Looking at the All-Share Index (ASI) chart below, it is clear that the Nigerian market has been undergoing a correction since 14 May 2026. Following the strong rally from December 2025 through May 2026, many fundamentally sound stocks have retraced significantly and are now finding new support levels.
For me, this correction is creating interesting entry points for both traders and long-term investors.
Stocks I Find Attractive for Trading
Some of the stocks whose current prices I find particularly interesting for short-term trading include:
• TIP — ₦23 – ₦24
• NAHCO — ₦129
• DANGOTE SUGAR — ₦69
• PZ — ₦74
• CWG — ₦17
• UNILEVER — ₦99
• BUACEMENT — ₦269
The figures in brackets represent the entry prices I am watching.
My thinking is to trade some of these positions for potential short-term gains in the region of 10 – 30%, depending on how the market and individual stocks behave. Of course, price targets are not guarantees, and the market can always move differently from expectations.
Stocks to Consider for Longer-Term Holding
Beyond the stocks listed above, there are also several fundamentally sound companies whose prices appear to have stabilised following the earlier rally, with relatively minor fluctuations.
These include Aradel, MTN, HBM (Lafarge), GTCO, Zenith, Jaiz Bank, Seplat, Airtel, UPDCREIT, Dangote Cement, Fidson, NIDF (dividend king), UACN, and others.
Depending on your investment objectives, risk tolerance and research, some of these may also present interesting opportunities for longer-term investors.
Meanwhile, I Am Also Watching the Dangote Refinery IPO
One important consideration is the timing of the Dangote Refinery share allotment. Based on the information provided, the allocation is not expected until around November–December.
It was also mentioned that subscribers with applications of ₦50,000 or ₦100,000 could potentially receive their subscriptions in full. If this happens, larger subscribers may not receive their entire requested allocation, at least initially, until the minimum allocation threshold determined by the company is satisfied.
This is not meant to discourage anyone from investing millions in the IPO. Rather, it is simply a reminder to be realistic about the possibility of receiving less than the number of shares applied for—and therefore not tying up all your available capital in an investment whose final allocation is still uncertain.
There is another interesting dimension.
It was mentioned that approximately 10 million people could subscribe to the IPO, while the company can absorb about 30% oversubscription. With 5.33 billion shares available, dividing that number by 10 million potential subscribers gives approximately 533 shares per subscriber (₦280,000), if everyone were to receive an equal allocation.
And then came the astonishing early demand.
Within just a few hours of the offer going live yesterday, almost ₦1.5 trillion had reportedly been received in subscriptions—even while several fintech platforms, including Bamboo, Cowrywise and Afrinvest, were experiencing difficulties.
If we use the estimated oversubscription threshold of approximately ₦2.795 trillion, the ₦1.5 trillion received within those first few hours already represents roughly 54% of that amount.
Imagine what the subscription figure could look like after the full 30-day offer period.
Please, do not panic if your subscription channel is not working.
As I explained during the live video, IPO allocation is NOT done on a first-come, first-served basis. So, there is no need to rush or worry that you will lose your allocation simply because you could not subscribe immediately.
Relax, take your time, and try again later. You have a 30-day window within which you can subscribe.
Remember: subscription is one thing; allocation is another.
So, stay calm and avoid unnecessary pressure. You will have enough opportunity to complete your subscription within the offer period.
My Personal Approach
For this reason, I am personally considering applying for a relatively small number of shares—perhaps around 1,000+ shares—with the expectation that I could potentially receive a meaningful portion of the allocation.
Rather than committing a very large amount of capital to the IPO and waiting until December, I would prefer to deploy part of my capital into fundamentally sound stocks at attractive entry points, trade some of them for potential short-term gains, and also build longer-term positions where appropriate.
In other words, while I wait for the Dangote Refinery allotment, the market correction itself may be presenting opportunities worth exploring.
As always, do your own research, understand the risks, and invest according to your own financial goals and risk tolerance.
Disclaimer: This is my personal market analysis and strategy, not financial advice or a recommendation to buy or sell any stock. Do your own research before making any investment decision.
