Stock Market Continues Bullish Trend, Rebounds from Last Week’s Decline

By Peter Egwuatu

The Nigerian stock market continued its bullish trend in May 2026, with investors accumulating over N4.514 trillion during the month.

On a week‑on‑week basis, the market also rebounded from the losses recorded the previous week, posting a N431 billion gain at the close of trading last Friday.

During May, the NGX market capitalisation rose to N160.077 trillion from N155.994 trillion at the end of April 2026.

The NGX All Share Index (ASI), which tracks the overall price level of listed stocks, increased by 3.43%, closing at 250,385.47 points in May compared with 242,077.81 points in April.

Analysts say the positive momentum stems from sustained buying interest in selected large‑cap and mid‑cap stocks, which outweighed profit‑taking that followed the recent rally.

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

After a negative position the previous week, market activity showed that capitalisation grew by over N431 billion, driving the NGX ASI up by 0.3%.

Last week, a total turnover of 2.398 billion shares worth N111.480 billion in 241,313 deals was traded on the Exchange floor, compared with 3.875 billion shares valued at N161.757 billion in 334,745 deals the week before.

The Financial Services Industry led the activity chart, with 1.656 billion shares valued at N48.229 billion traded in 94,812 deals, contributing 69.07% of the total equity turnover volume and 43.26% of the total value. The Services Industry followed with 265.448 million shares worth N4.530 billion in 19,443 deals. The ICT Industry ranked third, with a turnover of 101.848 million shares worth N9.163 billion in 24,858 deals.

Commenting on the market outlook, analysts at InvestData Consulting Limited said: “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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