchmark past the historic 250,000-point level for the first time. The index added 8,107.9 points during the month, lifting total market capitalisation to N160.5 trillion as investors exchanged more than 18 billion shares.
While large-cap heavyweights such as Dangote Cement (up 21.65%) provided stability, the real outperformers were mid- and small-cap stocks, which claimed all 10 spots in the monthly gainers list with returns ranging from 37.10% to 80.55%. This shift underscores growing investor confidence in fundamentally strong smaller companies delivering robust earnings growth and shareholder returns amid a maturing bull market.
Berger Paints Plc topped the list with an impressive 80.55% month-to-date gain, climbing from N81.75 to N147.60. The paints manufacturer delivered its strongest monthly run on record, supported by a 116.43% year-on-year increase in FY2025 pretax profit to N2.4 billion and a 48% rise in Q1 2026 pretax profit to N693.1 million. Investors also responded positively to a final dividend of N1.25 per 50 kobo share for FY2025, up from N1.00 previously.
International Energy Insurance followed closely with a 64.36% gain, advancing from N2.75 to N4.52 on over 52 million shares traded. Q1 2026 results showed premiums of N889.4 million and expanded investment income.
FTN Cocoa Processors secured third place with a 62.73% surge. The agro-processor turned around its performance, narrowing FY2025 pretax losses significantly and posting strong Q1 2026 pretax profit of N954.3 million on nearly doubled sales.
Associated Bus Company rose 58.65% to N8.25, benefiting from improved Q1 revenue and a return to dividend payments. Zichis Agro Allied Industries gained 51.52%, exploding over 1,723% from its January listing price after a massive 690% pretax profit jump in Q1.
Mecure Industries (50.87%), SCOA Nigeria (45.92%), UPDC REIT (44.67%), Fidson Healthcare (38.30%), and Learn Africa (37.10%) rounded out the list, each propelled by earnings growth, dividends, rights issues, management changes, or insider buying.
For instance, Learn Africa saw its Chairman, Chief Emeke Iwerebon, acquire 1,143,059 shares at N10.85 on May 19, injecting confidence. The company reported improved FY2025 pretax profit of N1.16 billion.
Fidson Healthcare completed a successful N21 billion rights issue, while UPDC REIT appointed a new fund manager and improved distributions. SCOA and Mecure delivered strong profit recoveries and higher dividends.
The Issues
May’s performance highlights a maturing Nigerian equity market where alpha generation increasingly shifts toward companies with strong balance sheets, earnings visibility, and sector tailwinds rather than broad index momentum. Mid- and small-caps have outperformed as investors hunt for undervalued growth stories in a high-interest-rate environment that continues to pressure larger, more leveraged names.
Key structural factors include ongoing economic reforms, gradual disinflation expectations, and corporate actions such as recapitalisation and rights issues that strengthen capital bases. However, challenges persist: sustained high monetary policy rates, forex volatility remnants, and uneven sectoral recovery mean not all small-caps succeed—only those with proven execution do.
The concentration of gains in healthcare, agro-allied, consumer, and real estate-linked stocks reflects resilience in defensive and domestic-demand-driven sectors. Broader market participation remains healthy, but liquidity and volatility in smaller names require careful risk management. Year-to-date, the market’s strength (with some stocks up hundreds of percent) raises questions about sustainability as valuations expand.
What’s Being Said
Analysts and market participants have noted the shift toward quality mid-caps. One expert observed that “the pillars for sustained market resilience appear firmer” due to projected GDP growth, moderating inflation, and policy support, favouring selective equity investment.
On Berger Paints specifically, analysts pointed to “the combination of robust earnings growth and strong dividend expectations” as triggers for renewed buying interest.
Regarding smaller companies, commentary around the market emphasises that “mid- and small-cap stocks surged in 2026,” with top performers boosting significant market value through earnings delivery.
Company executives have highlighted operational improvements. For Learn Africa, the insider purchase by the Chairman signals internal confidence in the educational publishing recovery. Similar sentiments around earnings beats and expansion plans were echoed in filings for Fidson, Mecure, and others.
What’s Next
The NGX is expected to see continued corporate earnings releases for Q2 2026, with the next Monetary Policy Committee (MPC) meeting anticipated to influence rate expectations and investor sentiment. Several companies in the top 10 have annual general meetings scheduled in coming months where further dividend policies and strategic updates may be announced.
Analysts project selective opportunities in 2026, with potential for 40%+ market growth in optimistic scenarios driven by reforms. Investors will watch for additional recapitalisation-driven activity, new listings, and macro data releases on inflation and reserves. Profit-taking in top performers after strong runs could create entry points, while sustained positive monthly closes may attract more foreign portfolio inflows.
The Bottom Line:
May 2026’s top gainers list confirms that Nigeria’s equity market is rewarding companies that deliver tangible earnings growth, shareholder returns, and credible corporate actions — particularly in mid- and small-cap segments. While the broader index advance moderated, the outperformance of these 10 stocks demonstrates that fundamental strength and timely catalysts can generate exceptional returns even in a cooling macro rally. For sophisticated investors, this environment favours disciplined stock selection over passive index exposure, with opportunities likely to persist for businesses navigating Nigeria’s evolving economic landscape effectively. The milestone breach of 250,000 points underscores the market’s underlying resilience heading into the second half of 2026.
 maintained its positive trajectory in May 2026, with the All-Share Index (ASI) posting a 3.35% monthly gain to...){kind=link}