Nigerian Stocks Add ₦2.01tn in October as Dangote Cement Drives Late-Month Rally

Nigeria’s stock market added ₦2.01 trillion to its market capitalisation in October 2026, as a late-month rally led by Dangote Cement helped reverse losses recorded earlier in the month.

Data from the Nigerian Exchange (NGX) showed that market capitalisation increased by 1.23 per cent, rising from ₦163.10 trillion at the end of September to ₦165.11 trillion on October 30.

The benchmark NGX All-Share Index (ASI) also advanced by 3,087.82 points, or 1.23 per cent, to close at 254,299.49 points. It had ended September at 251,211.67 points.

The October performance extended the market’s positive run to a second consecutive month. It also raised the All-Share Index’s year-to-date return to 63.42 per cent.

However, the recovery came mainly towards the end of the month. Strong gains in Dangote Cement and selected mid-cap stocks helped offset earlier weakness across several sectors.

Dangote Cement Leads October Stock Market Rally

Dangote Cement emerged as one of the strongest contributors to the market’s October performance after its share price gained 33.12 per cent.

The company’s shares rose from ₦1,066.70 at the end of September to ₦1,420 on October 30. This increase lifted its market capitalisation to approximately ₦24 trillion.

The rally became particularly strong during the final trading sessions. Between October 22 and October 30, Dangote Cement’s share price climbed from ₦1,010 to ₦1,420, representing an increase of about 40.6 per cent.

The company’s strong earnings performance also provided support for investor interest. Dangote Cement reported a 41.5 per cent increase in nine-month pre-tax profit to ₦1.47 trillion.

Its share price performance placed it among October’s leading large-cap gainers and helped lift the industrial goods segment.

Mid-Cap Stocks Also Support Market Growth

Beyond Dangote Cement, several mid-cap stocks recorded significant gains during the month.

Livestock Feeds led the percentage gainers, rising by 64.20 per cent to close at ₦13.30 from ₦8.10.

E-Tranzact International followed with a 33.61 per cent increase, moving from ₦12.20 to ₦16.30. Honeywell Flour Mill also advanced by 25.28 per cent to ₦22.55 from ₦18.

Other notable gainers included Fidelity Bank, which rose by 10.85 per cent to ₦24, and Guinness Nigeria, which gained 9.93 per cent to close at ₦423.

CAP advanced by 10 per cent to ₦110, while Ecobank Transnational gained 4.41 per cent to ₦71. Unilever Nigeria also recorded a 3.91 per cent increase, closing at ₦109.

Multi-Trex Integrated Foods doubled its share price from 36 kobo to 72 kobo, making it the month’s strongest percentage gainer among the stocks listed in the reported data.

Late Rally Reverses Earlier Market Losses

The market faced considerable pressure during the first three weeks of October.

The All-Share Index had fallen by 0.97 per cent by the end of the first full trading week on October 9. Further losses in the following weeks raised concerns about a possible negative monthly close.

However, renewed buying interest in heavyweight stocks changed the market’s direction towards the end of the month.

Between October 22 and October 30, the All-Share Index climbed from 244,956.94 points to 254,299.49 points. This represented a gain of 9,342.55 points, or 3.81 per cent, within the period.

The final trading week also recorded a 2.86 per cent increase, helping the market recover from its earlier losses.

The recovery secured October’s second consecutive positive monthly performance. It also marked the sixth time the Nigerian equities market recorded a positive October close in the past 10 years.

Banking and Insurance Stocks Record Losses

Despite the overall market gain, several sectors struggled during October.

The NGX Banking Index declined by 10.42 per cent to 2,429.46 points. Losses among major banking stocks contributed significantly to the sector’s weak performance.

First Holdco recorded the steepest decline among the major banking stocks, falling by 25.48 per cent. Zenith Bank lost 11.19 per cent, while Guaranty Trust Holding Company (GTCO) declined by 9.09 per cent.

United Bank for Africa (UBA) dropped by 7.59 per cent, while Access Holdings fell by 5.92 per cent.

The NGX Insurance Index also declined by 5.52 per cent during the month. The Consumer Goods Index lost 1.09 per cent, while the Oil and Gas and Commodity indices fell by 2.58 per cent and 2.71 per cent, respectively.

In contrast, the NGX Industrial Index gained 16.85 per cent to close at 12,199.20 points. The strong performance of Dangote Cement largely supported the sector’s advance.

The NGX Premium Index also increased by 5.20 per cent, while the NGX 30 Index gained 1.46 per cent.

Market Gains Remain Concentrated in Few Stocks

The distribution of share price movements showed that October’s positive market performance did not reflect widespread gains.

Of the 146 securities tracked during the month, only 28 appreciated. Another 72 recorded losses, while 46 remained unchanged.

This means declining stocks outnumbered advancing stocks by a significant margin, despite the ₦2.01 trillion increase in total market capitalisation.

The figures highlight the influence of heavyweight companies and selected mid-cap stocks on the market’s overall performance. Investors who held shares in several banking, insurance and consumer goods companies may not have enjoyed the same gains reflected in the benchmark index.

Sterling Financial Holdings also recorded a sharp increase in its quoted share price following a one-for-ten share reconstruction. Its price rose from ₦7.70 to ₦76.35 after relisting.

However, the adjustment did not increase the company’s market capitalisation, which remained at approximately ₦527.5 billion. Its headline share price movement therefore does not represent an equivalent investment gain.

Investors Watch for Broader Market Recovery

October’s performance showed how gains in a few influential stocks can lift the wider market even when most listed securities struggle.

Dangote Cement’s strong rally, supported by its improved nine-month earnings, played a major role in the late-month recovery. Selected mid-cap stocks also contributed to the increase in market value.

However, the decline in banking and insurance shares suggests that investors remained selective in their market positions.

Analysts cited by Nairametrics expect investors to assess corporate earnings and dividend announcements as the market moves into subsequent trading sessions. They also anticipate selective buying and intermittent profit-taking.

The key question for investors is whether the market’s late-October momentum will spread beyond a handful of leading stocks.

For now, the Nigerian Exchange has closed October with an additional ₦2.01 trillion in market value. Yet the uneven distribution of gains shows that the recovery remains concentrated rather than broad-based.

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