Nigerian Equity Market Gains N63bn in May Opening

On the first trading day of May, the Nigerian equity market recorded a bullish start, with a market capitalization increase of N63 billion. The share index advanced by 881.16 points, representing a 0.36% gain, settling at 243,158.97 points.

The total market value of listed equities climbed to N156.057 trillion. This upward movement was primarily driven by price appreciation in several large and medium-cap stocks, including Stanbic IBTC, Chemical Allied Products, BUA Cement, UACN, and Dangote Sugar Refinery.

The market breadth closed positively, with 44 gainers outweighing 34 losers. FTN Cocoa Processors and Consolidated Hallmark Insurance led the gainers, rising by 10% and 9.99%, respectively.

Conversely, Nigerian Aviation Handling Company faced significant selling pressure, resulting in a 23% decline. Despite a 24.79% drop in total trading volume, analysts expect a continued bullish trend supported by foreign investor interest and rising oil prices, although profit-taking remains a near-term risk.