Over 30 stocks outperform inflation, beat 15.69% rate in April 2026

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% in April 2026 from 15.38% 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%, followed by restaurants and accommodation services at 3.56%, while transport and health stood at 1.70% and 1.21%, 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% but still delivered returns below the 20% threshold, indicating a moderate outperformance bracket.

Stocks within the 20%–30% return bracket included MTN Nigeria (20.39%), Airtel Africa (21.00%), BUA Foods (21.18%), and Stanbic IBTC (23.97%), reflecting stronger double-digit gains above inflation.

Stocks within the 30%–60% return range included Wema Bank (31.35%), Vitafoam (31.27%), and Nigerian Aviation Handling Company (33.68%), alongside Zenith Bank (36.22%), Nascon Allied (38.16%), and Multiverse Mining (39.78%), reflecting sustained mid-to-strong equity performance.

At the upper end, Aradel Holdings (60.63%), Ecobank (75.22%), and UACN (83.33%) delivered exceptional gains, while Trans-Nationwide Express led all stocks with a 125.35% return.

In April, the Nigerian equities market outperformed inflation, delivering a 20.36% return against a Consumer Price Index of 15.69%.

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%, down from 19.33% in April 2025, indicating a slight moderation in overall price pressures.

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.