Nigerian stocks rise 0.3% week-on-week, oil shares drive gains
Nigerian stocks rose 0.3 per cent last week as trading sessions were limited by the Eid el Adha public holidays, with the gain driven mainly by increased demand for oil and gas shares. The benchmark equity index has returned 60.9 per cent year to date, despite only five months of 2026 having passed. Analysts at Meristem Securities noted that the market’s 10‑day RSI eased to 71.47 points from 78.93 the previous week, indicating that while the index remains in overbought territory, momentum is cooling and creating space for fresh buying interest.
Premium Times highlighted a selection of stocks with strong fundamentals that are trading below their intrinsic value. Sterling Bank leads the list with a net profit ratio of 16.4 per cent, a price‑to‑earnings ratio of 5.1× and an RSI of 53.4. Coronation Insurance follows with an NPR of 9.2 per cent, a P/E of 9× and an RSI of 49.3. Nascon Allied Industries shows an NPR of 22 per cent, a P/E of 17.7× and an RSI of 66.1. Aradel Holdings records an NPR of 57.5 per cent, a P/E of 21.5× and an RSI of 67.8. MTN Nigeria is included with an NPR of 23.7×, a P/E of 12.9 and an RSI of 53.3.
The publication stresses that this is not a buy, sell or hold recommendation and advises readers to consult a financial adviser before making investment decisions.
Given the year‑to‑date strength of the market and the recent oil‑sector led bounce, would you consider increasing exposure to energy stocks or using the fundamental metrics of the listed shares as a guide for potential entry points?