Investment experts at Bancorp Securities Limited, a leading investment research and stockbroking services firm in Nigeria, have projected that trading in the Nigerian Exchange (NGX) would be positive but with selective bias this week.
The researchers, in the firm’s ‘Weekly Stock Recommendation 7th-11th September 2026’ Note circulated to our correspondent on Monday, hinged their forecast on the local bourse’s outlook largely on the prevailing micro and macroeconomic factors of the economy
The analysts projected: “We expect the equities market to maintain a positive but selective bias this week, supported by improved market breadth, positioning in FTSE-eligible stocks, and expectations around pending Tier-1 H1 results, except for Firstholdco, which could provide fresh direction for some banking stocks.
“The upcoming Dangote Refinery offer may also influence liquidity positioning as investors prepare for the capital raise. Consequently, we expect activity to remain concentrated in fundamentally strong and liquid stocks, with earnings expectations”, they added.
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Recalling the trend in the broad macroeconomy last week, the investment experts noted that the nation’s macroeconomic environment was characterized by stronger economic growth and sustained investor demand for government securities amid moderating long-term yields as the Q2 2026 GDP growth rose to 4.43% year-on-year, supported by stronger oil and non-oil activity, while the 364-day Treasury Bill stop rate declined for a second consecutive auction despite significant demand.
According to them, though the stronger growth performance indicates continued improvement in domestic economic activity, supported by higher oil production and resilient non-oil activity.
The analysts maintained, however, that sustaining the momentum would depend on continued improvement in crude production and the extent to which moderating inflation and greater macroeconomic stability translate into stronger household consumption, business activity and private-sector investment.
In addition, they noted that Nigeria’s economic activity strengthened further in August, with the CBN Composite Purchasing Managers’ Index rising to 52.7 points from 51.1 points in July, marking the third consecutive month of expansion.
On the performance of the equities market last week, the firm’s experts reported that the market extended its recovery for a second consecutive week, with buying interest strengthening across most major sectors.
In addition, they stated that the NGX All-Share Index gained 2.36% week-on-week to 246,992.44points, accelerating from the previous week’s 0.81% gain, while market capitalisation increased by 2.40% to N159.56 trillion, adding that the slightly stronger increase in market capitalisation relative to the ASI partly reflects additional share listings during the week, including capital-raising-related listings across several stocks.
