The Nigerian Exchange closed May 2026 on a positive note, posting a 3.35% gain, although it marked the market’s lowest monthly gain since the start of the year.
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Tracked by the All-Share Index, the market climbed from 242,277.8 points to settle at 250,385.7 points, supported by trading activity exceeding 18 billion shares during the month.
The performance extends the market’s winning streak to five consecutive months, with equity capitalization rising sharply to N160.5 trillion from the N99.3 trillion recorded at the start of 2026.
So far in 2026, the equities market has delivered a year-to-date return of 60.90%, while second-quarter performance currently stands at 24.39% ahead of June’s close.
Out of May’s four trading weeks, the index finished three higher, with the strongest rally recorded in the second week before bullish momentum moderated toward the month’s final stretch.
The market’s positive outing in May was supported by gains in select stocks, with the momentum also reflecting across major sectors of the exchange.
Sectoral performance
Leading sectoral performance in May was the NGX Industrial Index, which advanced 8.60%, driven largely by a 21.65% rally in Dangote Cement and a modest 0.48% gain in BUA Cement.
- Among mid- and small-cap industrial stocks, Berger Paints soared 80.55%, while Meyer gained 28.75%, Chemical & Allied Products rose 23.35%, Austin Laz climbed 16.81%, and Cutix added 1.31%.
The NGX Insurance Index followed with a 6.45% monthly gain, supported by strong performances from Sovereign Trust Insurance (32.21%), Consolidated Hallmark (20.19%), Prestige Assurance (12.23%), Sunu Assurances (10.00%), Linkage Assurance (9.88%), Mutual Benefits (8.93%), and NEM Insurance (7.69%).
- Other insurance stocks also closed higher during the month, including Coronation Insurance (6.80%), Lasaco Assurance (6.67%), Regency Alliance Insurance (6.26%), Cornerstone Insurance (5.36%), and AIICO Insurance (4.41%), reflecting broad-based investor interest across the sector.
Meanwhile, the NGX Banking Index rose 3.37% in May, led by Ecobank (20.84%), alongside gains in First Holdco (8.28%), Fidelity Bank (6.00%), FCMB (4.93%), UBA (4.09%), Stanbic IBTC (2.64%), GTCO (1.48%), and Zenith Bank (0.46%).
More insights
The NGX Consumer Goods Index advanced 1.06% in May, supported by gains in Vitafoam (25.24%), McNichols Plc (29.46%), Unilever (13.45%), Nigerian Breweries (6.23%), International Breweries (4.55%), Nascon Allied Industries (4.76%), Dangote Sugar (2.08%), Nestlé (0.81%), and Champion Breweries (0.38%).
In contrast, the NGX Oil and Gas Index was the only sector to close in negative territory, easing 1.93% amid pressure from key constituents despite selective gains across the segment.
Although Japaul Gold (26.26%), Oando (10.87%), and Eterna (5.03%) posted strong advances, the index was dragged lower by declines in Aradel (4.46%) and Seplat (0.08%), which outweighed the gains.
What you should know
May 2026 marked the only negative month so far for the Oil and Gas sector, despite its earlier momentum, with its strongest performance recorded in April at 39.04%.
- On a monthly basis, the 3.35% gain of the All-Share Index, while still positive, signals a moderation in bullish momentum compared to April’s sharper 20.36% advance.
Nevertheless, the market sustained its upward trajectory and closed May above the 250,000 psychological level, maintaining its broader bullish structure.
