The Nigerian equities market added N2.01 trillion in October 2026, with Dangote Cement and selected mid-cap stocks driving the rally, despite losses across the banking, insurance and consumer goods sectors.
Market capitalisation on the Nigerian Exchange Limited (NGX) rose by 1.23 per cent to N165.11 trillion at the end of October, compared with N163.10 trillion recorded at the close of September.
Similarly, the NGX All-Share Index advanced by 3,087.82 points, or 1.23 per cent, to 254,299.49 points from 251,211.67 points.
However, the gains were not widespread. Of the 146 securities tracked during the month, 28 advanced, 72 declined and 46 closed unchanged, indicating that a relatively small group of stocks accounted for much of the market’s appreciation.
Dangote Cement drives market gains
Dangote Cement was among the biggest contributors to the October rally, appreciating by 33.12 per cent to close at N1,420 per share from N1,066.70 recorded at the end of September.
The price increase pushed the company’s market capitalisation to approximately N24 trillion, supported by increased buying interest towards the end of the month.
The company’s performance also followed a reported 41.5 per cent rise in nine-month pre-tax profit to N1.47 trillion.
Other notable gainers included Livestock Feeds, which rose by 64.20 per cent to N13.30, and E-Tranzact International, which gained 33.61 per cent to N16.30.
Honeywell Flour Mills advanced by 25.28 per cent to N22.55, while Fidelity Bank gained 10.85 per cent to N24. Guinness Nigeria rose by 9.93 per cent to N423, and CAP appreciated by 10 per cent to N110.
Other stocks that recorded gains were MTN Nigeria, up 1.55 per cent to N850; Ecobank Transnational, which gained 4.41 per cent to N71; and Unilever Nigeria, up 3.91 per cent to N109.
Multi-Trex Integrated Foods emerged as the market’s biggest percentage gainer, doubling in price from 36 kobo to 72 kobo.
The market’s recovery gathered pace towards the end of the month. The All-Share Index climbed from 244,956.94 points on October 22 to 254,299.49 points on October 30, representing a gain of 9,342.55 points, or 3.81 per cent.
Dangote Cement advanced by approximately 40.6 per cent over the same period, rising from N1,010 to N1,420.
Industrial stocks outperform banking sector
The NGX Industrial Index led sectoral performance, rising by 16.85 per cent to 12,199.20 points, largely on the back of Dangote Cement’s strong showing.
The NGX Premium Index also gained 5.20 per cent, while the NGX 30 Index advanced by 1.46 per cent.
In contrast, the banking sector came under considerable pressure, with the NGX Banking Index declining by 10.42 per cent to 2,429.46 points.
The decline was driven partly by losses among major lenders. First Holdco fell by 25.48 per cent, Zenith Bank declined by 11.19 per cent, GTCO shed 9.09 per cent, UBA lost 7.59 per cent, while Access Holdings dropped by 5.92 per cent.
The NGX Insurance Index also declined by 5.52 per cent, with Cornerstone Insurance, Royal Exchange and International Energy Insurance among the notable losers.
Other sectoral indices ended the month lower, as the NGX Commodity Index fell by 2.71 per cent, the Oil and Gas Index declined by 2.58 per cent, and the Consumer Goods Index shed 1.09 per cent.
Among other significant decliners, Critical Minerals Financing Corporation lost 30.56 per cent, while Zichis Agro Allied Industries fell by 16.28 per cent, despite reporting a 179 per cent increase in nine-month pre-tax profit.
Top gainers and losers
Beyond the major market movers, the October performance table showed Multi-Trex Integrated Foods leading the gainers with a 100 per cent appreciation, followed by Livestock Feeds at 64.20 per cent and E-Tranzact International at 33.61 per cent.
Dangote Cement gained 33.12 per cent, AVA Capital rose 32.74 per cent, while Honeywell Flour Mills advanced by 25.28 per cent.
Learn Africa gained 19.61 per cent, Fidelity Bank rose 10.85 per cent, and Guinea Insurance and CAP each appreciated by 10 per cent.
On the losing side, Critical Minerals Financing Corporation led with a 30.56 per cent decline, followed by First Holdco, which shed 25.48 per cent.
Cornerstone Insurance fell by 18.75 per cent, Zichis Agro Allied Industries lost 16.28 per cent, while Ellah Lakes and Red Star Express declined by 15.66 per cent and 15.19 per cent, respectively.
Royal Exchange shed 14.78 per cent, Legend Internet fell by 13.70 per cent, International Energy Insurance declined by 13.33 per cent, and Japaul Gold & Ventures lost 12.76 per cent.
Sterling Financial Holdings’ share reconstruction
Sterling Financial Holdings recorded an apparent 891.56 per cent share price increase during October, moving from N7.70 to N76.35 following a one-for-ten share reconstruction.
However, the adjustment did not represent a corresponding increase in the company’s market value. Its market capitalisation remained unchanged at N527.5 billion upon relisting.
After accounting for the share reconstruction, Sterling’s adjusted October performance represented a decline of approximately 0.84 per cent.
October performance trails 2025 rally
The broader market’s 1.23 per cent advance in October 2026 was considerably weaker than the approximately eight per cent gain recorded in the corresponding month of 2025.
Dangote Cement, however, performed more strongly this October, appreciating by 33.12 per cent compared with a 25.69 per cent gain in October 2025.
The contrasting performances highlight the difference between the strength of individual stocks and the broader market trend. While selected industrial and mid-cap stocks generated significant returns, losses across major banking and insurance counters limited the overall market advance.
