Zenith Bank, Guaranty Trust Holding Company (GTCO), United Bank for Africa (UBA), MTN Nigeria, and Seplat Energy are among the Nigerian companies investors should own in the second half of 2026, according to CardinalStone Research, which says the country’s equity market still has significant upside despite a strong rally in the first six months of the year.
In its 2026 Mid-Year Asset Allocation Guide, the Lagos-based investment firm identified 15 listed companies across banking, telecommunications, industrials, consumer goods, and energy as its preferred investment picks, arguing that improving macroeconomic conditions, resilient corporate earnings and continued foreign investor interest will support another leg of the market’s advance.
CardinalStone forecasts the Nigerian stock market will deliver a 24.9 percent return in the second half of 2026, driven by moderating inflation, exchange rate stability, stronger corporate profitability, and the potential re-inclusion of Nigeria into the FTSE Russell Frontier Market Index.
The firm’s conviction comes after Nigerian equities returned 47.4 percent in the first half of the year, making the NGX one of the world’s strongest-performing equity markets despite bouts of profit-taking in May and June.
