MTN, Dangote Cement, Guinness, Okomu Oil: Top NGX Stocks to Buy in 2026 on Earnings Upside

Analysts at Financial Derivatives Company (FDC) have identified four Nigerian Exchange (NGX) blue-chip stocks—MTN Nigeria Plc, Dangote Cement Plc, Guinness Nigeria Plc, and Okomu Oil Palm Plc—as standout picks for 2026. FDC CEO Bismarck Rewane highlighted these equities during a presentation at the Lagos Business School Breakfast Session themed “2026: The New Geo-Strategic Dispensation.”

Rewane cited a combination of scale, earnings visibility, and pricing power as the main drivers making these stocks attractive for investors seeking medium-term gains. He emphasized that industry consolidation, improving macroeconomic conditions, and undervalued growth potential are key factors that could enhance returns in the coming year.

MTN Nigeria’s prospects are underpinned by its dominant position in the telecoms sector and a shift toward data-led revenues. FDC projects the company’s revenue to reach N7.8 trillion in 2026, a 58% increase, while profit after tax is expected to climb 44% to N1.44 trillion. Despite its capital-intensive business model, MTN trades at a reasonable P/E ratio of 14x, supported by a more stable naira and potential interest rate moderation.

Dangote Cement benefits from a highly consolidated industry and government-backed infrastructure spending, with projected revenue of N5.3 trillion (up 27%) and profit after tax of N1.4 trillion (up 44%) in 2026. Similarly, Okomu Oil Palm is poised to leverage rising palm oil prices and efficient operations, with forecasted revenue of N351 billion (up 62%) and profit after tax jumping 121% to N161 billion. Guinness Nigeria rounds out the list, with strong pricing power and premium products driving a 42% increase in revenue to N704 billion and a 35% rise in profit after tax to N21.6 billion.

Currently, MTN Nigeria is the second most valuable NGX stock with a market cap of N11.2 trillion, up 166% year-to-date. Dangote Cement follows with N10.4 trillion (28.4% YTD gain), Okomu Oil at N1.06 trillion (150% YTD gain), and Guinness Nigeria at N577 billion (275% YTD gain). While FX volatility and interest rate trends remain key risks, FDC believes these four stocks offer compelling earnings growth and attractive risk-reward potential for 2026 investors.

source: nairametrics