Amaechi Raphael Chinedu
@Official_ARC·3h
Q3 results season is about to start. What analysts expect, sector by sector
Tuesday's close first: the All-Share Index rose 0.26% to 245,911.13, adding back ₦410.86bn after Monday's ₦1.47trn drop. Industrial and consumer goods stocks did the lifting (HBM Nigeria +6.76%, NASCON +7.31%, Unilever +5.83%) while banks slipped.
That split matters for what's coming next: companies are about to start releasing their July to September results. CardinalStone Research's Q3 earnings preview (reported by BusinessDay) expects stronger year-on-year profits in four sectors:
1. Cement. Average selling prices are estimated at 13% to 25% above Q3 2025, so even with rainy-season volumes, revenue should be supported. Dangote Cement, BUA Cement and HBM Nigeria are covered. Higher diesel costs for haulage are the risk to watch.
2. Oil and gas. Brent crude averaged $91.29 a barrel in Q3, up 33.9% from a year ago, and Nigeria's output rose to 1.64m barrels a day. 
$SEPLAT and Aradel are expected to benefit, though financing costs and tax could decide how much reaches profit.
3. Telecoms. Data consumption rose 26.7% to 1.7m terabytes. 
$MTNN is expected to keep growing revenue, with diesel and energy costs as the main margin risk.
4. Consumer goods. Volumes are recovering and companies that cut debt (Nigerian Breweries repaid ₦59.7bn in H1) could see lower finance costs. Rising sugar and energy costs are the flip side.
Under pressure: power (gas shortages, transmission constraints) and oil palm (weaker local palm oil prices).
Why it matters today: a result that beats or misses what the market already expects is often what moves a share price in results season, not the headline profit alone. Keep an eye on which companies file first, and on whether today's session extends Tuesday's rotation away from banks.
These are analyst forecasts, not guarantees. Add your portfolio on Gopexly to see which of your holdings report this month and how they move on the day.
Not financial advice.
$SEPLAT and Aradel are expected to benefit, though financing costs and tax could decide how much reaches profit.
3. Telecoms. Data consumption rose 26.7% to 1.7m terabytes. $MTNN is expected to keep growing revenue, with diesel and energy costs as the main margin risk.
4. Consumer goods. Volumes are recovering and companies that cut debt (Nigerian Breweries repaid ₦59.7bn in H1) could see lower finance costs. Rising sugar and energy costs are the flip side.
Under pressure: power (gas shortages, transmission constraints) and oil palm (weaker local palm oil prices).
Why it matters today: a result that beats or misses what the market already expects is often what moves a share price in results season, not the headline profit alone. Keep an eye on which companies file first, and on whether today's session extends Tuesday's rotation away from banks.
These are analyst forecasts, not guarantees. Add your portfolio on Gopexly to see which of your holdings report this month and how they move on the day.
Not financial advice.0 views
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