As 2026 gathers tempo, Nigeria’s fairness market is shifting away from the period of ‘low cost cash’ right into a section that calls for extra deliberate and selective investing.
Market strategists say buyers are not merely chasing the largest names on the alternate. As a substitute, portfolios are more and more tilted in direction of high-growth alternatives, particularly small-cap shares that might outperform the broader market.
Customized Road analysts’ 2026 ‘must-own’ lists, which collectively function 40 shares, mirror a concentrate on high-conviction picks thought-about essential for beating a bull market that’s step by step maturing.
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Whereas short-term value actions could also be extra unstable in Nigeria’s inventory market, enhancing fundamentals are anticipated to help the chosen corporations’ efficiency over the funding horizon, based on Lagos-based Meristem analysis analysts, which favours shares like AIICO, saying their goal value for AIICO is N5.84.
Different shares within the analysts’ portfolio and their goal costs are: BUA Cement (N256.63), Fidson Healthcare (N100), and First Holdco (N 73.22).
Additionally, of their portfolio picks, the analysts favour shares corresponding to Mutual Advantages (N 7.85), MTNN (N740.71), NASCON (N 144.79), and NEM Insurance coverage (N 46.13), noting their perception that aggressive progress investing comes with larger threat.
“Towards the backdrop of a beneficial macroeconomic setting, the shares in our aggressive progress portfolio are chosen primarily based on their potential for prime returns in 2026, making an allowance for their fundamentals and total market sentiment,” Meristem Analysis analysts famous.
The analysts prioritise small-cap shares which have proven robust progress lately, whereas additionally contemplating these with long-term progress potential.
Meristem analysts are additionally satisfied that shares like UACN with goal value of N113.75, UBA (N71.8), Unilever (N 95.33), Vitafoam (N136.80), Lafarge Africa (N240.69), Wema Financial institution (N 27.87) and Zenith Financial institution (N89.18) are good picks for buyers searching for robust capital appreciation.
CardianalStone projections
For CardinalStone analysts, 2026 is shaping up as a 12 months of each optimism and uncertainty. They imagine the anticipated reclassification of Nigeria to Frontier Market standing by FTSE Russell, with a proper assessment due in March, might reignite international investor curiosity in Nigerian equities.
Their beneficial shares and 12-month goal costs embody Entry Holdings (N42.29), Airtel Africa (N3,906.75), Aradel (N812.23), Dangote Cement (N778.2), ETI (N50.08), FCMB (N14.64), Constancy Financial institution (N24.99), GTCO (N128.63), MTNN (N669.42), Presco (N1,801.34), and Seplat (N9,121.64).
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“This setting positions Nigeria favourably relative to a number of international and rising markets. In view of those shifts, an acceptable asset allocation technique must harness Nigeria’s potential tailwinds whereas providing a robust leaning in direction of AI-led market momentum and hedging international volatilities by publicity to high quality defensive equities, mounted revenue sub-portfolio, and appropriate various belongings,” they famous.
Different shares and their 12-month goal costs, as beneficial for buyers by CardinalStone analysts are: Stanbic IBTC (N115.27), Transcorp (N67.38), UBA (N61.91), Unilever (N 87.58), Lafarge Africa (N202.87), and Zenith Financial institution (N 97.86).
United Capital projection
United Capital Analysis analysts have requested buyers to purchase Sterling Monetary Holdings, saying that it has an upside potential, contemplating the goal value of N10.
Different shares in United Capital analysts’ basket and their goal costs displaying upside potential are: Entry Holdings Plc (N32), Aradel Holdings Plc (N1,000), United Financial institution for Africa Plc (N60), Worldwide Breweries (N20), FCMB Group Plc (N15), Transnational Company (N60), Julius Berger Nigeria Plc (N200), and Nestle Nigeria Plc (N2,550).
They’ve additionally requested buyers to purchase Zenith Financial institution Plc, saying the goal value for the inventory is N85. Different beneficial shares are: C & I Leasing Plc (N10), AIICO Insurance coverage Plc (N5), Dangote Cement Plc (N778), BUA Cement Plc (N220), AXA Mansard Insurance coverage (N18), Transcorp Energy Plc (N365), MTN Nigeria (N650), and Mutual Advantages Assurance (N4.70).
Lafarge Africa Plc can also be a great purchase, the analysts stated, because it might attain N170. Different good shares, based on the United Capital, are: Wema Financial institution Plc (N25), P Z Cussons Nigeria Plc (N57), and Seplat Vitality (N6,500).
Futureview projection
Futureview Analysis analysts, on their half, suggested buyers to purchase GTCO with a goal value of N119.88. Different banking shares on their purchase checklist embody: Constancy Financial institution (N23.44), Entry Holdings (N34.55), UBA (N51.37), Zenith Financial institution (N88.33), and Sterling Monetary Holdings (N8.70).
Futureview additionally favours Nigerian Breweries (N88.94), Unilever (N104.10), Honeywell Flour Mills (N31.74), Dangote Cement (N712.33), Lafarge Africa (N196.93), Beta Glass (N551.62), MTNN (N678.13), Airtel Africa (N2,596), NEM Insurance coverage (N36.41), AXA Mansard (N17.35), and Transcorp (N61.10).
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Vetiva projection
In the meantime, Vetiva Analysis famous that the market is at the moment in a consolidation section, mirrored in Monday’s flat shut and weaker buying and selling volumes.
The agency expects this development to proceed as buyers selectively hunt for worth in oversold shares whereas remaining cautious about macroeconomic dangers.
“Except a big catalyst emerges to drive institutional flows, we anticipate one other session of blended buying and selling with a concentrate on sector-specific rotation,” the analysts stated, because the market’s key efficiency indicators – the NGX-ASI and market capitalisation – closed Monday at 165,517.60 factors and N105.962 trillion. The market has risen this 12 months by 6.36 p.c.
