The Nigerian Exchange has been a bit of a rollercoaster lately. August 2025 saw some serious ups and downs, with bargain hunters taking a breather after a hot streak. Price corrections have made stocks look cheaper, and that’s got investors eyeing some juicy upside opportunities.
But here’s the thing: picking stocks blindly is like throwing darts in a storm. CSL Stockbrokers’ latest picks are a roadmap for navigating this terrain, blending hard data with strategic foresight. Ready to see what’s on their radar?
Their latest report for September 2025 is out, and it’s packed with insights for business analysts, stock traders, and financial folks looking to make smart moves. Let’s unpack their top 10 stock picks, dive into why they’re buzzing, and see what’s driving the Nigerian Exchange (NGX) right now.
Access Holdings: A Financial Powerhouse
First up, Access Holdings Plc. This isn’t just any financial stock—it’s Nigeria’s largest financial services group by assets, and it’s flexing some serious muscle. With a target price of ₦43.88 against Tuesday’s ₦25.85, CSL sees a big upside. Why? Access boasts a capital adequacy ratio of 20.46% and a stellar Q1 2025 return on average equity (RoAE) of 29.6%. That’s the kind of performance that makes analysts sit up straight.
But it’s not just numbers. Access is playing a long game, staying compliant with the Central Bank of Nigeria’s rules while keeping dividend payments steady. Their price-to-book value (PBV) of 0.39x screams undervaluation. Could this be the moment to jump in before the market catches up?
GTCO: Diversified and Resilient
Next, GTCO’s got analysts buzzing. With a target price of ₦115.43 (way above its ₦91.50 market price), this financial services group is a standout. Its shift to a holding company structure means it’s not just a bank anymore—it’s got fingers in payments, pensions, and fund management. That diversification? It’s like having multiple nets in a fishing expedition; if one stream slows, others keep the haul coming.
GTCO’s capital adequacy ratio is a robust 39.3%, and its Q1 2025 cost-to-income ratio of 28.1% shows they’re running a tight ship. Plus, their recent listing on the London Stock Exchange adds a global sheen. Who doesn’t love a stock that’s both prudent and ambitious?
NAHCO: Riding the Air Travel Wave
Here’s a curveball: NAHCO, the Nigerian Aviation Handling Company, isn’t rated but still made the list. Why? Air travel’s bouncing back, cargo volumes are climbing, and NAHCO’s operational efficiency is paying off. In H1 2025, they posted a jaw-dropping 111.41% revenue growth to ₦32.33 billion and a 96.07% jump in pre-tax profit to ₦11.79 billion. That’s not just growth; it’s a full-on sprint.
With strategic partnerships and service expansions at key airports, NAHCO’s poised to keep soaring. Ever wonder what happens when a company aligns perfectly with a recovering sector? NAHCO might just be the answer.
Cement Giants: Dangote and Lafarge
Let’s talk cement—because Nigeria’s building boom isn’t slowing down. Dangote Cement (DANGCEM) and Lafarge Africa (WAPCO) are both CSL favorites, and for good reason. Dangote’s H1 2025 pre-tax profit skyrocketed 149.2% to ₦730.03 billion, fueled by strong Nigerian and Pan-African sales. Its target price of ₦681.71 versus ₦520.20 suggests there’s room to grow. Trading at an EV/EBITDA of 6.76x (below the EMEA average), it’s a value play in a high-demand sector.
Lafarge’s no slouch either, with a target price of ₦199.14 against ₦110.85 and a 328.3% pre-tax profit surge to ₦199.74 billion in H1 2025. Both companies are riding government infrastructure spending and private-sector projects. It’s like betting on the foundation of Nigeria’s growth—literally.
Consumer Goods: Cadbury and Nestlé
Consumer goods are always a safe bet in a bustling market like Nigeria’s, and CSL’s got two heavyweights: Cadbury Nigeria and Nestlé Nigeria. Cadbury’s churning out fast-moving consumer goods like nobody’s business, with H1 2025 revenue up 50.2% to ₦77.25 billion and pre-tax profit soaring 204.7% to ₦14.54 billion. Its target price of ₦83.08 (versus ₦55) and an EV/EBITDA of 7.87x make it a sweet deal.
Nestlé’s not far behind, with a target price of ₦2,327.22 against ₦1,870. H1 2025 saw revenue climb 42.8% to ₦581.12 billion and pre-tax profit jump 135% to ₦88.40 billion. With an EV/EBITDA of 7.44x, it’s undervalued compared to peers. These companies are like the comfort food of stocks—reliable and always in demand.
UACN: A Diversified Gem
UAC of Nigeria Plc (UACN) is a bit of a dark horse, but don’t sleep on it. With a target price of ₦103.44 versus ₦73, this conglomerate spans animal feeds, paints, packaged foods, and more. Their recent acquisition of CHI Limited (think Chivita and Hollandia) is a power move, strengthening their grip on Nigeria’s FMCG market. H1 2025 revenue grew 33% to ₦110.41 billion, and underlying pre-tax profit hit ₦10.7 billion—91% higher than last year.
Trading at an EV/EBITDA of 7.32x, UACN’s got room to run. It’s like finding a Swiss Army knife in a toolbox full of single-use gadgets—versatile and valuable.
Telecom Titans: Airtel Africa and MTN Nigeria
No Nigerian stock list is complete without telecoms, and Airtel Africa and MTN Nigeria are stealing the show. Airtel’s Q1 2026 revenue surged 22.4% to $1.42 billion, with pre-tax profit up 268.9% to $273 million. Their target price of ₦3,230.33 (versus Tuesday’s market price) reflects confidence in tariff hikes and cost-cutting. Plus, their debt localization strategy is shielding them from FX volatility. Smart, right?
MTN’s no slouch either, with H1 2025 revenue up 54.5% to ₦2.38 trillion and pre-tax profit at ₦622.26 billion, a stunning turnaround from last year’s loss. With a target price of ₦555.33, CSL sees dividend payments resuming soon. These telecoms are like the backbone of Nigeria’s digital economy—essential and growing.
What’s Next for the NGX?
The Nigerian stock market’s got momentum, but it’s not without risks. Currency volatility and rising energy costs are real hurdles, yet CSL’s picks show companies that are adapting and thriving. From financials to cement to consumer goods, these stocks offer a mix of stability and growth potential. So, what’s your move?
