Renewed buying interest lifts NGX as year-to-date returns hit 60.9%
Lagos: The Nigerian equities market ended the month of May on a bullish note, with investors gaining ₦414.52 billion in market value on the final trading day. The rebound came as traders returned from the Eid-el-Kabir holiday with fresh appetite for large- and mid-cap stocks, helping the market recover part of the week’s earlier losses.
The NGX All-Share Index (ASI) advanced by 0.26% to close at 250,385.47 points, up from 249,738.84 points in the previous session. This modest gain pushed the market’s year-to-date return to 60.90%, reflecting sustained bullish sentiment despite intermittent profit-taking pressures.
Banking stocks led the rally, buoyed by expectations of strong Q2 earnings.
Consumer goods equities attracted buyers, supported by resilient demand despite inflationary headwinds.
Industrial stocks, particularly cement and construction-related counters, benefited from optimism around infrastructure spending.
Market analysts described the rebound as a sign of resilience in investor sentiment.
“The market’s ability to bounce back after profit-taking shows confidence in Nigeria’s economic fundamentals. Investors are positioning for long-term gains, while short-term corrections are viewed as healthy consolidations,” said a Lagos-based equity strategist.
Outlook for June
With June trading set to begin, analysts expect continued activity in blue-chip stocks, alongside speculative plays in mid-cap equities. However, caution remains around global oil price volatility and domestic inflationary trends, which could influence investor behaviour in the coming weeks.
The NGX wrapped up May with a solid rebound, rewarding investors with ₦414bn in gains and setting the stage for a potentially vibrant June.
STOCK MKT:Stocks recover earlier weekly losses despite mixed sentiment across the trading floor. Photo: Nurphoto Source: Getty Images
