After posting a 6.1% loss in April 2024, the NGX bounced back marginally in May, posting a 1.09% gain, as the All-Share Index closed at 99,300.38 points.
During the month, equities gained N619 billion as the market capitalization closed at N56.172 trillion, with banking stocks majorly driving the gain in the market.
Despite the positive performance in the market during the month, the market breadth was slightly bearish, as 55 stocks posted losses during the month, in contrast with 45 that posted gains.
Gainers during the month cut across the different sectors, from construction to consumer goods, and financial services. Here are the top 10 gainers in the NGX during May.
10. Conoil Plc – 15.51%
Conoil Plc posted a 15.5% gain during the month, as its share price closed at N105, from N90.9 at the start of the month. The performance posted by the oil company during the month partly drove the 2.06% gain recorded by the NGX Oil/Gas Index during the month.
9. Wema Bank Plc – 15.70%
Wema Bank Plc posted a 15.7% gain in May, as its share price closed at N7.00, from N6.05 at the start of the month. During the month, Wema Bank distributed a total dividend of N6.4 billion, as it received its shareholders’ approval to issue 37.14 billion new shares.
8. Jaiz Bank Plc – 16.92%
Jaiz Bank Plc posted a massive gain of 16.92% during the month of May, as its share price closed at N2.28, from N1.95. The non-interest bank released its audited financial statements for FY 2023 during the month, where it posted a net income of N11.2 billion.
It also released its Q1 2024 numbers, where it posted a total income of N12.5 billion, marking a 91% YoY growth from the N6.5 billion posted in Q1 2023.
7. Oando Plc – 22.28%
Oando Plc ended May as one of the best performing stocks with a 22.28% gain, as its share price hit N11.80 from N9.65 at the start of the month.
The company’s listing on the NGX has been a question for shareholders, as it failed its returns for two years, until April 2024, when the group filed its returns for FY 2022. Since filing its returns on April 23, there’s been increased trading activity on Oando’s stock.
6. GTCO Holdings – 22.32%
GTCO Holdings was one of the best performing stocks in May, as it gained 22.32%. The group’s share price closed at N40.00, up from N32.70 at the start of the month.
GTCO’s performance is majorly linked to its Q1 2024 results, where it posted a pre-tax profit of N509.3 billion. The group also distributed a final dividend of N94.2 billion to its shareholders in May.
5. Flour Mills of Nigeria Plc – 24.59%
Flour Mills of Nigeria Plc (FMN) recorded a share price gain of 24.59% in May, closing at N38.00 from N30.50 at the start of the month.
In the first week of May, FMN’s share price appreciated by 27.9%, reaching N39 on May 7. However, the price declined in the following weeks, steadying at N38 towards the end of the week. This year, FMN’s share has achieved a year-to-date gain of 15%.
4. Julius Berger Nigeria Plc – 24.91%
Julius Berger Nigeria Plc posted a gain of 24.91% during the month, as its share price closed at N85, from N68.05 at the start of the month.
The construction company’s stock has experienced significant growth in 2024, with its share appreciating by 97.7% year-to-date. Investor sentiment towards the stock reflects the anticipated growth within the construction sector of the economy.
3. Presco Plc – 27.85%
Presco Plc recorded a 27.85% gain in the NGX, as its share price closed the month at N267.2, from N209 at the start of the month. This year, Presco is one of the best performing stocks in the NGX, with a year-to-date gain of 38.5%.
The palm oil producer is one of the best yielding stocks in the NGX, with a dividend yield of about 8.3%, as the company is set to pay a dividend of N24.30 per share for FY 2023.
2. Tantalizers Plc – 28.81%
Tantalizers Plc made the list of the best performing stocks in May, appreciating by 28.81% during the month. The restaurant’s stock closed in May with a share price of N0.50, from N0.39.
During the month, it was announced that the company had secured N1.07 billion in capital through a private placement. Since the announcement of the capital raising, Tantalizers’ shares appreciated by 39%.
1. Chemical and Allied Products Plc – 34.42%
Chemical and Allied Products, the biggest paint producer in the country produced a 34.42% gain in May. The company closed the month with a share price of N34.95, from N26.00 at the start of the month.
In Q1 2024, CAP Plc posted a 228% YoY growth in its profit after tax to N1.27 billion, from N389 million as of Q1 2023. The company’s impressive financial performance combined with a dividend yield of 6.5% based on a dividend of N1.55 per share are enticing figures for investors.
Other prominent gainers
Other impressive performers during the month include Nestle Nigeria Plc, which gained 13.07% during the month, as it hit a share price of N900.
MTN Nigeria also gained 13.86% during the month, to close at N230 from N202 at the start of the month.
However, the performance posted by MTN Nigeria during the month was not sufficient to offset the setbacks encountered by the stock, as it still has a 12.9% year-to-date decline.
FCMB Group, May & Baker, and Coronation Insurance posted gains of 12.68%, 11.67%, and 11.11% respectively during the month.
