Nigerian Exchange Limited Sees Historic Bull Market
The Nigerian Exchange Limited (NGX) is currently experiencing a remarkable bull market, showcasing numerous standout performances through the first quarter ending March 31. The All Share Index (ASI) recently crossed the 200,000-point mark, reflecting an impressive market increase of approximately 29%, positioning it among the top exchanges globally in dollar terms.
Exceptional Growth in Major Stocks
NGX’s growth trajectory has allowed it to attain recognition as one of the best-performing stock markets worldwide. With many stocks achieving substantial gains, a select few have surpassed the 100% year-to-date (YtD) threshold, delivering extraordinary returns that have reached new heights this quarter. These triple-digit gainers are indicative of a robust rally driving the entire index to a leadership position on the global stage.
Zichis Agro-Allied Leads with Remarkable Gains
Zichis Agro-Allied, a newcomer to the market, has made headlines with an astonishing increase of +661.81%. This “moonshot” stock has captivated investor attention since its January listing. The recent lifting of a trading suspension on Zichis is significant, having followed a month-long investigation by NGX Regulation Limited into unusual price fluctuations that saw the stock’s price surge by approximately 772.36% shortly after its entry into the market.
Initially listed on the Growth Board at N1.81, Zichis reached a valuation of N17.36 just one month post-listing. This rapid escalation raised concerns about potential liquidity risks for retail investors, prompting regulatory action to ensure market integrity. Upon the resumption of trading, the stock price was adjusted to 8.58 Naira due to a 1:1 bonus issue and a revised dividend of 20 kobo per share, effective from March 16, 2026.
Fortis Global Insurance Achieves Significant Performance
Fortis Global Insurance (FTGINSURE) has also made a substantial impact since its trading suspension was lifted in early February. After being sidelined for over six years, the stock has seen a remarkable rise of +535%, positioning itself as one of the standout momentum stocks of the year. This surge is primarily fueled by expectations of recovery and compliance with regulatory standards rather than immediate profit generation.
In February 2026, shareholders approved a capital-raising initiative to comply with National Insurance Commission (NAICOM) requirements, which may involve various funding avenues such as equity and debt instruments. Market responses to such recapitalization efforts are typically bullish, reflecting investor optimism regarding a company’s potential for competitive growth.
Red Star Express Transitions to High-Growth Momentum
Red Star Express Plc (REDSTAREX) is another notable performer, showing a remarkable YtD increase of 223.56%. The company has shifted from being a steady dividend player to a high-growth stock, largely due to favorable market conditions and its strategic positioning within Nigeria’s logistics sector. As a prominent player in the evolving landscape of digital commerce, Red Star is well-placed to benefit from the ongoing shifts in consumer behavior.
Impressive Gains by Other Market Players
SCOA Nigeria Plc (SCOA) has also seen its stock elevate by approximately 219% YtD, fueled by improving business fundamentals and speculative trading. Recent changes in regulatory measures have bolstered investor confidence, especially following the easing of years of regulatory constraints. Similarly, Deap Capital Management & Trust Plc (DEAPCAP) has garnered a 212% increase following the approval of a business model overhaul, set to transform it into Africa’s leading financier of energy transition metals.
RT Briscoe (Nigeria) Plc’s stock has surged by 206%, primarily due to strong earnings and strategic partnerships, particularly in the electric vehicle sector. NCR (Nigeria) Plc has also reported a significant rise of +173.73%, attributable to a broader trend of digital transformation within Nigeria’s financial services industry, further enhancing its presence as a key infrastructure provider.
Lastly, McNichols Consolidated Plc (MCNICHOLS) has achieved a commendable YtD return of +147.09%, highlighting its expertise in agribusiness and manufacturing of essential food products. As NGX continues to thrive, these companies exemplify the promising landscape of Nigeria’s stock market.
