Stock Market Begins May on Positive Note,  Up 0.4% 

Kayode Tokede  

The Nigerian stock market yesterday opened trading for the month of May  2026 on a strong note, as investors’ investment grew by 0.4 per cent. 

As a result, the Nigerian Exchange Limited All-Share Index (NGX ASI) gained 881.16 basis points or 0.4 per cent to close at 243,158.97 basis points, market capitalisation rose by N63 billion to close at N156.057 trillion.

The upturn was driven by price appreciation in large and medium capitalised stocks amongst which are; Stanbic IBTC Holdings, Chemical and Allied Products (CAP), BUA Cement, UACN and Dangote Sugar Refinery.

By sectors, the Insurance (+1.3per cent), Industrial Goods (+1.1per cent), Consumer Goods (+0.8per cent) and Banking (+0.4per cent) indices closed higher, while the Oil & Gas (-0.9per cent) index pared.

Market breadth was broadly positive as 44 gainers outpaced 34 losers. FTN Cocoa Processors and Consolidated Hallmark Holdings emerged the highest price gainer of 10 per cent each to close at N6.05 and N5.72 respectively, while CAP followed with a gain of 9.99 per cent to close at N159.70, per share.

AIICO Insurance increased by 9.98 per cent to close at N4.74, while Dangote Sugar Refinery added 9.97 per cent to close at N76.65, per share.

On the other side, Nigerian Aviation Handling Company (NAHCO) led others on the losers’ chart with 23.00 per cent to close at N198.65, per share. International Energy Insurance followed with a decline of 9.82 per cent to close at N2.48, while UPDC shed 9.18 per cent to close at N4.45, per share.

Learn Africa lost 9.14 per cent to close at N8.45, while NEM Insurance depreciated by 8.02 per cent to close at N28.10, per share.

Meanwhile, the total volume traded decreased by 24.79 per cent to 1.408 billion units, valued at N57.982 billion, and exchanged in 133,071 deals.

On market outlook for this week, United Capital Plc said, “the Nigerian equity market is expected to sustain its bullish bias this new week, supported by continued foreign investor interest, elevated oil prices, and improving corporate earnings momentum as Q1 2026 results season gathers pace. Banking, Building Materials and Oil & Gas stocks are likely to remain in focus, with strong results from leading names capable of driving index gains.

“However, profit-taking at elevated index levels remains a near-term risk, and broader global caution following the Fed’s decision to hold rates and Powell’s hawkish tone could temper foreign participation. Overall, the market is expected to trade positively but with selective momentum, as investors rotate toward value plays and earnings-driven names.”