The Nigerian stock market closed the month of May on a positive note, as the benchmark index rebounded on the last trading day, granting investors a gain of N414.52 billion in market capitalization. The recovery came after the Eid-el-Kabir holiday, with renewed buying interest in large- and mid-cap stocks.
Market Performance on Final Trading Day
The NGX All-Share Index (ASI) advanced by 0.26% to close at 250,385.47 points, up from 249,738.84 points in the previous session. This uptick helped the market recover part of the losses recorded earlier in the week. Despite the positive index movement, market breadth remained negative, with 33 decliners against 30 gainers, indicating that selling pressure persisted.
Key Drivers of the Gain
The gain was driven by strong demand in stocks such as Aradel Holdings, NEM Insurance, Ikeja Hotel, First Holdco, and Transcorp Power. These stocks saw significant buying interest, contributing to the overall market rebound.
Market Activity and Volume
Trading activity surged on the day, with total volume rising by 113.57% to 1.20 billion shares, valued at N43.43 billion, executed across 93,626 deals. This high level of activity underscores the renewed investor confidence.
Top Gainers and Losers
Among the top gainers were Sovereign Trust Insurance, which rose from N2.50 to N2.75, a gain of 10.00%; Zenith Children’s Health climbed from N30.00 to N33.00, also up 10.00%; International Energy Insurance advanced from N4.11 to N4.52, a 9.98% increase; McNichols gained from N7.92 to N8.70, up 9.85%; and Aradel Holdings jumped from N1,764.50 to N1,933.80, a 9.59% rise.
On the losing side, Chemical and Allied Products fell from N199.00 to N179.10, a decline of 10.00%; Austin Laz dropped from N4.40 to N3.96, down 10.00%; Premier Paints declined from N37.50 to N33.75, also down 10.00%; LivingTrust Mortgage Bank slipped from N4.45 to N4.01, a 9.89% loss; and John Holt decreased from N18.80 to N16.95, down 9.84%.
Most Active Stocks
The most actively traded stocks included Fidelity Bank, which traded 482,952,202 shares worth N8.73 billion; Access Holdings exchanged 133,281,490 shares valued at N3.23 billion; Transnational Corporation recorded 81,716,048 shares worth N2.19 billion; Chams Holding Company traded 43,878,090 shares valued at N173.80 million; and Dangote Sugar Refinery posted 28,349,356 shares worth N2.04 billion.
Year-to-Date Performance
The market’s year-to-date return improved to 60.90%, reflecting sustained bullish sentiment despite intermittent profit-taking pressure. This performance indicates that investors have enjoyed significant gains over the year.
Outlook and Investor Sentiment
Investors are positioning ahead of the Initial Public Offering (IPO) of the Dangote Group’s refinery, with President and Chief Executive Aliko Dangote confirming that the listing is expected to launch in September 2026. Even before the offer is open, investor interest in the refinery IPO has skyrocketed, approaching $2 billion. This development is expected to further boost market sentiment in the coming months.
