First HoldCo Plc led gains among eight Nigerian Exchange Limited (NGX) Premium Board companies from year-end through Oct. 19, rising 186.64% on prices listed by GTI Research.
The percentage changes compare NGX's Dec. 31, 2025, closing prices with GTI Research's Oct. 19, 2026, list and exclude dividends. First HoldCo closed at ₦137.30 a share, against ₦47.90 at year-end. GTI's list recorded Seplat Energy Plc at ₦16,000.10, up from ₦5,809, and HBM Nigeria Plc at ₦355, compared with ₦134.50.
The other five shares also rose, though by less. Zenith Bank Plc gained 100.65%, Dangote Cement Plc advanced 65.52%, MTN Nigeria Communications Plc increased 61.45%, Access Holdings Plc gained 33.10%, and United Bank for Africa Plc added 0.84%. Those returns use the same NGX year-end prices and GTI Research's Oct. 19 list.
NGX describes its Premium Board as a listing segment with stricter corporate-governance, capitalization and liquidity requirements than its other segments.
The three companies whose shares led the group reported increases in different first-half measures for the six months ended June 30. First HoldCo's profit before tax rose 83.5% year over year to ₦653.5 billion, while its nonperforming-loan ratio climbed to 13.9% from 12.0% at the end of 2025. Seplat reported revenue up 30% to $1.82 billion, and HBM Nigeria reported profit after tax up 57% to ₦208 billion.
Seplat linked its revenue growth to higher natural-gas-liquids volumes and better prices. HBM Nigeria cited sales volumes and operating efficiency in reporting its profit increase. HBM Nigeria was listed as Lafarge Africa Plc at the end of 2025.
First HoldCo Group Managing Director Wale Oyedeji said the company was moving from recovery toward “disciplined growth,” citing restored capital and improved efficiency. Seplat's then Chief Executive Officer Roger Brown said a supportive commodity-price environment benefited its first-half performance and cash generation.
First HoldCo has scheduled an Oct. 29 board meeting to consider accounts for the period ended Sept. 30. HBM Nigeria has also notified NGX of a planned board review of accounts for that period.
