Nigeria’s biggest stock market gainers are being driven by a combination of improving corporate earnings, turnaround expectations, and strong demand for low-priced shares, with the financial performance of the companies showing that the rally has different fundamental stories behind it.
While the Nigerian Exchange’s All-Share Index has gained more than 55.29 per cent this year, some small and mid-cap stocks have significantly outpaced the broader market, recording gains of more than 200 per cent.
Fortis Global Insurance Plc has recorded the largest increase, rising about 1,215 per cent from its January price, while Zichis Agro Allied Industries Plc gained 819.60 per cent. SCOA Nigeria Plc rose 365.49 per cent, R.T. Briscoe Nigeria Plc about 260 per cent, Union Dicon Salt Plc 244.20 per cent, Infinity Trust Mortgage Bank Plc 221.43 per cent, Berger Paints Nigeria Plc 207.50 per cent and Premier Paints Plc 204 per cent.
The scale of the gains, however, does not mean the stocks are being driven by the same factors. For some companies, the share-price rally has coincided with a significant improvement in earnings. For others, investors appear to be betting on a turnaround, restructuring or future corporate action, while thin free floats and relatively low starting prices have amplified the movements.
This checks the top 10 highest returning stocks on the NGX as of Friday, August 14, 2026.
Fortis Global Insurance – 1215%
Fortis Global Insurance provides the clearest example of why the headline return needs to be treated carefully.
The insurer, formerly known as Standard Alliance Insurance Plc, started the year at N0.20 and had risen to N2.63 by August 14, translating to an increase of more than 1,200 per cent. However, the company completed a four-for-one share reconstruction in July, meaning its apparent return cannot be compared directly with the performance of a stock whose share structure remained unchanged throughout the period.
Fortis also returned to active trading on July 3, 2026, after its suspension was lifted. The resumption of trading and subsequent restructuring have changed the market’s perception of the company, making the rally more of a corporate-restructuring and re-rating story than one driven by earnings.
Zichis Agro Allied Industries – 819.6%
Zichis Agro Allied Industries presents a different picture, with its rally supported by a substantial improvement in reported earnings.
The stock started the year at about N1.99 and had risen to N18.30 by August 14, representing an increase of more than 800 per cent. Its first-half revenue rose to N910.47 million, while profit after tax reached N456.95 million, with revenue increasing 382 per cent from the comparable period. The company has expanded across poultry feed, palm oil and aquaculture.
Zichis therefore has one of the stronger fundamental stories among the biggest gainers: investors are responding to a sharp increase in the scale of the business and its ability to generate profit. However, the share-price appreciation remains significantly larger than the improvement in earnings, indicating that market re-rating and momentum are also playing a role.
SCOA Nigeria – 365.49%
SCOA Nigeria Plc offers a more complicated explanation for the small-cap rally, with its share price rising far faster than its earnings performance.
The company started 2026 at N7.10 and had climbed to N33.05 by August 14, representing a gain of about 365 per cent. Yet its first-half revenue increased 47 per cent to N4.9 billion from N3.3 billion, while profit before tax fell 36 per cent to N219.43 million from N342.76 million. Earnings per share also declined to 18 kobo from 31 kobo.
The divergence shows that the rally cannot be explained by its latest financial performance alone. SCOA entered 2026 with a stronger turnaround narrative after full-year 2025 revenue rose 41 per cent to N8.36 billion and profit after tax more than doubled to N477.9 million.
Its ownership structure has also amplified the move, with SCOA International holding 68.25 per cent and only about 20.54 per cent of shares in free float. The combination of a turnaround narrative, limited supply and momentum buying has therefore pushed the stock far ahead of its earnings growth.
Union Dicon Salt – 244.20%
Union Dicon Salt illustrates the gap that can emerge between market expectations and current financial performance.
The stock began the year at N7 and had risen to N23.75, representing a 244.20 per cent increase. The rally, however, has not been accompanied by a comparable improvement in recent earnings. First-quarter sales stood at about N8.5 million, while the company recorded a loss of approximately N8.4 million.
The performance therefore suggests that investors are looking beyond current earnings towards the company’s restructuring and potential operational recovery. Its low starting valuation also means that relatively small changes in demand can produce large percentage movements in the share price.
R.T. Briscoe – 231.43%
R.T. Briscoe has delivered one of the clearest operational turnarounds among the stocks.
The company started the year at N3.50 and rose to N11.60. However, the share-price rally has been accompanied by a significant improvement in the underlying business.
The company had also increased revenue by 51 per cent in 2025 to N24.5 billion from N16.3 billion, while profit after tax climbed to N800.9 million from about N332.4 million.
The improvement in earnings suggests that investors are not simply chasing the stock because it started at a low price. They are also responding to evidence that the business has moved into a stronger earnings cycle.
Infinity Trust Mortgage Bank – 221.43%
Infinity Trust Mortgage Bank has recorded strong growth in its underlying business, giving its rally a clearer earnings foundation.
The lender started the year at N3.50 and has risen by more than 220 per cent to around N11.25. Its first-half interest and similar income rose 59.6 per cent to N3.73 billion, while profit after tax reached approximately N1.60 billion. Turnover increased 44 per cent to about N4 billion.
The 221.43 per cent gain therefore has a significant earnings component, with investors responding to stronger income generation and profitability rather than simply the stock’s low starting price.
Berger Paints Plc – 207.50%
Berger Paints also combines a strong share-price performance with improving fundamentals.
The company started the year at N48 and had risen to N147.60, representing a 207.50 per cent appreciation. Berger increased revenue by about 20 per cent to N12.99 billion in 2025, while profit after tax climbed to N1.57 billion from N610.9 million.
The combination of earnings growth and dividend expectations has strengthened investor interest in the company. Unlike the more speculative gainers, Berger’s rally has therefore been supported by a measurable improvement in profitability, although the share price has now risen much faster than earnings.
Premier Paints – 204%
Premier Paints presents a similar disconnect between market performance and current financial results.
The stock began the year at about N10 and has risen to more than N30.40, representing a gain of more than 200 per cent. Its first-quarter revenue, however, declined 28 per cent and the company recorded a loss of about N7.57 million.
This indicates that the rally cannot currently be explained by earnings growth alone. Investors appear to be positioning for a potential turnaround, while the stock’s low starting price and limited liquidity can amplify buying pressure.
First HoldCo – 180.64%
First HoldCo provides one of the strongest examples of an earnings-backed rally among the larger gainers.
The bank holding company started the year at N48.80 and has risen to roughly N140, representing a gain of about 187 per cent. The move has been supported by a substantial improvement in earnings, with first-half profit before tax reaching about N653.5 billion and profit after tax approximately N526.1 billion.
Lower impairment charges and stronger non-interest income supported the earnings performance, giving First HoldCo’s share-price appreciation a much stronger fundamental foundation than stocks where the price has moved sharply despite weaker earnings.
Airtel Africa – 177.53%
Airtel Africa, which has gained about 177.53 per cent, is another large-cap example where earnings and future corporate value are working together.
The stock started the year at N2,270 and has risen to around N6,300 alongside the buyback activity of the company, buying back over 2 million of its own stocks. The company reported a 27 per cent year-on-year increase in first-quarter net profit to $198 million, while expectations around the potential listing of Airtel Money have created an additional value-unlocking catalyst.
The market is therefore pricing not only Airtel Africa’s telecommunications operations but also the potential value of its growing financial-services business.
The 2026 rally is therefore not simply a story of investors moving into cheap stocks. It is a market in which investors are rewarding companies for different reasons: stronger earnings, improving margins, dividend prospects, restructuring, balance-sheet repair and expectations of future growth.