The All-Share Index finished at 99,300.38 points in May 2024, marking a little recovery for the NGX following a 6.1% loss in April. The NGX posted a 1.09% gain in May.
The market capitalization finished at N56.172 trillion at the end of the month, with equities rising N619 billion, primarily due to gains in banking stocks.
Although the market performed well in the month, the market’s breadth was a little gloomy because 45 equities registered gains over the month compared to 55 which showed losses.
Gainers for the month came from a variety of industries, including consumer products, financial services, and construction. These are the top ten NGX gainers for May.
Chemical and Allied Products Plc – 34.42%
The nation’s largest paint manufacturer, Chemical and Allied Products, saw a 34.42% increase in sales in May. The company’s share price ended the month at N34.95, up from N26.00 at the beginning.
CAP Plc reported a 228% YoY increase in its earnings after tax in Q1 2024, from N389 million to N1.27 billion. Investors are drawn in by the company’s remarkable financial performance as well as its 6.5% dividend yield, which is based on an N1.55 dividend per share.
- Tantalizers Plc – 81%
Tantalizers Plc, which gained 28.81% in May, was included among the top-performing stocks. In May, the restaurant’s stock closed at N0.50 per share.
It was revealed during the month that the business had raised N1.07 billion through a private placement. Tantalizers’ stock has increased 39% after the capital offering was announced.
- Presco Plc – 27.85%
Presco Plc’s share price completed the month at N267.2, up from N209 at the beginning of the month, registering a 27.85% increase in the NGX. With a 38.5% return so far this year, Presco is among the NGX’s best-performing companies.
With a dividend yield of almost 8.3%, the palm oil producer is among the highest-yielding companies in the NGX. The firm is expected to pay a dividend of N24.30 per share in FY 2023.
- Julius Berger Nigeria Plc – 24.91%
With its share price closing at N85, up from N68.05 at the beginning of the month, Julius Berger Nigeria Plc reported a gain of 24.91% for the month.
2024 has seen a notable increase in the construction company’s value, with its share price rising by 97.7% so far this year. The attitude of investors toward the stock is a reflection of the expected expansion in the building industry.
- Flour Mills of Nigeria Plc – 24.59%
In May, Flour Mills of Nigeria Plc (FMN) saw a 24.59% increase in share price, finishing at N38.00 from N30.50 at the beginning of the month.
The price of FMN’s shares increased by 27.9% during the first week of May, hitting N39 on May 7. The price did, however, fall in the ensuing weeks before leveling off at N38 after the week. FMN’s share price has increased by 15% so far this year.
- GTCO Holdings – 22.32%
With a 22.32% return, GTCO Holdings was among the best-performing equities in May. The group’s share price increased from N32.70 at the beginning of the month to N40.00 at the closing.
Performance at GTCO is mostly determined by its Q1 2024 results, in which the company reported a pre-tax profit of N509.3 billion. In May, the company gave its stockholders a final dividend of N94.2 billion.
- Oando Plc – 22.28%
Oando Plc’s share price increased from N9.65 at the beginning of the month to N11.80 at the end, making it one of the best-performing companies with a 22.28% gain.
Since the corporation failed its filings for two years, until April 2024, when the group filed its returns for FY 2022, shareholders have been questioning the company’s listing on the NGX. Increased trading activity has been observed in Oando’s stock since the company filed its filings on April 23.
- Jaiz Bank Plc – 16.92%
With a closing share price of N2.28, up from N1.95, Jaiz Bank Plc reported a staggering 16.92% increase in May. During the month, the non-interest bank revealed its audited financial accounts for FY 2023, showing an N11.2 billion net income.
Additionally, it disclosed its Q1 2024 financial results, showing a total income of N12.5 billion – a 91% YoY increase over the N6.5 billion reported in Q1 2023.
- Wema Bank Plc – 15.70%
Wema Bank Plc’s share price finished at N7.00 in May, up from N6.05 at the beginning of the month, marking a 15.7% gain for the company. Wema Bank issued 37.14 billion new shares during the month after receiving approval from its shareholders, resulting in a total dividend distribution of N6.4 billion.
- Conoil Plc – 15.51%
Conoil Plc’s share price closed at N105 at the end of the month, up from N90.9 at the beginning, marking a 15.5% increase for the company. The NGX Oil/Gas Index saw a rise of 2.06% in the month, which was partially driven by the oil company’s performance.
Other notable gainers
Nestle Nigeria Plc, which reached a share price of N900 and gained 13.07% throughout the month, is among the other notable performers of the month.
During the month, MTN Nigeria experienced a 13.86% increase as well, closing at N230 from N202 at the beginning of the month.
MTN Nigeria’s performance for the month, however, was insufficient to counteract the stock’s losses because it is still down 12.9% year to date.
Throughout the month, gains were reported by Coronation Insurance, May & Baker, and FCMB Group, which were 12.68%, 11.67%, and 11.11%, respectively.
