By Boluwatife Oshadiya| June 1st, 2026
Key Points
- Nigerian equities investors gained N4.514 trillion in May as market capitalisation rose to N160.5 trillion
- The All-Share Index advanced 3.35% to close at 250,385.47 points
- Banking and consumer goods stocks drove gains despite increased profit-taking activity
Main Story
The Nigerian equities market extended its bullish run in May, with investors recording a combined gain of N4.514 trillion as strong demand for banking and consumer goods stocks pushed market indicators higher.
Data from the Nigerian Exchange showed market capitalisation increased by 2.89 per cent to N160.508 trillion from N155.994 trillion at the start of the month. The benchmark All-Share Index also gained 8,107.66 points, representing a 3.35 per cent increase, to close at 250,385.47.
The May performance followed a record April rally that added more than N26 trillion to investor wealth, although market momentum slowed as investors engaged in profit-taking activities across several sectors.
Speaking on market performance, Dr. Bennett Eze, Head of Research and Development at the Chartered Institute of Stockbrokers, attributed the slower pace of growth to portfolio rebalancing and valuation concerns after April’s historic gains.
“The slower pace of market growth in May could also be linked to rotation into fixed-income instruments, valuation concerns and global uncertainties,” said Bennett Eze, Head of Research and Development, Chartered Institute of Stockbrokers.
Among major gainers during the month were GTCO, Ecobank Transnational Incorporated, First Holdco, United Bank for Africa, Airtel Africa and Berger Paints. On the downside, Nigerian Aviation Handling Company, Guinness Nigeria, Access Holdings, MTN Nigeria and Aradel Holdings recorded declines.
Trading activity remained robust, with investors exchanging 21.12 billion shares worth N971.63 billion in 1.45 million deals, surpassing April’s volume and value figures.
The Issues
The market’s performance comes amid growing competition between equities and fixed-income securities. Treasury bill yields remain elevated, encouraging some institutional investors to diversify away from stocks.
At the same time, ongoing banking sector recapitalisation efforts, relative foreign exchange stability and expectations of easing inflation continue to support investor confidence in fundamentally strong companies.
What’s Being Said
“Continued exchange-rate stability could attract additional foreign portfolio inflows,” said Bennett Eze, Head of Research and Development, Chartered Institute of Stockbrokers.
“Banking sector recapitalisation is expected to strengthen confidence in financial stocks,” he added.
What’s Next
- Investors will monitor second-quarter earnings releases for signs of sustained profitability
- Banking recapitalisation programmes are expected to remain a major market driver through 2026
- Market participants will watch inflation and monetary policy developments for clues on asset allocation decisions
Bottom Line
The Bottom Line: The Nigerian stock market remains firmly in positive territory, but the era of broad-based rallies appears to be giving way to more selective investing. Companies with strong earnings, healthy balance sheets and clear growth prospects are likely to attract the bulk of investor capital in the months ahead.
