The Nigerian capital market ended the week on a resilient note despite a sharp 38 per cent decline in turnover caused by the two-day Eid al-Adha public holidays. Although trading activity across major asset classes was significantly weakened by the break, the All-Share Index still posted a modest gain as investors conducted system checks ahead of the transition to the T+1 settlement cycle, JIDE AJIA reports
The Nigerian Exchange experienced a sharp contraction in trading activity for the week ended 29 May 2026. This retraction was primarily driven by a compressed trading timeline, as the Federal Government declared Wednesday, 27 May, and Thursday, 28 May, as public holidays to commemorate the Eid al-Adha celebrations.
Despite the lost momentum in total volume, underlying market sentiment remained quietly resilient. The benchmark All-Share Index managed a minor gain, while the markt prepared for a major regulatory milestone.
Volume, value realitie
The footprint of the two-day pause was starkly visible in the week’s trading statistics. Investors exchanged a total turnover of 2.398 billion shares worth N111.480bn in 241,313 deals. This represents a significant 38.12 per cent drop in volume and a 31.08 per cent decline in financial value compared to the preceding week, which had seen 3.875 billion shares valued at N161.757bn change hands across 334,745 deals.
Even with the shortened week and lower participation, buying interest in select heavyweights managed to push the NGX All-Share Index up by 0.27 per cent, closing the week at 250,385.47 points. Concurrently, aggregate market capitalisation closed at a robust N160.509tn.
Sector performance
As is typical on the local bourse, liquidity is concentrated heavily inside institutional banking and financial tickers. The Financial Services Industry anchored the week’s activity chart, clearing 1.656 billion shares valued at N48.229bn across 94,812 deals. This sector single-handedly accounted for 69.07 per cent of the total equity turnover volume and 43.26 per cent of the overall value.
The Services Industry secured a distant second place, recording a turnover of 265.448 million shares worth N4.530bn. The Information and Communications Technology Industry took third place, tracking 101.848 million shares worth N9.163bn.
On an individual stock level, the trio of Fidelity Bank Plc, Access Holdings Plc, and The Initiates Plc dominated order books. Together, they accounted for 903.681 million shares worth N19.227bn, commanding 37.69 per cent of the week’s total traded volume.
Shifting equities
Market breadth leaned negative for the week, signalling selective profit-taking as investors repositioned their portfolios. Overall, 34 equities closed higher, 51 ended lower, and 61 maintained their previous valuations.
International Energy Insurance Plc led the appreciation chart with a stellar 32.55 per cent surge, closing at N4.52 per share. It was followed closely by Sovereign Trust Insurance Plc, which climbed 20.61 per cent to finish at N2.75, and Tantalizers Plc, jumping 18.40 per cent to close at N4.89.
Conversely, Dangote Sugar Refinery Plc took a heavy hit, plunging 18.22 per cent to top the losers’ table at N71.15 per share. The Initiates Plc also pulled back after its high-volume sessions, shedding 15.98 per cent to close at N28.40.
Beyond secondary trading, the final week of May featured highly consequential updates for corporate funding and the fixed-income ecosystem, including Dangote Sugar’s Rights Issue. The exchange officially activated the trading code (RR26DANGSU) for Dangote Sugar Refinery Plc’s massive capital raise.
The company is offering over 8.09 billion ordinary shares at N60.00 per share based on two new ordinary shares for every three held. The trading window for these rights will remain open until 24 June 2026.
The debt market received an additional liquidity layer as the NGX listed supplementary units of existing Federal Government of Nigeria Bonds issued earlier in May. This expanded the outstanding units for both the 16.2499 per cent FGN APR 2037 and the 22.60 per cent FGN JAN 2035 tranches, providing institutional investors with deepened fixed-income depth.
The share prices of ABC Transport Plc, AIICO Insurance Plc, and Haldane McCall Plc were officially adjusted by the exchange following their respective ex-dividend dates, reflecting their cash distribution payouts to shareholders.
Migration to T+1
While the shortened week felt subdued on the surface, Friday, 29 May, marked a historic bookend for the Nigerian capital market. It was the final session operating under the legacy T+2 post-trade settlement timeline.
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