Investors in the Nigeria stock exchange market went home with remarkable profits of ₦3.966 trillion in the month of May, defying economic tensions attributed to global trade uncertainties.
Amidst global capital market whirlwinds, Nigeria’s capital market continues to show remarkable resilience, as the All Share Index (ASI) continues with uptrend momentum, driven by structural reforms and a renewed focus on collaborative innovation.
Data from the Nigeria Exchange limited (NGX) shows the market capitalization soared to N70.6trillion at the end of May, significantly up from N66.496 trillion in the previous month.
In the same direction the NGX All Share Index (ASI) broke through the 110,000-point threshold for the first time ever, soared by 5.62%, closing the month of may at 111,742.01 points, in contrast to 105,800.62 points recorded at the end of April.
However, trading activities also intensified as monthly volume surged by 55.72%, rising to 12.6 billion shares from 8.2 billion in April.
With these significant growth recorded; the month of may is the strongest performing month of the year so far.
Key player in driving the capital market momentum is the Airtel Africa’s ongoing $100million share buy-back program, which gained 10 per cent/ N215.60 per share to close at N2,372.50 from N2,156.90. The gains from Airtel Africa boosted the overall market capitalization. Other key players were:
- BUA Foods: +5.3%
- MTN Nigeria: +3.7%
- Transcorp Hotels: +6.5%
‘NGX Invest’
The NGX is on a roll with private sector partnerships, while the stock market contributes 15% of Nigeria GDP, the NGX is not quite satisfied with the contribution, the exchange group continues to work intensively to increase the capital market donations to the country’s GDP, with the introduction of ‘NGX Invest’ initiative launched in collaboration with the Securities and Exchange Commission (SEC) and other capital market stakeholders. The innovation has facilitated over 2trillion in capital raises and supporting the banking sector recapitalization efforts. The initiative has expanded investor base, drawing in younger Nigerians, who had previously shown apathy towards the capital markets. Captivating the interest of young investors is helping to reroute domestic savings into productive capital, an essential step for a country where pension assets are growing, but retail investment remains shallow.
NGX Managing Director/CEO Temi Popoola said “Market infrastructure thrives when regulators and operators share a common vision,” while adding that “NGX Invest represents what’s possible when we combine regulatory foresight with technological innovation and institutional partnership. MD noted.
Domestic and Foreign Investors.
Analysts stated that the Nigerian stock market shows less volatility signs in an era of unpredictability, marked by tariff threats and rising global tensions, that may prompt emerging market investors to look for shelter in frontier markets that are relatively safe from US President Donald Trump’s trade policy shifts.
However, the stock market transactions soared to N2.7 trillion in the first four months of 2025, setting a new record. Reports from the NGX showed that transactions gained 43.3 percent when compared to N1.89 trillion in the first four months of 2024; driven by ‘domestic investors’ transactions dominating amid steady growth in foreign transactions.
Meanwhile, Foreign Portfolio Investments (FPIs) currently account for more than one-third of transactions in the Nigerian market, with N877.12 billion in the first four months of 2025, representing an increase of 162.6 percent from N334.01 billion in the first four months of 2024. Driven by the central bank of Nigeria (CBN) recently implemented reforms to enhancing transparency, compliance, and market stability in the foreign exchange market.
Domestic investors shown a sustained strong appetite for quoted stocks with a transaction of N1.84 trillion in the first four months of 2025 as against N1.56 trillion in the first four months of 2024, representing an increase of 17.7 percent. However, the proportion of domestic investors dropped 86.23 percent of total market turnover in the first four months of 2024 to 67.68 percent in the first four months of 2025, attributable to foreign investors closing the gap.
Market analysts noted the increasingly attractiveness of Nigerian market to foreign investors citing the economic reforms are taking shape.
InvestData Consulting Limited said “The equities market remains bullish, supported by improved risk appetite. Investors are increasingly positioning in fundamentally strong mid- and large-cap stocks.”
Top Gainers and Losers for the month of May
-Beta Glass Plc (133.0%)
Beta Glass was the top-performing stock in May 2025, posting an immeasurable return of 133.0%.
-Northern Nigeria Flour Mills Plc (85.2%)
Northern Nigeria Flour Mills the second-best performer in May with a return of 85.2%, closing at N138.90.
-Caverton Offshore Support Group (73.6%)
Caverton secured the 3rd position with 73.6% gain.
-Academy Press Plc (65.5%)
Academy Press ranked as the 4th best-performing stock in May, delivering a 65.5% return.
On the other side, Abbey Mortgage Bank led the decliners table by 32.8 per cent to close at N5.58, per share.
-Legend Internet followed with a loss of 31.8 per cent to close at N6.16;
-Nigerian Enamelware declined by 18.8 per cent to close at N20.55, per share.
