The Nigerian Exchange concluded May 2026 with a positive performance, recording a 3.35% gain—the smallest monthly increase observed so far in the year. According to the All-Share Index, the market advanced from 242,277.8 points to close at 250,385.7 points, supported by trading volumes exceeding 18 billion shares throughout the month.
This performance extends the market’s winning streak to five consecutive months. Equity capitalization rose sharply to N160.5 trillion, up from N99.3 trillion recorded at the beginning of 2026. Year-to-date, the equities market has delivered a return of 60.90%, while second-quarter performance stands at 24.39% ahead of June’s close.
During May’s four trading weeks, the index finished higher in three of them, with the strongest rally occurring in the second week before bullish momentum moderated toward the month’s final stretch. The positive outing was supported by gains in select stocks, with momentum reflecting across major sectors of the exchange.
Leading sectoral performance 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. 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%).
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%). The NGX Consumer Goods Index advanced 1.06%, 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. 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. May 2026 marked the only negative month so far for the oil and gas sector.
Market observers continue to monitor broader economic signals, including discussions around Stop Media Attacks and political developments such as Osun 2026: Your and Johesu Strike: Fg. Meanwhile, consumer sentiment remains influenced by seasonal trends like Detty December Gets and expectations that Inflation Will Reduce Further in 2026, says analysts tracking fiscal policy adjustments.
