Dike Onwuamaeze and Kayode Tokede
The Chief Executive Officer of HighCap Securities Limited, David Adonri, yesterday said Nigeria’s stock market is expected to stage a mild recovery in the second half of 2026, supported by improving corporate fundamentals and sustained macroeconomic reforms, despite persistent high interest rates and mounting political and economic risks,
Speaking during the Capital Market Correspondents Association of Nigeria (CAMCAN) Mid-Year 2026 Capital Market Review and Outlook in Lagos, Adonri projected that the equities market would gradually regain momentum as investors respond to stronger corporate earnings, improved economic indicators and growing confidence in Nigeria’s reform agenda.
He, however, cautioned that inflationary pressures, the build-up to the 2027 general elections, insecurity, simultaneous capital-raising exercises and the ongoing conflict in the Gulf region could pose significant downside risks to market performance in the months ahead.
According to him, the recent correction witnessed on the Nigerian Exchange should not be interpreted as a sign of structural weakness in the capital market but rather as a normal phase of institutional portfolio repositioning following the strong rally triggered by economic reforms.
