Nigerian Exchange Delivers 60.90% Return in 5 Months
The Nigerian Exchange (NGX) delivered a 60.90% return from January to May 2026, driven by persistent demand for stocks of local companies across sectors. The equities market ended the week on a mildly positive note, supported by selective bargain hunting across key counters.
The All-Share Index (ASI) advanced by 0.27% week-on-week to close at 250,385.47 points, while market capitalisation increased by approximately ₦432 billion to ₦160.51 trillion.
Consequently, the year-to-date return strengthened further to 60.90%, reflecting sustained, albeit cautious, investor confidence in the domestic equities space.
In a note, Cowry Asset Management Limited said market breadth remained weak, closing negative at 0.96x, with 43 gainers against 45 decliners.
This indicates a largely selective and stock-specific trading pattern, as gains were concentrated in a limited number of counters despite the overall index uptick, the investment firm said.
Trading activity was subdued over the review period, as key market indicators recorded notable declines. The number of deals, trading volume, and transaction value fell by 27.91%, 38.07%, and 31.01% week-on-week, respectively.
In total, investors exchanged 2.40 billion shares worth ₦160.51 billion across 241,726 deals, underscoring relatively weak participation and cautious positioning by market players.
Sectoral performance closed broadly mixed as investor sentiment remained selective across major counters. The Insurance, Oil & Gas, and Commodity indices recorded gains of supported by renewed buying interest in select energy and commodity-linked stocks.
On the flip side, the Banking, Consumer Goods, and Industrial Goods indices declined amid sustained profit-taking activities and weak momentum in key bellwether stocks.
The Banking sector emerged as the worst-performing segment, declining by 2.43% week on week following heavy selloffs in Fidelity Bank Plc, Guaranty Trust Holding Company Plc, and Stanbic IBTC Holdings Plc.
Similarly, the Consumer Goods index weakened by 2.04% as investors booked profits in Dangote Sugar Refinery Plc, Unilever Nigeria Plc, and Champion Breweries Plc.
The Insurance sector also came under pressure, falling by 1.77% amid weaker investor appetite for Regency Alliance Insurance Plc, AIICO Insurance Plc, and Guinea Insurance Plc.
Meanwhile, the Industrial Goods sector edged lower by 0.05% following mild profit-taking in Chemical and Allied Products Plc, Premier Paints Plc, and Cutix Plc.
Conversely, the Oil & Gas sector posted a modest 0.07% gain, buoyed by renewed investor confidence in Aradel Holdings Plc and Eterna Plc.
On the gainers’ chart, INTENEGINS topped the list with a 20.5% gain, followed by SOVRENINS (+13.6%), ALEX (+10.0%), AUSTINLAZ (+10.0%), and AIRTELAFRI (+10.0%), driven largely by strong buy-side interest and positive sentiment in selected mid- and large-cap stocks.
On the losers’ chart, TIP (-25.8%) led declines, followed by ZICHIS (-14.3%), ABBEYBDS (-12.1%), DANGSUGAR (-11.0%), and FTNCOCOA (-10.1%), reflecting profit-taking and sustained selling pressure across select counters.
The Nigerian equities market is expected to remain cautiously positive, with performance likely driven by stock-specific factors rather than broad market momentum, Cowry Asset Limited said.
The investment firm said weak market breadth and subdued trading activity suggest continued fragile sentiment, while elevated fixed-income yields may sustain occasional portfolio shifts away from equities.
Market analysts said selective opportunities may emerge in fundamentally strong counters, particularly in the banking and insurance sectors, as investors remain focused on earnings resilience and dividend prospects GCR Affirms Access Bank AA/A1+ With Stable Outlook
