Despite global uncertainties driven by ongoing trade wars, investors in the Nigerian stock market saw significant gains in May 2025, earning approximately ₦3.966 trillion from their investments on the Nigerian Exchange Limited (NGX).
Specifically, the market capitalisation of the NGX—which reflects the total value of listed stocks—rose to ₦70.662 trillion by the end of May, up from ₦66.496 trillion recorded in April 2025.
Another key market indicator, the NGX All-Share Index (ASI), also posted a notable gain, rising by 5.6% to close at 111,742.01 basis points in May 2025, up from 105,800.62 points in April.
Market analysts attributed the bullish performance to improved investor confidence and resilient market sentiment, though they urged caution in subsequent trading sessions.
Weekly analysis showed a continued upward trend, as the NGX ASI increased by 2.5% week-on-week, while market capitalisation rose by ₦1.7 trillion. As a result, the Year-to-Date (YtD) return climbed to 8.6%.
Investor sentiment was further boosted by Airtel Africa Plc’s ongoing $10 million share buy-back programme, which helped drive market momentum.
Additional support came from price gains in key equities such as BUA Foods (+5.3%), MTN Nigeria (+3.7%), and Transcorp Hotels (+6.5%).
Market activity was mixed, as trading volume declined by 3.5% W/W while trading value rose by 59.6% W/W. In line with the market’s bullish tone, sectoral performance was largely positive, with gains across the Consumer Goods Index 3.8%, Insurance Index 1.0%, Banking Index 0.7% , and Industrial Goods Index 0.3%, while the Oil & Gas Index declined by -2.1%.
Reacting to market outlook, analysts at Cordros Research stated: In the week ahead, despite this week’s positive momentum, we expect sentiment to turn cautiously optimistic amid ongoing global uncertainties especially around trade tensions with market direction hinging on macroeconomic updates and corporate developments”.
Analysts at InvestData Consulting Limited also commented, saying: “Nigeria’s equities market continues to reflect bullish investor sentiment, supported by an improving risk appetite, even as global oil markets remain sensitive to evolving supply-side risks and policy signals.
The uptrend experienced in the market was underpinned by broad-based accumulation across fundamentally sound large-cap and mid-cap counters, reflecting improved investor confidence and resilient market sentiment”.
