Stock market sustains bullish run, recovers from previous week’s losses

By Peter Egwuatu 

The Nigerian stock market sustained its bullish momentum in May 2026 as investors gained over N4.514 trillion during the month.

Meanwhile, Week-on-Week, WoW, the market, last week, also recovered from the losses it recorded previous week to post a N431 billion gain at close of trading last Friday.

In the month of May, the NGX market capitalisation, which represents the total value of stocks listed on the Exchange, surged to N160.077 trillion from N155.994 trillion recorded at the end of April 2026.

Similarly, another major market indicator, NGX All Share Index, ASI, which measures the changes in the market price level of stocks surged by 3.43% to close in May at 250,385.47 points from 242,077.81 points in April.

Analysts attributed the positive momentum in the market to sustained buying interest in selected large-cap and mid-cap stocks, which outweighed profit-taking activities triggered by the recent market rally. 

They noted that investors continued to position in fundamentally strong counters across the banking, telecom, energy and industrial sectors, pushing the benchmark index further into positive territory.

Rising from a negative position previous week the market activity showed that capitalisation which grew by over N431 billion, drove the NGX ASI up by 0.3%.

A total turnover of 2.398 billion shares worth N111.480 billion in 241,313 deals was traded last week by investors on the floor of the Exchange, in contrast to a total of 3.875 billion shares valued at N161.757 billion that exchanged hands the previous week in 334,745 deals.

The Financial Services Industry (measured by volume) led the activity chart with 1.656 billion shares valued at N48.229 billion traded in 94,812 deals: thus contributing 69.07% and 43.26% to the total equity turnover volume and value respectively. The Services Industry followed with 265.448 million shares worth N4.530 billion in 19,443 deals. Third place was the ICT Industry, with a turnover of 101.848 million shares worth N9.163 billion in 24,858 deals.

Commenting on market outlook, analysts at InvestData Consulting Limited stated: “ In the near term, investors are expected to monitor macroeconomic developments, crude oil price movements, corporate earnings expectations and policy signals that could influence market direction. 

“However, the sustained inflow into fundamentally strong stocks suggests that the market may continue to witness bargain hunting and strategic accumulation, especially in sectors considered resilient under the current economic conditions. Investors are therefore advised to remain selective and focus on fundamentally sound stocks with strong growth potential and attractive valuations.”

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