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Nigerian Exchange Rebounds in May, Led by Chemical and Allied Products, Tantalizers, and Presc

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After a 6.1% loss in April 2024, the NGX rebounded in May, posting a 1.09% gain as the All-Share Index closed at 99,300.38 points. Equities gained N619 billion, with the market capitalization closing at N56.172 trillion, primarily driven by banking stocks.

Despite the positive performance, the market breadth was slightly bearish, with 55 stocks posting losses versus 45 gainers. Here are the top 15 gainers across various sectors:

  1. Chemical and Allied Products Plc (34.42%): Nigeria’s largest paint producer closed at N34.95, up from N26.00. Its Q1 2024 profit soared 228% YoY to N1.27 billion, with a tempting 6.5% dividend yield.
  2. Tantalizers Plc (28.81%): The restaurant chain’s stock rose to N0.50 from N0.39 after securing N1.07 billion through a private placement.
  3. Presco Plc (27.85%): This palm oil producer gained to N267.2 from N209, boasting a year-to-date gain of 38.5% and an attractive 8.3% dividend yield.
  4. Julius Berger Nigeria Plc (24.91%): The construction giant’s stock hit N85 from N68.05, reflecting anticipated sector growth with a 97.7% year-to-date appreciation.
  5. Flour Mills of Nigeria Plc (24.59%): FMN closed at N38.00 from N30.50, peaking at N39 early May, with a 15% year-to-date gain.
  6. GTCO Holdings (22.32%): The bank’s stock rose to N40.00 from N32.70, driven by a Q1 2024 pre-tax profit of N509.3 billion and a N94.2 billion dividend payout.
  7. Oando Plc (22.28%): After a two-year reporting hiatus, Oando’s stock surged to N11.80 from N9.65 following its April 2024 filing of FY 2022 returns.
  8. Jaiz Bank Plc (16.92%): The non-interest bank’s shares hit N2.28 from N1.95, buoyed by its FY 2023 net income of N11.2 billion and 91% YoY Q1 2024 income growth.
  9. Wema Bank Plc (15.70%): The bank’s stock rose to N7.00 from N6.05 after distributing N6.4 billion in dividends and securing approval for a 37.14 billion share issuance.
  10. Conoil Plc (15.51%): The oil company’s shares reached N105 from N90.9, contributing to the NGX Oil/Gas Index’s 2.06% monthly gain.
  11. MTN Nigeria (13.86%): Despite a 12.9% year-to-date decline, the telecom giant’s stock climbed to N230 from N202.
  12. Nestle Nigeria Plc (13.07%): The consumer goods behemoth’s shares rose to N900, reflecting strong investor confidence.
  13. FCMB Group (12.68%): The financial services group showed robust growth, outperforming many in its sector.
  14. May & Baker (11.67%): The pharmaceutical company’s stock appreciation suggests growing investor interest in healthcare.
  15. Coronation Insurance (11.11%): This gain indicates a positive outlook for the insurance sector.
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Vincent Douglas