. As Firstholdco, Seplat, Union Dicon others gain nearly 150% YTD

Shareholders have urged companies listed on the Nigerian Exchange Limited (NGX) to strengthen their corporate fundamentals, improve earnings and deliver better returns to investors to sustain the strong performance of their stocks in the equities market.

They noted that although several listed companies have recorded remarkable share price appreciation, the long-term sustainability of the rally would depend largely on their financial performance, profitability, dividend payments and ability to create lasting value for shareholders.

According to them, the next major test for the market is whether the impressive gains recorded by stocks will be supported by improved corporate earnings and stronger business performance at the end of the financial year.

They stressed that rising share prices alone were not enough to guarantee sustainable wealth creation, adding that investors would be looking for tangible evidence of growth in the financial results of companies as they assess the value of their investments.

A look at the share price movement of some listed firms across sectors as of October 16, 2026, showed that in the banking sector, Zenith rose from N61.80 kobo at the beginning of the year to N122.20 kobo by last Friday, representing a 104 per cent gain. FirstHoldCo stock also rose by 188 per cent from N47.90 kobo to N137.30 kobo.

Similarly, Union Dicon under the FMCGs sector appreciated from N6.90 kobo to N23.75 kobo, representing a 244 per cent increase. HBM Nigeria also moved from N134 50 kobo to N355, representing a 164 per cent rise.

For the Oil&Gas sector, Seplat rose by 175 per cent to N16, 000 from N5, 809.00. Aradel also appreciated to N1, 499.90 kobo from N670, an increase of 124 per cent.

In addition, for May&Baker under the pharmaceutical sector garnered 109 per cent from N19 to N39.75 kobo while Fidson rose from N50.10 kobo to N83.50 kobo representing 66.67 per cent gain.

Former President of Ibadan Zone Shareholders Association of Nigeria, Eric Akinduro, noted that the positive policy direction of the Federal Government had raised expectations among investors, particularly as efforts to stabilise the economy and improve the business environment are expected to create opportunities for companies to expand operations, strengthen profitability and reward their shareholders.

He stated that listed companies must translate any benefits from the evolving economic environment into measurable improvements in their financial results rather than rely solely on favourable market sentiment to drive share price appreciation.

He pointed out that investors are increasingly interested in the ability of companies to generate sustainable revenue, manage operating costs, improve profit margins and maintain sound balance sheets, noting that these factors would play a critical role in determining whether the current market rally could be sustained.

President of NewDimension Shareholders Association of Nigeria, Patrick Ajudua, also emphasised the importance of corporate governance, timely disclosure of financial information and transparency in business operations in strengthening investor confidence.

He noted that companies that consistently communicate their financial position, growth prospects and business risks would be better placed to attract long-term capital.

According to him, strong corporate fundamentals would help distinguish companies whose share price gains reflected genuine improvements in business performance from those benefiting mainly from temporary market enthusiasm.

Ajudua added that the financial year-end results will therefore be a critical measure of the quality of the market’s performance.

Recall that the stock market has recorded strong growth in 2025, with the NGX All-Share Index (ASI) gaining 51.19 per cent, equities turnover rising 109.48 per cent to N5.96 trillion and market capitalisation reaching N99.38 trillion.

This momentum has continued in 2026. As of 16 October, the All-Share Index had gained 59.07 per cent year-to-date. Equities turnover stood at N7.82 trillion, up 73.78 per cent from N4.50 trillion in the corresponding period of 2025, while market capitalisation reached N160.73 trillion.

President of the Independent Shareholders Association of Nigeria, Moses Igbrude, said companies that deliver stronger earnings and demonstrate their capacity to sustain growth are expected to be better positioned to justify investor expectations and reinforce confidence in their stocks.

Igbrude noted that the ability of listed firms to deliver competitive returns through earnings growth, dividends and responsible capital allocation would ultimately determine the extent to which the present market gains translate into lasting benefits for investors.