Nigerian Stock Market Gains 6.5% in May

• Nigerian Stock Market Gains 6.5% in May

The Nigerian stock market rebounded strongly in May following the listing of MTN Nigeria Communications Plc.

Prior to MTN Nigeria listing, the market dipped 6.06 percent in April and in the first part of May, it declined further by another 2.9 percent to push the All-Share Index from 29,159.74 recorded at the beginning of the month to 28,286.08. While market capitalisation dropped from N10.96 trillion to N10.627 trillion.

However, immediately MTN Nigeria was listed on the 16th of May, the stock market reversed its losses and moderated the year-to-date loss to 1.15 percent, from 7.65 percent. Representing a 6.5 percent gain.

The All-Share Index rose to 31,069.37 in May, while market capitalisation closed at N13.685 trillion. The highest monthly gain since June 2018.

Among the sectors monitored in the month, the Banking Index gained the most, gaining 3.94 percent. Insurance Index, Oil & Gas Index, Consumer Index, and Industrial Goods Index did 3.8 percent, 2.14 percent, 1.31 percent and 1.30 percent gain, respectively.