Nigeria’s stock market is likely to enter a more challenging second half (H1) after delivering stronger-than-expected gains in the first six months of 2026, with analysts warning that sustaining the rally will depend less on reform optimism and more on corporate earnings, inflation and monetary policy.
The Nigerian Exchange (NGX) has gained more than 51 percent so far this year, surpassing the 45 percent full-year return projected by Arthur Steven Asset Management at the start of 2026, leaving limited room for further upside unless economic fundamentals continue to improve.
“We had predicted at the beginning of the year that the market was going to do a 45 percent gain. The market has surpassed that. We are at 51 percent,” said the managing director of Arthur Steven Asset Management, Tunde Amologbe during the firm’s mid-year market outlook webinar.
“Our feeling is that ultimately we are likely to close at about this
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