More than 30 equities listed on the Nigerian Exchange delivered returns in April 2026 that outpaced the country’s inflation rate for the month.
According to the National Bureau of Statistics, headline inflation rose to 15.69 per cent in April 2026 from 15.38 per cent in March, as the Consumer Price Index climbed to 138.3 points from 135.4.
The movement in the Consumer Price Index reflects changes in the average prices of goods and services commonly purchased by consumers over time, which in April indicated stronger inflationary pressures across the economy.
Food and non-alcoholic beverages contributed the largest share to inflation at 6.40 per cent, followed by restaurants and accommodation services at 3.56 per cent, while transport and health stood at 1.70 per cent and 1.21 per cent, with other items accounting for the remaining contributions.
Despite rising costs and softer consumer sentiment—typical during periods of heightened inflationary pressure—over 30 stocks on the Nigerian Exchange still delivered returns above inflation.
According to the Nigerian Exchange, a total of eight stocks beat inflation of 15.69 per cent but still delivered returns below the 20 per cent threshold, indicating a moderate outperformance bracket.
These include Presco (16.16 per cent), Custodian Investment (16.20 per cent), Guinness Nigeria (17.44 per cent), Livestock Feeds (18.66 per cent), Industrial and Medical Gases (19.17 per cent), Dangote Cement (19.75 per cent), GTCO (19.84 per cent), and Beta Glass (19.96 per cent).
Stocks within the 20 per cent–30 per cent return bracket included MTN Nigeria (20.39 per cent), Airtel Africa (21.00 per cent), BUA Foods (21.18 per cent), and Stanbic IBTC (23.97 per cent), reflecting stronger double-digit gains above inflation.
Others in this range were Seplat (26.32 per cent), BUA Cement (27.95 per cent), PZ Cussons (28.72 per cent), and First HoldCo (29.30 per cent).
Stocks within the 30 per cent–60 per cent return range included Wema Bank (31.35 per cent), Vitafoam (31.27 per cent), and Nigerian Aviation Handling Company (33.68 per cent), alongside Zenith Bank (36.22 per cent), Nascon Allied (38.16 per cent), and Multiverse Mining (39.78 per cent), reflecting sustained mid-to-strong equity performance.
Others in this bracket were Chemical & Allied Products (45.49 per cent), The Initiates (45.71 per cent), Unilever Nigeria (46.28 per cent), Union Dicon (52.08 per cent), Lafarge (59.16 per cent), and Zichis (59.56 per cent), marking broadly elevated returns across the segment.
At the upper end, Aradel Holdings (60.63 per cent), Ecobank (75.22 per cent), and UACN (83.33 per cent) delivered exceptional gains, while Trans-Nationwide Express led all stocks with a 125.35 per cent return.
In April, the Nigerian equities market outperformed inflation, delivering a 20.36 per cent return against a Consumer Price Index of 15.69 per cent.
Tracked by the NGX All-Share Index, the market advanced from 201,287.9 to 242,277.8, crossing the 240,000-mark for the first time, while total market capitalisation climbed to N155.9 trillion.
This growth reflected not only price appreciation but also stronger investor participation, as more than 16 billion shares were traded, second only to the over 21 billion units recorded in February 2026.
April’s performance was largely driven by gains in individual stocks, whose strong upward movements lifted sector performance despite a more inflationary environment.
On a 12-month basis, the average Consumer Price Index eased to 19.16 per cent, down from 19.33 per cent in April 2025, indicating a slight moderation in overall price pressures.
Urban inflation stood at 15.40 per cent year-on-year, while rural inflation was higher at 16.36 per cent.
Food inflation rose to 16.06 per cent year-on-year, although significantly lower than the 24.68 per cent recorded in April 2025.
The National Bureau of Statistics attributed the increase in food prices to higher costs of staples such as millet, yam flour, fresh ginger, beef, garri, beans, tomatoes, wheat grain, soybeans, and plantain.
