David Adonri, chief executive of HighCap Securities Limited, has projected a gradual recovery for Nigeria's equities market in the second half of 2026, citing improving corporate earnings as the primary catalyst.
Adonri's outlook suggests that fundamental improvements in company profitability are beginning to outweigh broader macroeconomic headwinds that have weighed on investor sentiment in recent quarters.
The forecast points to a slow but steady regain of momentum for the Nigerian exchange, driven by the underlying financial health of listed firms rather than speculative flows.
This domestic optimism arrives as global equity markets have staged a tentative recovery from a sharp sell-off that gripped technology shares and broader indices earlier in the week.
While US markets closed the second quarter with their strongest performance in years, emerging markets like Nigeria often face distinct structural challenges, including currency volatility and inflationary pressures.
For investors tracking African equities, the signal from HighCap highlights a divergence between global risk-on sentiment and local fundamental drivers.