First HoldCo Plc, Seplat Energy Plc and HBM Nigeria Plc have emerged among the biggest gainers on the Nigerian Exchange in 2026, with their share prices rising sharply since the beginning of the year.
First HoldCo recorded the strongest gain among the three, rising 186.64% year-to-date as of October 19. Seplat Energy followed with a 175.44% increase, while HBM Nigeria, formerly known as Lafarge Africa Plc, gained 163.94%.
The gains highlight the scale of share-price appreciation recorded by companies across Nigeria’s financial services, energy and industrial sectors.
However, the increases alone do not establish whether the companies’ underlying financial performance improved by the same margin or whether their shares have further room to rise.
First HoldCo Records the Biggest Gain
First HoldCo shares traded at ₦137.30 on October 19, giving the company a market capitalisation of approximately ₦6.243 trillion. Its 186.64% year-to-date gain placed it ahead of the other two companies in the comparison.
Year-to-date return measures the percentage change in a share price between the beginning of the year and a specified date.
Unless otherwise stated, the figures here reflect share-price movements rather than total investment returns, which may also include dividends and are affected by transaction costs.
Seplat Energy ranked second, with its share price rising 175.44% to ₦16,000.10 on October 19. The energy company’s market capitalisation stood at approximately ₦9.599 trillion, reflecting its position among the major listed businesses on the Nigerian Exchange.
HBM Nigeria recorded a 163.94% increase, with its shares trading at ₦355 on the same date. The company, previously known as Lafarge Africa, operates in the cement and building materials sector.
Although all three companies recorded gains exceeding 160%, they operate in different industries and face distinct commercial conditions.
First HoldCo’s performance sits within the financial services sector, Seplat’s valuation is influenced by energy-market dynamics and its operating performance, while HBM Nigeria is exposed to cement demand, construction activity, production costs and infrastructure investment.
The percentage gains establish the scale of their share-price appreciation but do not, on their own, explain the factors behind the movements.
Assessing those drivers would require a closer examination of each company’s financial results, corporate announcements and wider sector conditions.
What the Gains Mean for Investors
Sharp share-price increases can reflect changing investor expectations about a company’s earnings, growth prospects, dividend potential or position within its industry.
They can also be influenced by market liquidity, broader economic developments and shifts in how investors value listed businesses.
For investors, the distinction between price performance and business performance is important. A share price can rise faster than a company’s earnings, potentially making its valuation more demanding.
Conversely, a strong price increase may reflect improved financial prospects that investors believe were previously undervalued.
Determining which explanation applies requires more than comparing year-to-date returns. Investors would need to examine revenue and profit growth, cash flow, debt, dividend policies, capital expenditure and valuation measures such as price-to-earnings ratios where applicable.
The companies’ different business models also mean that they should not be assessed using exactly the same sector assumptions. Energy prices and production conditions are relevant to Seplat, while credit conditions, asset quality and financial-sector earnings are important considerations for First HoldCo.
For HBM Nigeria, cement demand, energy costs, pricing and capacity utilisation are among the factors that can influence performance.
Another consideration is the date of the comparison. The reported share prices and market capitalisations are snapshots from October 19, 2026, not live market figures. Subsequent trading sessions may have changed both the ranking and the companies’ valuations.
Strong Returns Do Not Guarantee Future Gains
The performances of First HoldCo, Seplat Energy and HBM Nigeria illustrate the substantial returns that investors could have captured through share-price appreciation over the period measured.
However, past performance is not a reliable indicator of future returns, and stocks that have risen sharply can continue gaining, consolidate or decline.
Investors should also distinguish between a stock’s recent momentum and its current valuation. A company may have delivered strong returns while still offering growth opportunities, or its share price may already reflect optimistic expectations.
The answer depends on the relationship between its market price, financial position and future earnings prospects.
For the wider Nigerian stock market, the gains demonstrate that some major listed companies have delivered significant share-price appreciation in 2026.
Yet a ranking based on percentage returns is only a starting point for analysis, not a complete assessment of investment quality.
For shareholders and prospective investors, the next step is to understand what has driven each company’s performance and whether its current valuation is supported by its business fundamentals.
The strongest performer over a past period is not necessarily the stock offering the best value at today’s price.
