Healthcare stocks have been on a bull run since 2025, and data reviewed by BusinessDay on the Nigerian Exchange (NGX) show sustained momentum as investors rotate into defensive growth names amid sustained buying pressure and rising market activity.
Stocks such as MeCure, Neimeth, May & Baker, and Fidson have recorded sharp price appreciation and outperformed the broader equity market on both year-to-date (YTD) and short-term performance metrics. As of January 23, 2026, the healthcare sector is valued at around N664 billion.
Temi Popoola, managing director and CEO of NGX Group, noted the significance of this shift. “The performance of the Nigerian in 2025 and into 2026 highlights the importance of policy consistency and purposeful reforms in strengthening investor confidence. We are seeing a market increasingly resilient, where domestic liquidity is finding refuge in sectors with strong, tangible growth.”
MeCure Industries is the 32nd most valuable company on the NGX with a market capitalisation of N416 billion, and has been the standout gainer in the sector. Share price is currently valued at N104.00, having gained nearly 60 percent since the start of the year. This has placed the drug provider on the list of companies with the best YTD performance, at number 11. The rally is also backed by a 186 percent surge in 9M 2025 profit of N4.46 billion, driven by its new corticosteroid factory and a 99 percent increase in revenue.
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Anderline Dukor, co-CEO of MeCure, attributed the company’s listing on the NGX to its growth trajectory. “By listing on the Nigerian Exchange, we have gained more visibility and expanded our reach. In addition to delivering value to shareholders, we are excited about the opportunities ahead in saving lives through innovation.”
Neimeth International has also been luring investors with its strong liquidity. It reached a 52-week high of N16.50 on January 23 2026. With a market capitalization of N69 billion, it is the 69th most valuable stock on the NGX. Neimeth also ranks as the 40th most traded stock over the past three months (Oct 20, 2025 – Jan 23, 2026), driven by increasing deal activity.
May & Baker Nigeria, with a market capitalisation of N75.3 billion, has been equally impressive this year. The firm’s stock has climbed 130.0 percent YTD to N43.70, the sixth-best performance on the platform. Shareholders remain optimistic, as the stock has accrued an outstanding 123 percent gain over the past four weeks alone.
Fidson Healthcare, bellwether of Nigeria’s healthcare sector, maintains a stellar record with a market capitalisation of N206.6 billion. The firm recently reported a 132 percent year-on-year surge in profit after tax, reaching N7.97 billion. To capitalize on this growth, the company is currently undertaking a N21 billion Rights Issue set to close January 30, 2026, aimed at funding an aggressive pan-African expansion.
Biola Adebayo, managing director and CEO, Fidson Healthcare, said that “This capital will cement our position as the foremost healthcare company in Nigeria and a dominant player across Africa. Our performance this year has demonstrated our ability to thrive and innovate.”
While short-term momentum remains strong, analysts expect selective profit-taking in the coming weeks, with fundamentally strong and liquid names such as Fidson and Neimeth likely to remain on investor watchlists.
David Adonri, vice chairman of Highcap Securities, suggests the market may enter a cooling period. “The equities markets have seen an impressive appreciation. However, the market is expected to cool down after half-year corporate expectations start impacting prices.”