The Nigerian Exchange concluded May 2026 with a positive 3.35% gain, although this represented the market’s lowest monthly increase since the beginning of the year. The All-Share Index (ASI) climbed from 242,277.8 points to settle at 250,385.7 points, with trading activity exceeding 18 billion shares throughout the month.

This performance extends the market’s winning streak to five consecutive months. Equity capitalization saw a significant rise, reaching N160.5 trillion from the N99.3 trillion recorded at the start of 2026.

So far in 2026, the equities market has delivered a year-to-date return of 60.90%, while the second-quarter performance currently stands at 24.39% ahead of June’s close.

May’s trading saw the index finish higher in three out of the four trading weeks. The strongest rally occurred in the second week, with bullish momentum moderating towards the month’s final stretch.

The market’s positive outing in May was supported by gains in select stocks, with the momentum reflecting across major sectors of the exchange.

Sectoral Performance in May

Leading sectoral performance in May was the NGX Industrial Index, which advanced by 8.60%. This surge was largely driven by a 21.65% rally in Dangote Cement and a modest 0.48% gain in BUA Cement.

Among mid- and small-cap industrial stocks, Berger Paints soared by 80.55%, Meyer gained 28.75%, Chemical & Allied Products rose 23.35%, Austin Laz climbed 16.81%, and Cutix added 1.31%.

The NGX Insurance Index followed, recording a 6.45% monthly gain. This was 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%).