LAGOS — The Nigerian Exchange (NGX) opened 2026 with a thunderous rally, vastly outperforming the previous year’s start.
The All-Share Index surged by 6.27% in January alone—a massive leap compared to the 1.53% gain seen in January 2025—propelling the total market capitalization to a historic N106.1 trillion.
While the broader index gained 9,757.4 points, the real story lies in a handful of “super-stocks” that delivered triple-digit returns in just 31 days.
Despite a mild pullback in late January due to profit-taking, the top performers maintained gains that suggest a fundamental shift in investor sentiment toward the industrial and technology sectors.
The Elite Ten: January 2026’s Top Performers
The following rankings reflect the month-end closing prices after a month of high-volume trading and record-breaking momentum.
| Rank | Company | Monthly Gain | Closing Price (N) |
| 1 | Deap Capital Management (Deap Cap) | 394.21% | N5.20 |
| 2 | SCOA Nigeria Plc | 345.07% | N11.35 |
| 3 | NCR Nigeria Plc | 173.73% | N22.40 |
| 4 | Omatek Ventures | 165.49% | N4.50 |
| 5 | Red Star Express | 139.08% | N15.60 |
| 6 | RT Briscoe | 124.57% | N7.85 |
| 7 | Multiverse Mining & Exploration | 111.61% | N43.00 |
| 8 | McNichols Consolidated | 94.19% | N3.35 |
| 9 | Morison Industries | 93.98% | N15.20 |
| 10 | May & Baker Nigeria | 84.21% | N35.00 |
Sector Spotlight: Why They Soared
1. The Undisputed King: Deap Capital (394.21%)
Deap Capital Management emerged as the month’s outlier, nearly quintupling in value.
The stock, which opened the year at a lowly N1.05, became the target of intense speculative interest and high-conviction trading. Its nearly 400% gain reflects a broader market appetite for penny stocks with the potential for massive capital appreciation.
2. The Industrial Pivot: SCOA and RT Briscoe
Industrial and conglomerate stocks dominated the upper echelons of the list.
SCOA Nigeria (+345%) and RT Briscoe (+124.5%) benefited from a renewed focus on domestic logistics and equipment procurement. As Nigerian firms move to localize supply chains, these legacy players are being revalued as critical infrastructure partners.
3. The Tech & Logistics Surge: NCR, Omatek, and Red Star
Technology stocks like NCR Nigeria (+173.7%) and Omatek Ventures (+165.5%) capitalized on the national push for digital transformation.
Meanwhile, Red Star Express (+139%) saw its valuation skyrocket as the boom in e-commerce and cross-border logistics—driven by the AfCFTA—increased demand for reliable last-mile delivery.
4. Pharma Resilience: May & Baker (84.21%)
Rounding out the top ten, May & Baker reflected the strength of the healthcare sector. With post-tax profits jumping to N4.4 billion (nearly triple the previous year), investors rewarded the firm’s robust fundamentals and its ability to maintain margins despite inflationary pressures.
January and Beyond
January 2026 has set a high bar for the rest of the year. The sheer volume of trading—over 15 billion shares exchanged—indicates that both institutional and retail investors are “all in” on the NGX.
While the 166,000-point peak saw a slight correction in the final week, the 30%+ average gain across the top tier suggests that for savvy investors, the Nigerian market is currently one of the most lucrative frontiers in the global financial landscape.
