Fortis Global Insurance Plc emerged because the best-performing inventory on the Nigerian Exchange in the primary 9 months of 2026, with its share worth rising 805% from 20 kobo on the finish of 2025 to N1.81 by September 30.
However, adjusting for the corporate’s 1-for-4 share reconstruction, which started in June 2026, reduces the achieve to 126.25%, inserting Fortis Global 14th among the many NGX’s best-performing shares.
The reconstruction diminished the corporate’s issued unusual shares from 12.91 billion to 3.23 billion, with each 4 present shares transformed into one new share.
Trading was suspended on June 17 and resumed on July 2, 2026, with an adjusted reference worth of N3.96.
What the info is saying
Fortis Global closed 2025 at N0.20 per share and had climbed to N0.99 by June 16, the final buying and selling day earlier than its share reconstruction.
This represented a 395% enhance earlier than the suspension, because the inventory rose from N0.20 to N0.99 in the primary half of the yr.
(*9*) the reconstruction, the variety of issued shares fell by 75%, from 12.91 billion to 3.23 billion shares. The firm’s earlier closing worth of N0.99 was subsequently multiplied by 4 to set up an adjusted reference worth of N3.96 when buying and selling resumed.
The adjusted worth didn’t symbolize a rise in shareholder wealth. It was a mechanical adjustment to replicate the 1-for-4 reconstruction.
More Insights
When buying and selling resumed on July 2, Fortis Global closed at N3.57, 9.85% under the N3.96 adjusted reference worth. The inventory then traded inconsistently by way of July:
- June 16, 2026: N0.99, the final shut earlier than the suspension (N3.96 on a reconstructed foundation)
- July 2, 2026: N3.57, the primary day of buying and selling after the reconstruction (down 9.85%)
- July 3, 2026: N3.22 (down 9.80%)
- July 8, 2026: N2.60 (down 19.25%)
- July 15, 2026: N2.92 (up 12.31%)
- July 30, 2026: N2.60 (down 10.96%)
By September 30, the inventory had fallen additional to N1.81. That left it 54.29% under the N3.96 adjusted reference worth and 49.30% under its N3.57 shut on the primary day of resumed buying and selling.
The 805% achieve shrinks to 126%
The headline 805% enhance compares the unadjusted N0.20 closing worth on the finish of 2025 with the N1.81 closing worth on September 30, 2026.
However, making use of the 1-for-4 reconstruction to the end-2025 worth produces a extra comparable place to begin of N0.80.
On that adjusted foundation, Fortis Global’s share worth elevated from N0.80 to N1.81, representing a 126.25% achieve.
After adjustment, Fortis Global would rank 14th among the many NGX’s best-performing shares in the primary 9 months of 2026, with a 126.25% achieve, behind Critical Minerals Financing Corp at 127.37%. SCOA Nigeria would lead with a 365.49% achieve.
Based purely on the unadjusted share costs, N100,000 invested at N0.20 would correspond to N905,000 at N1.81.
Capital restructuring and income development accompanied the rally
Fortis Global’s share reconstruction got here amid broader modifications to its capital construction. Shareholders’ fairness rose to N36.44 billion in June 2026, up 303.21% from N9.04 billion on the finish of 2025 and up 615.02% from N5.10 billion in June 2025.
The enhance was pushed by N30 billion in irredeemable convertible debt categorized as fairness. Part of this, N5 billion, was used to settle the Daewoo bond, which cleared the corporate’s borrowings of N5.97 billion. Total belongings rose to N48.64 billion, up 93.36% from N25.15 billion on the finish of 2025 and 153.31% from N19.20 billion in June 2025.
However, stronger income has not translated into profitability. Insurance income of N1.10 billion in H1 2026 is already 105.23% greater than the N535.95 million earned in all of 2025, and 1,746.74% above the N59.56 million recorded in H1 2025.
The loss after tax of N2.60 billion in H1 2026 can be 37.19% bigger than the full-year 2025 lack of N1.89 billion. It is 158.34% wider than the N1.00 billion loss in H1 2025.
What it’s best to know
Fortis Global recorded the NGX’s largest raw share-price increase in the primary 9 months of 2026, however its reconstruction-adjusted achieve of 126.25% locations it 14th among the many trade’s best-performing shares.
Despite the adjustment, the inventory nonetheless outperformed the NGX All-Share Index, which gained 61.43% throughout the interval. Its share worth, nevertheless, declined from N3.57 when buying and selling resumed in July to N1.81 by the top of September.
The rally coincided with a major capital restructuring and a pointy enhance in insurance coverage income. However, the insurer’s H1 2026 loss widened to N2.60 billion, displaying that stronger income has but to translate into improved profitability.
