Nigerian Exchange (NGX) made history in May 2026, with the All-Share Index breaking past 250,000 points for the first time.
The ASI closed at 250,385.7 after a 3.35% monthly gain, adding 8,107.9 points and pushing total market value to N160.5 trillion. Over 18 billion shares changed hands during the month.
While blue-chips like Dangote Cement, up 21.65%, gave the market stability, the real action was in mid- and small-cap stocks. They swept the top 10 gainers list with returns between 37% and 80.5%, showing investors are shifting toward companies with strong earnings and balance sheets.
Berger Paints Plc led the pack with an 80.55% surge to N147.60. The rally came after FY2025 pretax profit jumped 116% to N2.4 billion and Q1 2026 profit rose 48%. Investors also cheered a higher dividend of N1.25 per share.
Other top performers included International Energy Insurance +64.36%, FTN Cocoa Processors +62.73% on a Q1 profit turnaround, and Associated Bus Company +58.65% after returning to dividends. Zichis Agro Allied Industries gained 51.52% and is now up over 1,700% since its January listing.
Healthcare, agro-allied, consumer, and real estate-linked names dominated, driven by profit growth, dividends, rights issues, and insider buying. Learn Africa’s chairman bought 1.1m shares, Fidson Healthcare wrapped up a N21bn rights issue, and UPDC REIT appointed a new fund manager.
Analysts say the market is maturing. “Alpha is moving away from broad index gains to selective quality mid-caps,” one expert noted, citing GDP growth and moderating inflation as support. The challenge now: high interest rates and forex volatility mean only companies with real execution are winning.
Looking ahead, Q2 2026 earnings and the next MPC meeting will set the tone. With some stocks up hundreds of percent year-to-date, analysts expect selective opportunities and possible profit-taking, but the breach of 250,000 points signals underlying resilience going into H2 2026.
