First HoldCo, Seplat Energy and HBM Nigeria lead the Nigerian Exchange’s top-tier performers in 2026, as strong earnings, production growth and corporate developments coincide with sharply differing share-price returns.
First HoldCo Plc recorded a 186.64 per cent year-to-date share-price gain as at 19 October 2026, emerging as the strongest performer among eight companies on the Nigerian Exchange’s (NGX) Premium Board, ahead of Seplat Energy Plc and HBM Nigeria Plc.
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According to market data reported by Brand Communicator on Tuesday, 27 October, First HoldCo shares traded at ₦137.30 on 19 October, giving the financial services group a market capitalisation of approximately ₦6.243 trillion.
Seplat Energy followed with a 175.44 per cent gain, while HBM Nigeria, formerly Lafarge Africa, recorded a 163.94 per cent increase.
The performance of the three companies highlights the strength of selected Nigerian equities this year, although the broader market has not delivered uniform returns across the country’s largest listed businesses.
Zenith Bank Plc also recorded a substantial advance, with its share price rising 100.65 per cent to ₦124 as at the report’s reference date.
MTN Nigeria Communications Plc gained 61.45 per cent to ₦825, while Dangote Cement Plc advanced 65.52 per cent to ₦1,008.
Access Holdings Plc recorded a more modest 33.10 per cent increase, while United Bank for Africa Plc (UBA) gained just 0.84 per cent.
The gap between UBA’s performance and First HoldCo’s illustrates how differently investors have valued major Nigerian companies during the year.
First HoldCo’s rally has coincided with a significant improvement in its reported earnings.
For the six months ended 30 June 2026, the group recorded profit before tax of ₦653.5 billion, an 83.5 per cent increase from ₦356.15 billion in the corresponding period of 2025.
Gross earnings rose to ₦1.93 trillion, while profit after tax increased by 81.6 per cent to ₦526.13 billion.
Stronger fee and commission income, investment gains and lower credit impairment charges helped support profitability despite softer net interest income.
The momentum continued into the third quarter.
First HoldCo reported nine-month profit before tax of ₦911.24 billion and profit after tax of ₦744.45 billion for the period ended 30 September 2026, according to its unaudited financial statements.
The figures represent year-on-year increases of 60.8 per cent and 65.1 per cent respectively.
The results provide important context for the company’s share-price performance, although earnings growth alone does not establish why investors bought the stock or guarantee further gains.
Seplat Energy’s strong performance has also coincided with a substantial expansion of its operating scale.
The indigenous energy company’s average production rose to 131,506 barrels of oil equivalent per day in 2025, up 148.4 per cent from 52,947 barrels of oil equivalent per day in 2024.
The increase reflected the first full year of consolidation following its acquisition of Mobil Producing Nigeria Unlimited, which expanded Seplat’s offshore operations.
The company also reported a 144.2 per cent rise in revenue to US$2.73 billion for 2025.
Seplat’s chief executive, Roger Brown, said the company had demonstrated its ability to operate at scale through its offshore and onshore activities.
“In 2025 we clearly illustrated our ability to operate at scale,” Brown said in the company’s full-year results announcement in February 2026.
He also pointed to the company’s longer-term ambition to expand production and strengthen its position in Africa’s energy industry.
The results offer a business-performance explanation for investor interest, although oil prices, operational risks, capital spending and wider market conditions remain relevant to its valuation.
HBM Nigeria has similarly benefited from improved financial results and developments in its ownership structure.
Following Huaxin Cement’s acquisition of the business and its subsequent rebranding from Lafarge Africa in May 2026, the cement producer reported profit after tax of ₦208.35 billion for the first half of the year, up 57 per cent from ₦132.68 billion a year earlier.
Revenue increased by 31.2 per cent to ₦678.41 billion, while the company announced an interim dividend of ₦16 per ordinary share.
Its stronger earnings and shareholder distribution provide further context for the stock’s rise, although they do not eliminate the risks associated with manufacturing costs, construction demand and market volatility.
The contrasting performances across the Premium Board demonstrate that company size does not necessarily determine share-price growth.
Even among established businesses, returns can differ considerably depending on earnings expectations, corporate developments, sector conditions and the price investors are willing to pay.
Year-to-date returns measure the change in share price over a specified period.
They do not include all possible shareholder returns, such as dividends, unless these are explicitly incorporated into the calculation.
The figures reported by Brand Communicator are therefore best understood as share-price performance rather than a complete measure of total investment returns.
The comparison also reflects a snapshot of the market as at 19 October, rather than current share prices on the publication date.
Prices and market capitalisations may have changed since then.
For investors, the sharp gains recorded by First HoldCo, Seplat Energy and HBM Nigeria underline the importance of looking beyond headline returns.
Financial performance, cash generation, business strategy, valuation and the sustainability of earnings remain essential considerations when assessing whether a stock’s previous gains can be maintained.
The broader lesson from the NGX Premium Board is that a strong year for selected shares can coexist with relatively subdued performance elsewhere.
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While leading companies have delivered substantial gains in 2026, the wide variation in returns reinforces the need for careful analysis rather than assuming that strength among a handful of stocks will extend across the entire market.
