- Nigerian All-Share Index (ASI) is up 55.69% YtD, reaching N156 trillion market cap.
- Oil & Gas sector leads with 128% growth, followed by Industrials (99%) and Banking (51%).
- Inflation remains a critical hurdle at 15.38%; real returns must exceed this to maintain purchasing power.
- Fixed income (OMO rates ~22%) provides stability but lacks the growth potential of equities.
- Margin compression is a significant risk for consumer and industrial firms due to rising energy costs.
- Recommended stocks for May 2026 include MTN Nigeria, Zenith Bank, GTCO, Aradel Holdings, and AIICO.
- Investors are cautioned against chasing overbought stocks and advised to focus on fundamental analysis.