The Nigerian Exchange (NGX) recorded a N2.01 trillion enhance in fairness market capitalisation in October 2026, rising by 1.23% to N165.11 trillion from N163.10 trillion on the finish of September, pushed largely by Dangote Cement and chosen mid-cap stocks.
The NGX market efficiency information for the month point out that the benchmark All-Share Index (ASI) elevated to 254,299.49 factors from 251,211.67 factors, representing a achieve of roughly 1.23% or 3,087.82 factors.
Of the 146 securities tracked, 28 gained, 72 declined and 46 had been unchanged.
The rally was concentrated in a restricted variety of stocks, as banking, insurance coverage and client items indices declined regardless of features in industrial and chosen large-cap counters.
Dangote Cement leads October rally
Dangote Cement emerged as a serious contributor to October’s market rally, gaining 33.12% to shut at N1,420 per share from N1,066.70 on the finish of September.
- The value enhance lifted the corporate’s market capitalisation to roughly N24 trillion, supported by sturdy shopping for curiosity in the direction of the tip of the month.
- MTN Nigeria gained 1.55% to N850, whereas Fidelity Bank rose 10.85% to N24 and Guinness Nigeria superior 9.93% to N423.
- Ecobank Transnational elevated by 4.41% to N71, whereas Unilever Nigeria gained 3.91% to N109.
- Honeywell Flour Mill rose 25.28% to N22.55, whereas CAP superior 10% to N110.
- Livestock Feeds gained 64.20% to N13.30, whereas E-Tranzact International elevated by 33.61% to N16.30.
- The market’s strongest proportion gainer was Multi-Trex Integrated Foods, which doubled to N0.72 from N0.36, adopted by Livestock Feeds and E-Tranzact.
October’s rally was significantly pronounced in the direction of month-end, with the ASI recovering from 244,956.94 factors on October 22 to 254,299.49 factors on October 30, gaining 9,342.55 factors, or 3.81%.
Dangote Cement gained roughly 40.6% throughout the identical interval from N1,010 to N1,420, following its reported 41.5% enhance in nine-month pre-tax revenue to N1.47 trillion.
Highlight of the ten stocks behind the rally: (September 30 vs. October 30)
- Dangote Cement: +33.12%, from N1,066.70 to N1,420.00
- MTN Nigeria: +1.55%, from N837.00 to N850.00
- Fidelity Bank: +10.85%, from N21.65 to N24.00
- Guinness Nigeria: +9.93%, from N384.80 to N423.00
- Ecobank Transnational: +4.41%, from N68.00 to N71.00
- Unilever Nigeria: +3.91%, from N104.90 to N109.00
- Honeywell Flour Mill: +25.28%, from N18.00 to N22.55
- CAP: +10.00%, from N100.00 to N110.00
- Livestock Feeds: +64.20%, from N8.10 to N13.30
- E-Tranzact International: +33.61%, from N12.20 to N16.30
Industrial stocks outperform banking shares:
The NGX Industrial Index recorded the strongest sectoral efficiency in October, rising by 16.85% to 12,199.20 factors, largely supported by Dangote Cement.
The NGX Premium Index additionally gained 5.20%, whereas the NGX 30 Index rose 1.46%, reflecting stronger efficiency amongst chosen blue-chip stocks.
- The NGX Banking Index declined by 10.42% to 2,429.46 factors resulting from a pointy fall in Tier 1 banks: First Holdco, UBA, GTCO, Access and Zenith (often known as FUGAZ banks).
- First Holdco fell 25.48%, whereas Zenith Bank declined 11.19%, GTCO misplaced 9.09%, UBA dropped 7.59%, and Access Holdings fell 5.92%.
- The NGX Insurance Index declined by 5.52%, with Cornerstone Insurance, Royal Exchange, and International Energy Insurance among the many month’s largest losers.
- The NGX Commodity, Oil and Gas, and Consumer Goods indices declined by 2.71%, 2.58%, and 1.09%, respectively.
- Other main decliners included Critical Minerals Financing Corp, which misplaced 30.56%, and Zichis Agro Allied Industries, which declined by 16.28% regardless of reporting a 179% enhance in nine-month pre-tax revenue.
The broader market recorded 28 advancing stocks, 72 declining stocks, and 46 unchanged securities among the many 146 tracked. This signifies that the rise in general market capitalisation was pushed by a comparatively slim group of stocks reasonably than widespread market features.
Top 10 Best Performers by Percentage Gain:
- Multi-Trex Integrated Foods: +100.00%, from N0.36 to N0.72
- Livestock Feeds: +64.20%, from N8.10 to N13.30
- E-Tranzact International: +33.61%, from N12.20 to N16.30
- Dangote Cement: +33.12%, from N1,066.70 to N1,420.00
- AVA Capital: +32.74%, from N5.65 to N7.50
- Honeywell Flour Mill: +25.28%, from N18.00 to N22.55
- Learn Africa: +19.61%, from N7.65 to N9.15
- Fidelity Bank: +10.85%, from N21.65 to N24.00
- Guinea Insurance: +10.00%, from N0.70 to N0.77
- CAP: +10.00%, from N100.00 to N110.00
Top 10 Worst Performers by Percentage Loss:
- Critical Minerals Financing Corp: -30.56%, from N4.32 to N3.00
- First Holdco: -25.48%, from N159.90 to N119.15
- Cornerstone Insurance: -18.75%, from N5.60 to N4.55
- Zichis Agro Allied Industries: -16.28%, from N19.90 to N16.66
- Ellah Lakes: -15.66%, from N8.30 to N7.00
- Red Star Express: -15.19%, from N15.80 to N13.40
- Royal Exchange: -14.78%, from N1.15 to N0.98
- Legend Internet: -13.70%, from N3.65 to N3.15
- International Energy Insurance: -13.33%, from N2.25 to N1.95
- Japaul Gold & Ventures: -12.76%, from N2.90 to N2.53
Sterling share consolidation:
Sterling Financial Holdings moved from N7.70 to N76.35 following a one-for-ten share reconstruction with its market capitalisation unchanged at N527.5 billion upon relisting. This resulted in an 891.56% share value enhance in October.
- After adjusting for the share consolidation, Sterling’s October efficiency represents a decline of roughly 0.84%.
- In October 2025, the NGX ASI elevated by roughly 8%, in contrast with the 1.23% achieve recorded in October 2026.
- Dangote Cement gained 25.69% in October 2025, in contrast with its stronger 33.12% enhance in October 2026.
- The comparability exhibits that Dangote Cement recorded a bigger proportion achieve this October, though the broader market advance was significantly smaller than a 12 months earlier.
Research analysts at Cordros Securities Limited anticipate cautious buying and selling as traders assess earnings releases and dividend declarations, whereas Cowry anticipates selective shopping for and intermittent profit-taking.
With market features concentrated in a restricted variety of stocks, traders can be monitoring whether or not the rally broadens past industrial and chosen large-cap counters in subsequent buying and selling periods.
