The Nigerian Exchange (NGX) saw a total trading value of N37.02 billion on Monday, May 18, 2026, with Aradel Holdings Plc dominating the session by accounting for N6.15 billion in traded value. The overall market, however, experienced a marginal decline, with the All-Share Index and market capitalization edging lower by 0.05% to close at 250,311.33 points and N160.362 trillion, respectively.
Oil and gas stocks were a notable highlight, with Oando Plc surging 10% and the sector index posting the strongest performance of the day, closing up by +0.4%. Despite these gains, sell-offs in stocks like SEPLAT, WAPCO, and DANGSUGAR contributed to the broader market's slight downturn.
Industrial Goods Sector Shows Robust Revenue Growth
In the industrial goods sector, the top five companies collectively generated N1.9 trillion in revenue during the first quarter of 2026. This represents a significant 22% increase compared to the N1.5 trillion reported in the same period of 2025. Despite facing higher operating costs, these companies achieved a combined operating profit of N841.8 billion, a 39% rise from N604.6 billion a year prior. Their post-tax profit saw a substantial jump of 72.7% to N604.8 billion, with retained earnings growing from N2.58 trillion to N3.18 trillion.
Among the top performers, Lafarge Africa Plc (WAPCO) recorded N334.88 billion in revenue, a 34.84% increase year-on-year. Chemical & Allied Products Plc reported N11.59 billion in revenue, up 14.90% from N10.08 billion in Q1 2025. Beta Glass Plc posted N37.54 billion in revenue, though this marked an 8.81% decline from N41.16 billion in the prior year.
SEC Mandates T+1 Settlement Cycle
The Securities and Exchange Commission (SEC) has issued new guidance for the transition to a T+1 settlement cycle for equities and commodities transactions, effective June 1, 2026. This move aims to enhance market liquidity and align Nigeria's capital market with international best practices. The current T+2 settlement cycle will conclude on May 29, 2026, with a transitional settlement date of June 2, 2026, for trades executed on both May 29 and June 1.
The shift to T+1 is expected to reduce counterparty exposure, improve capital efficiency for market participants, and free up cash and securities a day earlier for recycling into new investments. This aligns Nigeria with global trends, following similar transitions by the United States, Canada, and Mexico.
DMO Raises N614.5 Billion in Bond Auction
The Debt Management Office (DMO) successfully raised approximately N614.5 billion through its May 2026 bond auction. The auction featured two re-opened instruments: the 22.60% FGN JAN 2035 bond and the 16.2499% FGN APR 2037 bond. Settlement for these bonds is scheduled for May 20, 2026.
The FGN JAN 2035 bond saw total subscriptions of N262.23 billion, with N137.67 billion allotted at a marginal rate of 17.00%. The FGN APR 2037 bond attracted stronger investor demand, with total subscriptions of N253.94 billion and N280 billion in non-competitive bids, leading to a total allotment of N476.84 billion at a marginal rate of 17.04%. Investor interest was particularly strong for the longer-dated APR 2037 bond.
The market also saw significant trades in specific stocks, including UACN (UACN) which traded N727.7 million worth of shares, and NGXGROUP (NGXGROUP) with N646.7 million in value traded. Notable block trades included 158,000 units of SEPLAT crossed at N11,000 per share, reflecting an ex-dividend price adjustment.
