Some stock market investors have expressed optimism that banks, telecommunications, oil and gas, industrial and consumer goods stocks will drive the market in this second quarter (Q2).
They disclosed this in separate interviews with the News Agency of Nigeria (NAN) on Tuesday in Abuja.
They also expressed optimism that the stock market would sustain its growth in Q2.
The National Coordinator of the Independent Shareholders Association of Nigeria, Mr Moses Igbrude, said companies such as Seplat, Aradel, MTN, NAHCO, and the banking sector would continue to drive the market during the period.
Igbrude said the companies had shown strong fundamentals and would continue to be the toast of investors.
He added that the insurance sector would experience a lot of activity due to the ongoing recapitalisation.
He said the second quarter would be driven by financial results to be released by companies.
According to him, this declaration will determine how the capital market will perform.
“The growth experienced in the first quarter of the year is a result of economic stability and the availability of forex and other economic indicators, which enable proper planning and execution,” he said.
The National Coordinator, Pragmatic Shareholders’ Association, Mrs Bisi Bakare, said the strong rally in the first quarter was largely driven by carryover momentum from 2025, when the market returned over 50 per cent, boosting investors’ confidence.
Bakare said Q2 may shift from a rally to stock-specific performance.
According to her, growth can be sustained but likely at a slower and more selective pace, adding that the market had priced in a lot of optimism.
She said continued banks’ recapitalisation activities would keep liquidity, Q1 earnings results and ongoing domestic institutional support could sustain momentum in the market.
The Secretary-General of the Liberated Shareholders’ Association, Prince Ridhwan Hamza, said the Nigeria Exchange Ltd. was poised for growth of the market. Hamza said the commitment was shown in the deepened investment education and awareness across various strata of society, and the listing of many promising companies.
He said he listed the companies as Nahco, Zenith Bank, Eterna, APR, Airtel, Chams, UCAP, Fidson, Jaiz, CWG, Aradel and Japaul.
Hamza added that Dangote Refinery, expected to be listed in the second quarter, would drive growth in the sector.
“I think they have the fundamentals to drive growth,” he said. NAN reports that the NGX sustained positive growth in the first quarter of 2026, with the market capitalisation appreciating by N29.83tn.
Data obtained from the NGX indicated that the market capitalisation, which opened the year at N99.38tn, rose by N29.83tn to close trading on March 31 at N129.21tn.
Also, the NGX All-Share Index, which measures the performance of listed stocks, surged from 155,613.03 points, which was about 45,674.75 basis points or 29.35 per cent growth, to 201,287.78 points during the review period.
