Research desk, updated every trading day

Research on the Nigerian market.

A market wrap after every close, sector notes through the week, and guides for people buying their first share. Written by our own desk, with the numbers behind every call.

Market wrap6 min read12 Sept 2026

Where the ASI rally leaves valuations going into Q4

Banks and cement have led the index this year. We look at what is now priced in, where earnings could still support the price, and the three names on our watchlist.

Read the note

Latest

Chellarams Plc FY2026: a profit that rests on one-offsEquities, 5 Oct 2026 DSU Stock Recommendations: Selected NGX Stocks with Strong Growth and Return MetricsEquities, 5 Oct 2026 Sukuk for a non-interest portfolioFixed income, 12 Sept 2026 Dangote Cement: volumes down, revenue upEquities, 12 Sept 2026

Weekly email

The market wrap, every Friday.

One email a week. Unsubscribe any time.

16 notes

Equities1 min read5 Oct 2026

Chellarams Plc FY2026: a profit that rests on one-offs

The Group returned to profit, but the recovery is largely non-operational, the parent company deteriorated, and liquidity remains under pressure. Recommendation: SELL at ₦13.20.

Hands folded over stock market documents with calculator and cash on desk.

Equities1 min read5 Oct 2026

DSU Stock Recommendations: Selected NGX Stocks with Strong Growth and Return Metrics

DSU Brokerage Services highlights selected Nigerian equities based on trailing-twelve-month return on equity, dividend growth, revenue growth, and overall stock ratings.

Fixed income4 min read12 Sept 2026

Sukuk for a non-interest portfolio

How FGN Sukuk work and how they are priced.

Equities7 min read12 Sept 2026

Dangote Cement: volumes down, revenue up

Volumes fell but revenue rose. We look at whether the pricing holds once new capacity comes on stream.

Guides3 min read12 Sept 2026

What a contract note tells you

Every line on the document you receive after a trade.

Commodities6 min read12 Sept 2026

Maize and sorghum: reading the 2026 harvest

What the early harvest means for warehouse receipt prices on AFEX.

pexels-stephen-leonardi-587681991-3507621

Market wrap5 min read12 Sept 2026

Banks lead as the ASI closes the week higher

Tier-1 banks led the index on strong volume. Consumer names lagged.

Guides3 min read12 Sept 2026

How an IPO allotment works

Oversubscription, pro-rata allotment and refunds.

Fixed income5 min read12 Sept 2026

FGN bonds against treasury bills today

Where the curve sits after the last auction, and how to ladder a three-year horizon.

IPOs and offers4 min read12 Sept 2026

Dangote IPO: what we know so far

Timetable, eligibility and how an allotment works, updated as the prospectus is published.

Equities4 min read12 Sept 2026

Five names on our watchlist after half-year results

Forty-two NGX 30 companies have reported. These five beat their own guidance.

Macro and markets2 min read21 Aug 2026

Nigeria inflation monitor: July 2026

Headline inflation eased to 15.43% year on year in July, but food prices increased sharply. Our view: constructive, with food the key risk to watch.

Guides2 min read11 Aug 2026

NGX’s revised pricing methodology: what changes from 17 August

The SEC has approved a price-based structure for the minimum trade size that moves a published share price. Here is what it means for traders and investors.

Equities1 min read27 Jul 2026

NGX Group: record H1 2026 and a ₦1.30 interim dividend

Revenue rose 118% to ₦17.60bn and profit before tax 170% to ₦14.76bn, driven by transaction fees, listing income and a stronger contribution from CSCS.

Equities1 min read27 Jul 2026

Stock recommendations for the week of 27 July 2026

Our weekly view on 19 NGX-listed stocks with target prices. BUY: Access Holdings, UBA, Zenith Bank and Nigerian Breweries.

A close-up view of a laptop displaying business analytics and revenue charts.

Equities1 min read5 May 2026

Ellah Lakes Plc Q1 2026: early revenue, tight cash

Revenue rose to ₦359.5m, but the company remains loss-making at the operating level, cash fell by ₦2.21bn in the quarter, and directors’ loans stand at ₦7.08bn. Rating: speculative.

Clients only

Full research reports, in the client portal.

Quarterly strategy, sector deep-dives and company models are reserved for account holders. Log in to read them, or open an account to get access.

Recent reportsExample

Q3 equity strategyPDF, 24 pagesSep 2026

Banking sector deep-divePDF, 31 pagesAug 2026

Cocoa: the 2026 seasonPDF, 12 pagesAug 2026

Read something you want to act on?

Talk to the desk about a position.

Speak to a broker +234 803 592 3214