The Nigerian equities market opened the trading month of May on a positive trajectory yesterday as sustained investor interest drove the market capitalisation up by N63bn. This bullish start saw the All-Share Index advance by 881.16 points, representing a 0.36 per cent gain to settle at 243,158.97 points, while the total market value of listed equities climbed to N156.057tn.
The market’s upward movement was primarily anchored by price appreciation in several large and medium-capitalised stocks, with Stanbic IBTC Holdings, Chemical and Allied Product, BUA Cement, UACN, and Dangote Sugar Refinery emerging as the primary drivers of the day’s gains.
Market breadth closed on a positive note as 44 gainers outweighed 34 losers at the end of the session. FTN Cocoa Processors and Consolidated Hallmark Holdings led the gainers’ chart, each rising 10 per cent to close at N6.05 and N5.72, respectively.
They were closely followed by CAP, which surged 9.99 per cent to N159.70 per share, and AIICO Insurance, which saw a 9.98 per cent increase to finish at N4.74. Dangote Sugar Refinery also posted a strong performance, adding 9.97 per cent to close at N76.65.
Conversely, the Nigerian Aviation Handling Company faced significant selling pressure, leading the losers with a 23.00 per cent decline to close at N198.65, followed by International Energy Insurance and UPDC, which shed 9.82 per cent and 9.18 per cent, respectively.
Trading activity showed a decline in participation levels as the total volume of shares traded dropped 24.79 per cent to 1.408 billion units, valued at N57.982bn across 133,071 deals.
Despite this drop in volume, analysts at United Capital Plc expect the bullish bias to persist throughout the week, supported by continued foreign investor interest, elevated oil prices, and the gathering momentum of the Q1 2026 corporate earnings season.
While market experts warn that profit-taking remains a near-term risk following recent index highs, the overall outlook suggests that investors will continue to rotate towards value plays and earnings-driven names, even as global caution persists following the Federal Reserve’s recent hawkish stance on interest rates.
