Nigeria’s stock market has erupted into a wave of investor excitement, with once-overlooked companies delivering jaw-dropping returns in the first quarter of 2026.
Leading the charge is Fortis Global Insurance Plc, which emerged as the undisputed star performer after staging a dramatic comeback on the Nigerian Exchange Limited (NGX). Following its return to trading in February after a six-year regulatory suspension, the stock ignited a buying frenzy—soaring an astonishing 515 percent year-on-year to close March at N1.23, up from just N0.20.
The rally didn’t stop there. A wave of strong performances swept across the market, with companies like Premier Paints Plc, John Holt Plc, Red Star Express Plc, and SCOA Nigeria Plc posting massive triple-digit gains. Others—including DEAP Capital Management & Trust Plc, R.T. Briscoe Plc, NCR Nigeria Plc, Infinity Trust Mortgage Bank Plc, and Nigerian Exchange Group Plc—joined the surge, turning Q1 into a blockbuster period for equities.
The broader market mirrored this explosive growth. The NGX’s market capitalisation skyrocketed from N99.38 trillion at the start of the year to N129.21 trillion by March 31—an eye-popping N29.83 trillion increase. Meanwhile, the All-Share Index leapt by nearly 30 percent, reflecting renewed investor confidence and aggressive portfolio repositioning.
Behind the rally lies a potent mix of factors: rising corporate earnings expectations, improved liquidity, and a shift away from fixed-income investments as real returns decline. A more stable foreign exchange environment and easing inflation outlook have also fueled appetite for equities.
Market experts say the surge signals a deeper trend—one driven by what some call the “neglected comeback.” Aruna Kebira, Managing Director of Globalview Capital Limited, explained that stocks like Fortis Global Insurance were seen as undervalued bargains upon their return, attracting investors eager to capitalize on price gaps.
He described a phenomenon dubbed the “neglected fence,” where previously ignored companies begin to rebound, triggering a reassessment of their true value. According to him, improvements in management quality and stronger financial performance are key drivers behind this renewed investor interest.
As the dust settles on a remarkable quarter, one thing is clear: Nigeria’s equities market is no longer just recovering—it’s roaring back, with underdogs turning into headline-makers and fortunes shifting at lightning speed.
