Investors who endured a long period of poor price performance and low valuations in mid- and small-capitalised stocks on the Nigerian Exchange (NGX) are now reaping good returns on their investment as five of the equities in the category achieved an average year-to-date (YTD) gain of 58 per cent.

The five companies – FTN Cocoa Processors Plc, Abbey Mortgage Bank Plc, Omatek Ventures Plc, ABC Transport Plc and Trans-Nationwide Express Plc – have continued to outperform many blue-chip stocks, with their combined market capitalisation rising from N99.33 billion at the beginning of January 2026 to approximately N156 billion.

The increase represents a gain of N56.73 billion or about 57 per cent.
The impressive performance was achieved, reflecting broader market performance.

Market operators said the rally represented one of the strongest performances recorded by mid- and small-cap stocks this year and that it was triggered by retail investor participation, improving corporate fundamentals, bargain hunting and increased appetite in low-priced stocks across the market.

An analysis of the companies’ share price performance showed that FTN Cocoa Processors has remained one of the most outstanding performers.

The stock, which opened the year at N5, closed at N8.88 on Monday, July 13, 2026, representing a year-to-date gain of 77.6 per cent.

The company’s market capitalisation increased from about N19.5 billion at the beginning of the year to approximately N34.63 billion.

Abbey Mortgage Bank also sustained strong investor interest during the period. The stock appreciated from N6.40 per share at the beginning of the year to N9.50, representing a gain of about 48.4 per cent. Its capitalisation rose from about N64.98 billion to approximately N96.46 billion, an indication of investor confidence in the company’s growth prospects as it transitions to commercial banking.

Omatek Ventures continued its recovery with its share price rising from N1.13 at the beginning of the year to N1.84 at the close of trading on Monday, representing a gain of about 62.8 per cent.

Consequently, the company’s market value increased from about N3.32 billion to approximately N5.41 billion.

ABC Transport emerged as the strongest performer among the five companies. Its share price rose from N4.10 at the beginning of the year to N7.80, representing a year-to-date return of about 90.2 per cent.

The rally lifted the company’s market capitalisation from approximately N9.81 billion to about N18.66 billion.

Trans-Nationwide Express also posted an impressive performance. The stock appreciated from N2.15 per share at the reopening of trading for the year to N3.35 per share on Monday, representing a gain of about 55.8 per cent.

This lifted the company’s market capitalisation from about N1.84 billion to approximately N2.86 billion.

Operators stated that the strong rally in these companies highlights investors’ growing willingness to take positions in smaller companies with turnaround potential, particularly as improving corporate earnings, renewed confidence in the Nigerian capital market and increased liquidity continue to support demand for undervalued equities.

They noted that while large-cap stocks remained the major drivers of overall market capitalisation, the recent surge in selected mid- and small-cap stocks demonstrates that investors are increasingly looking beyond traditional blue-chip companies in search of higher returns.