Top 10 best-performing Nigerian stocks in May 2026

The Nigerian Exchange’s top 10 best-performing stocks in May 2026 delivered returns ranging from 80.55% to 37.10%, even as broader market momentum slowed noticeably.

While the market remained firmly in positive territory, the All-Share Index returned 3.35% in May, representing its slowest monthly gain of 2026 after April’s stronger 20.36% rise.

The index added 8,107.9 points to close at 250,385.7, crossing the 250,000-point milestone for the first time and lifting total market capitalization to N160.5 trillion.

Trading activity remained strong, with investors exchanging more than 18 billion shares during the month, while the market extended its streak of positive monthly performances from January through May.

Although large-cap stocks such as Dangote Cement, which rose 21.65%, provided significant support for the index, the spotlight in May 2026 belonged to mid-cap and small-cap companies, which dominated the Nigerian Exchange’s top 10 performers.

Here are the top 10 month-to-date gainers.

Learn Africa — 37.10%

Learn Africa Plc ranked 10th with a 37.10% month-to-date performance, supported by strong trading volume exceeding 26 million units during the period.

The educational publishing firm opened the month at N9.30, broke above the N9.80 resistance level in the second week, and surged to a peak of N12.90 by the third week.

A mild 1.16% pullback in the final week tempered gains, leaving the stock at N12.75, bringing its year-to-date return to 94.66%.

On May 19, 2026, Chief Emeke Iwerebon, Chairman of the company, acquired 1,143,059 shares at N10.85, a N12.4 million investment that likely accelerated the bullish momentum.

For FY April 2025–March 2026, Learn Africa posted pretax profit of N1.16 billion versus N748.2 million, while revenue rose to N6.1 billion.

Fidson Healthcare — 38.30%

Fidson Healthcare Plc occupies the 9th position with a 38.30% month-to-date performance, supported by trading volume exceeding 18 million shares, up from 14 million in the previous month.

The stock opened at N98.70 and closed at N136.50, with most of its gains concentrated in the second week when it surged by 32.52% in a sharp upward move.

The rally was likely driven by strong fundamentals, as its Q1 2026 results filed on April 28 showed a 40.3% rise in pretax profit to N6.8 billion, supported by robust pharmaceutical sales revenue of N42.6 billion.

Adding to investor confidence, Fidson completed a N21 billion rights issue with 600 million units allotted and a 117.3% oversubscription, aimed at strengthening capital structure, reducing debt, and supporting expansion plans.

Year-to-date, Fidson Healthcare remains one of the standout performers, delivering a 172.46% gain amid sustained investor interest and strong earnings momentum.

UPDC REIT — 44.67%

UPDC Real Estate Investment Trust takes the 8th spot with a 44.67% month-to-date return for unitholders, reflecting renewed investor appetite for real estate-linked assets.

The fund opened at N7.50 and witnessed heightened trading activity, with volumes rising to 61 million units as it broke through the long-standing N9 resistance level that had capped gains since July 2025, before closing at N10.85.

Momentum was strongest in the second week, when the REIT advanced by 23.70% following an Extraordinary General Meeting that resulted in SEC approval of SFS Capital Nigeria Limited as the new fund manager.

Investor sentiment was also likely supported by a final distribution of N0.33 for the period ended December 2025, an improvement from N0.30 in the prior year, alongside stronger 2025 rental income of N1.7 billion versus N1.4 billion previously.

Year-to-date, UPDC REIT has maintained a steady trajectory, posting a 57.25% gain.

SCOA Nigeria— 45.92%

SCOA Nigeria Plc occupies the 7th position with a 45.92% month-to-date performance, moving from an opening price of N22.65 to N33.05 over the period.

Trading activity reached over 6 million units, while the strongest upward movement was recorded in the second week, lifting year-to-date performance to 365.49%.

FY2025 results likely supported sentiment, as pretax profit rose to N804.7 million from N374.3 million, backed by revenue of N8.3 billion, with equipment sales accounting for 84% and auto sales contributing to the balance.

In Q1 2026, the company returned to profitability with a pretax profit of N27.77 million compared to a loss of N304.1 million in Q1 2025, on revenue of N738.4 million.

Mecure Industries — 50.87%

Mecure Industries Plc ranks 6th with a 50.87% month-to-date return, advancing from an opening price of N62.90 to N94.90 over the period.

The healthcare company recorded more than 14 million shares in traded volume, while its year-to-date return stands at 45.55%, reflecting a recovery from declines recorded in February and March.

The company declared a final dividend of N0.32 in April, higher than N0.15 in the prior year, after reporting a 177% year-on-year jump in 2025 net profit to N6.46 billion, supported by pharmaceutical sales rising to N77.69 billion from N46.03 billion.

In Q1 2026, Mecure reported revenue of N20.1 billion compared with N13.2 billion in the prior year period, alongside a 136% year-on-year increase in net profit to N1.3 billion.

Zichis Agro Allied Industries — 51.52% 

Zichis Agro Allied Industries is placed 5th with a 51.52% month-to-date return, rising from N21.78 to N33.00 over the period.

The agricultural stock recorded over 193 million units in traded volume, closing two out of four weeks in positive territory and breaking above N30 for the first time.

Investor sentiment likely accelerated after Q1 2026 results showed pretax profit of N241.4 million, up 690% year-on-year, while revenue increased 256% to N420 million.

Overall, from a listing price of N1.81 in January, the stock has surged by over 1,723%.

Associated Bus Company — 58.65%

Associated Bus Company is placed 4th with a 58.65% month-to-date performance, moving from N5.20 to a closing price of N8.25 over the period.

Momentum built through the month for the transport and logistics firm, with over 22 million units traded, higher than the 15 million recorded in the previous month, as the stock broke past the N6.75 resistance level before closing at N8.25.

The improvement in sentiment likely followed its Q1 2026 results, which showed revenue of N4.2 billion compared with N3.6 billion in Q1 2025, alongside a pretax profit of N340.06 million, according to its unaudited financial statement.

Earlier support also came from a FY2025 dividend declaration of N0.06, the first in several years after a N0.015 payout in FY2022, which likely reinforced investor confidence.

Year-to-date, the stock is up 101.22% on the Nigerian Exchange.

FTN Cocoa Processors — 62.73%

FTN Cocoa Processors is placed 3rd after a 62.73% month-to-date surge, supported by market volume exceeding 252 million units.

The agro-processing company opened the month at N5.50 and closed three consecutive weeks in positive territory, breaking above the N7.00 resistance zone in the first week and reaching a high of N9.90 in the third week before a final-week pullback brought it down to N8.95.

Year-to-date performance stands at 79%, likely reflecting market reaction to FY2025 results, which showed revenue rising to N5.6 billion from N1.3 billion, while pretax loss narrowed sharply to N273.3 million compared with N9.5 billion in the prior year.

In Q1 2026, the company reported a pretax profit of N954.3 million, a rebound from N575.5 million in Q1 2025, with sales almost doubling from N572.02 million to N1.08 billion.

International Energy Insurance — 64.36%

International Energy Insurance comes in 2nd with a 64.36% month-to-date gain, advancing from N2.75 to a closing price of N4.52 over the period.

The insurer recorded trading activity exceeding 52 million units, above the 33 million seen in the previous month, with notable acceleration in the final week as buying interest strengthened.

Year-to-date performance stands at 80.80% on the Nigerian Exchange, with much of the recent momentum likely linked to market reaction following the release of its Q1 2026 results on April 30.

In the period, the company reported N889.4 million in premiums, while investment income expanded from N115.9 million to N149.5 million.

Berger Paints — 80.55%

Berger Paints Plc leads the table with an 80.55% month-to-date advance, climbing from an opening price of N81.75 to a close of N147.60, with about 19 million units traded over the period.

The stock delivered its strongest monthly run on record, with gains largely concentrated in the second week, pushing year-to-date performance to 207.50%.

Underlying sentiment was likely shaped by stronger earnings momentum, following a 116.43% year-on-year increase in FY2025 pretax profit to N2.4 billion, alongside a 48% rise in Q1 2026 profit to N693.1 million.

Investor positioning was also likely influenced by a final dividend declaration of N1.25 per 50 kobo share for FY2025, compared with N1.00 in the prior year.

Overall, the move reflected a combination of price momentum, earnings strength, and improved shareholder returns over the period.