Nigeria’s equities market experienced a remarkable upswing in May 2025, delivering its strongest performance of the year so far. Driven by sustained investor optimism, rising corporate earnings, and a surge in trading activity, the market soared to new heights—breaking historic records and boosting stock values across the board.

According to the All-Share Index (ASI), which tracks the general performance of listed equities, the market closed the month at an unprecedented 111,742.01 points, having breached the 110,000-point milestone for the first time ever. This closing figure represents a 5.62% monthly gain, up from 105,920.18 points recorded at the beginning of May.

The impressive rally was supported by a 55.72% increase in trading volume, as monthly turnover jumped from 8.2 billion shares in April to 12.6 billion shares in May, highlighting a broader participation and stronger investor appetite for risk.

While large- and mid-cap companies drove most of the momentum due to their heavier weightings on the index, several individual stocks posted extraordinary gains. These gains were largely attributed to a mix of positive Q1 earnings, sector-wide rallies, and renewed investor confidence.

Below is a detailed look at the top 10 performing stocks in May 2025:

10. ABC Transport Plc – 43.2% Gain

ABC Transport Plc secured the 10th position with a 43.2% return in May.

• Opening price: N2.06

• Closing price: N2.95

• Volume traded: 28.5 million shares

The company’s strong rebound was likely driven by its first-quarter 2025 financials, which reported a N352 million profit, a significant turnaround from the N20 million loss posted in Q1 2024. Breaking the N2.50 threshold marked a pivotal psychological barrier, encouraging further bullish sentiment.

9. Nestlé Nigeria Plc – 44.6% Gain

Nestlé Nigeria saw its stock rise by 44.6%, driven by improved fundamentals and sector sentiment.

• Opening price: N1,100

• Closing price: Above N1,500

• Volume traded: 2.4 million shares

The stock’s upward surge occurred primarily during the week of May 18th. Its Q1 2025 report revealed a pre-tax profit of N51.15 billion, a stunning reversal from the N196.08 billion loss it posted during the same period in 2024.

8. Champion Breweries Plc – 44.7% Gain

Champion Breweries followed closely with a 44.7% gain, benefitting from a strong sector-wide rally and a notable earnings turnaround.

• Opening price: N4.70

• Closing price: N6.80

• Volume traded: 80.1 million shares

The brewery’s Q1 2025 results showed a pre-tax profit of N1.7 billion, a stark contrast to the N798 million loss recorded in Q1 2024—a 317.93% YoY increase.

7. University Press Limited – 57.8% Gain

University Press Limited delivered a strong 57.8% return, gaining traction from its financial turnaround.

• Opening price: N3.74

• Closing price: N5.90

• Volume traded: 25.4 million shares

The publishing firm’s Q4 2025 earnings revealed a pre-tax profit of N639.5 million, reversing the N222.1 million loss from the same period last year.

6. Honeywell Flour Mills Plc – 61.5% Gain

Honeywell Flour Mills continued its upward trajectory with a 61.5% monthly gain.

• Opening price: N13.00

• Closing price: N21.00

• Volume traded: 122.3 million shares

The company reported a pre-tax profit of N21.39 billion, reflecting a 348.80% YoY increase. Weekly gains remained consistent, with each week in May ending in the green.

5. Red Star Express Plc – 64.8% Gain

Red Star Express recorded a 64.8% rise, climbing sharply in the final week of the month.

• Opening price: N5.05

• Closing price: N8.32

• Volume traded: 4.4 million shares

The stock rebounded from a brief retracement below N6.00 to close with five straight weeks of gains, breaking resistance at N7.00.

4. Academy Press Plc – 65.5% Gain

Academy Press ranked 4th with a 65.5% increase, benefitting from impressive Q3 results.

• Opening price: N2.87

• Closing price: N4.75

• Volume traded: 31 million shares

The company reported a pre-tax profit of N1.2 billion for Q3 2025, a 429.97% increase YoY, which prompted significant buying interest.

3. Caverton Offshore Support Group – 73.6% Gain

Caverton claimed the 3rd spot after a 73.6% rise, riding strong earnings momentum.

• Opening price: N2.66

• Closing price: N4.20

• Volume traded: 129.46 million shares

Its Q1 2025 report showed a profit of N1.6 billion, bouncing back from a N1.8 billion loss in Q1 2024, fueling investor enthusiasm and volume.

2. Northern Nigeria Flour Mills Plc – 85.2% Gain

Northern Nigeria Flour Mills outperformed nearly all peers, posting an 85.2% return.

• Opening price: N75.00

• Closing price: N138.90

• Volume traded: 12.3 million shares

The bulk of its price appreciation occurred during the second week of May, as investor sentiment improved across the consumer goods segment.

1. Beta Glass Plc – 133.0% Gain

Beta Glass emerged as the undisputed top performer in May, with a massive 133.0% monthly gain.

• Opening price: N99.85

• Closing price: N232.65

Even after a modest 10% dip during the final week, the stock maintained triple-digit returns. Q1 2025 financials revealed a pre-tax profit of N15.2 billion, marking a 638.6% increase, with revenues climbing 69.34% to N41.1 billion, boosted by strong demand for packaging materials.

Investor Outlook: Confidence Soars as Fundamentals Improve

The Nigerian equities market’s stellar performance in May underscores renewed investor confidence driven by a blend of positive macroeconomic trends, corporate earnings growth, and sector-wide optimism—particularly in consumer goods, manufacturing, and logistics.

The record-setting performance of the ASI and the surge in trading volumes reflect the market’s resilience despite broader economic challenges. With corporate earnings continuing to recover and local institutional interest increasing, analysts expect continued momentum heading into the second half of 2025.

However, experts also advise caution, citing potential corrections in overbought stocks and the importance of selective investing based on fundamentals, not just momentum.

As the Nigerian market sets a new performance benchmark, stakeholders across the financial ecosystem—investors, fund managers, and regulators alike—will be watching closely to see whether this upward trend evolves into a sustained bull run or faces the natural headwinds of profit-taking and macroeconomic shifts