With the NGX All-Share Index posting a 46.8 percent return in the first half of 2026, the constituent indices in the market showed strong performances that underscored the resilience of the Nigerian equity market.
Fuelled by strong performances from Seplat Energies and Aradel Holdings, the NGX Oil and Gas Index emerged as the market’s top-performing index of the year.
While the industrial stocks recorded a cumulative 79 percent gain, as investors accumulated shares of cement manufacturers. Banking stocks recorded a cumulative 36.6 percent gain. In this story, BusinessDay tracks some of the best-performing sectors in the NGX in the first half of 2026.
Oil and Gas – 90.2%
Driven by strong performances of Seplat (+102 percent) and Aradel (+71.12 percent) in H1, the oil and gas sector was the best-performing sector in the NGX. During the year, investors bet on the petroleum scene
The NGX Oil and Gas index saw impressive performances across all constituent stocks in H1, with standout gains that underscored the sector’s strength. Japaul Gold & Ventures Plc surged by 21.8 percent, Conoil delivered a 12.2 percent return, and Eterna Plc gained 0.35 percent.
Industrial Goods –79%
Industrial goods stocks listed on the NGX posted modest returns in H1, with the NGX Industrial Goods Index performing above the NGX All-Share Index. The NGX Industrial Index posted a 79 percent return in the first six months, mainly driven by the 207.5 percent gain posted by Berger Paints. Premier Paints Plc was also a stellar performer in the sector, with a 204 percent gain.
Banking –36.6%
The banking sector emerged as the third-performing sector in the Nigerian equities market in H1. The NGX Banking Index posted a modest 36.6 percent gain for the year, as investor sentiment was anchored by reactions to the Central Bank of Nigeria’s post recapitalisation despite several banks inability to pay dividends last year, which investors reacted bearishly to.
Among the top-performing banks in H1 were Ecobank Transnational Incorporated Bank, which gained 127 percent; Jaiz Bank, with an 82.42 percent return; and Zenith Bank, with 77.99 percent.
Read also: The mergers & acquisitions that shaped Nigeria’s corporate landscape in H1
Consumer Goods –15.6%
The NGX Consumer Goods Index, which tracks the performance of stocks in the consumer goods sector, returned 15.6 percent in the first six months. Despite the challenging economic situation, consumer goods performance remains strong. However, investors remained optimistic, wagering on the potential of the sector’s constituent equities to deliver value.
Among the standout performers in the consumer goods sector on the NGX in the first half were Union Dicon Salt Plc, with a remarkable 244 percent gain, and McNichols Plc, which gained a 160 percent return. Unilever Nigeria Plc., which rose to 75 percent, and Nestle Nigeria by 59.6 percent.
Insurance – (-7.7%)
The Insurance Index. In the first six months, it returned a negative 7.7 percent on the NGX platform as it moved from 1,189.32 to 1,098.12 points, the only major index in negative territory.
Shares of insurance companies listed on the NGX are battling low demand and investors’ apathy, as returns, weak market sentiment, and structural industry challenges continue to weigh heavily on the industry’s attractiveness.
Despite modest growth in premium income and claims settlement in the last two years, insurance stocks remain largely illiquid, undervalued and among the least traded on the exchange, raising concerns about the long-term viability of the sector’s capital market presence.
The delayed implementation of the insurance recapitalisation plan may have also contributed to the sector’s stagnant stock market performance.
Some investors have called for deeper reforms, better transparency, and stronger enforcement of market disclosures to restore confidence