Berger Paints Leads NGX Top 10 Gainers in May 2026 as Mid-Caps Dominate
By Aboki Forex —
The Nigerian Exchange’s top 10 best-performing stocks in May 2026 delivered returns ranging from 80.55% to 37.10%, even as broader market momentum slowed noticeably. While the market remained firmly in positive territory, the All-Share Index returned 3.35% in May, representing its slowest monthly gain of 2026 after April’s stronger 20.36% rise. The index added 8,107.9 points to close at 250,385.7, crossing the 250,000-point milestone for the first time and lifting total market capitalization to N160.5 trillion.
Trading activity remained strong, with investors exchanging more than 18 billion shares during the month. The market extended its streak of positive monthly performances from January through May. Although large-cap stocks such as Dangote Cement, which rose 21.65%, provided significant support for the index, the spotlight in May 2026 belonged to mid-cap and small-cap companies, which dominated the Nigerian Exchange’s top 10 performers.
Top 10 Month-to-Date Gainers on the NGX
10. Learn Africa — 37.10%
9. Fidson Healthcare — 38.30%
8. UPDC REIT — 44.67%
7. SCOA Nigeria — 45.92%
6. Mecure Industries — 50.87%
5. Zichis Agro Allied Industries — 51.52%
4. Associated Bus Company — 58.65%
3. FTN Cocoa Processors — 62.73%
2. International Energy Insurance — 64.36%
1. Berger Paints — 80.55%
Learn Africa Plc ranked 10th with a 37.10% month-to-date performance, supported by strong trading volume exceeding 26 million units during the period. The educational publishing firm opened the month at N9.30, broke above the N9.80 resistance level in the second week, and surged to a peak of N12.90 by the third week. A mild 1.16% pullback in the final week tempered gains, leaving the stock at N12.75, bringing its year-to-date return to 94.66%. On May 19, 2026, Chief Emeke Iwerebon, Chairman of the company, acquired 1,143,059 shares at N10.85, a N12.4 million investment that likely accelerated the bullish momentum. For FY April 2025–March 2026, Learn Africa posted pretax profit of N1.16 billion versus N748.2 million, while revenue rose to N6.1 billion.