The Nigerian Exchange Limited (NGX) recorded a N2.01 trillion increase in equity market capitalisation in October 2026, as gains in Dangote Cement and selected mid-cap stocks helped lift the market despite widespread losses across several sectors.
Market capitalisation rose by 1.23 per cent to N165.11 trillion at the close of trading on October 30, compared with N163.10 trillion recorded at the end of September.
Similarly, the benchmark All-Share Index (ASI) advanced by 3,087.82 points, or 1.23 per cent, to close at 254,299.49 points, against 251,211.67 points in the preceding month.
However, the market's overall performance reflected a relatively narrow rally, as only 28 of the 146 securities tracked appreciated, while 72 declined and 46 remained unchanged.
The gains were largely concentrated in industrial stocks and selected large-cap counters, while the banking, insurance and consumer goods sectors recorded losses, indicating that the increase in market value was not supported by broad-based buying interest.
Dangote Cement, mid-cap stocks lead market rally
Dangote Cement emerged as one of the strongest contributors to the market's positive performance, appreciating by 33.12 per cent to close at N1,420 per share from N1,066.70 recorded at the end of September.
The rally lifted the cement manufacturer's market capitalisation to approximately N24 trillion, following sustained buying interest, particularly towards the end of the month.
The company's performance was also supported by its reported 41.5 per cent increase in nine-month pre-tax profit to N1.47 trillion, which strengthened investor sentiment around the stock.
Other notable gainers included Fidelity Bank, which advanced by 10.85 per cent to N24, while Guinness Nigeria rose by 9.93 per cent to N423 per share.
Honeywell Flour Mills gained 25.28 per cent to close at N22.55, while E-Tranzact International appreciated by 33.61 per cent to N16.30. Livestock Feeds also recorded a significant 64.20 per cent increase to N13.30.
Additionally, Ecobank Transnational gained 4.41 per cent to N71, Unilever Nigeria rose by 3.91 per cent to N109, and MTN Nigeria appreciated marginally by 1.55 per cent to N850.
CAP also advanced by 10 per cent to N110.
Multi-Trex Integrated Foods emerged as the market's best-performing stock in percentage terms, doubling its share price from N0.36 to N0.72, representing a 100 per cent gain. It was followed by Livestock Feeds and E-Tranzact International.
The market rally gathered momentum towards the end of October, with the ASI recovering from 244,956.94 points on October 22 to 254,299.49 points on October 30.
This represented a gain of 9,342.55 points, or 3.81 per cent, within eight trading days.
Dangote Cement was particularly instrumental in the late-month recovery, gaining approximately 40.6 per cent from N1,010 to N1,420 during the period.
Industrial stocks outperform banking sector
Sectoral performance showed a marked divergence between industrial stocks and the financial services sector.
The NGX Industrial Index emerged as the strongest-performing sectoral indicator, rising by 16.85 per cent to 12,199.20 points, largely driven by the impressive performance of Dangote Cement.
The NGX Premium Index also gained 5.20 per cent, while the NGX 30 Index advanced by 1.46 per cent, reflecting improved investor interest in selected blue-chip stocks.
In contrast, the NGX Banking Index declined by 10.42 per cent to 2,429.46 points, weighed down by losses among some of the country's largest financial institutions, particularly First Holdco, United Bank for Africa, Guaranty Trust Holding Company, Access Holdings and Zenith Bank, collectively referred to as FUGAZ banks.
First Holdco recorded the steepest decline among the group, shedding 25.48 per cent, while Zenith Bank lost 11.19 per cent.
GTCO declined by 9.09 per cent, UBA fell by 7.59 per cent, and Access Holdings dropped by 5.92 per cent.
The insurance sector also came under pressure, with the NGX Insurance Index declining by 5.52 per cent. Cornerstone Insurance, Royal Exchange and International Energy Insurance were among the notable decliners during the period.
Similarly, the NGX Commodity Index fell by 2.71 per cent, while the Oil and Gas and Consumer Goods indices declined by 2.58 per cent and 1.09 per cent respectively.
Other significant losers included Critical Minerals Financing Corporation, which shed 30.56 per cent, while Zichis Agro Allied Industries declined by 16.28 per cent, despite reporting a 179 per cent increase in nine-month pre-tax profit.
Multi-Trex leads gainers as First Holdco tops losers
A breakdown of individual stock performances showed that Multi-Trex Integrated Foods led the market's gainers, with a 100 per cent appreciation from N0.36 to N0.72.
Livestock Feeds followed with a 64.20 per cent increase from N8.10 to N13.30, while E-Tranzact International gained 33.61 per cent from N12.20 to N16.30.
Dangote Cement advanced by 33.12 per cent, while AVA Capital rose by 32.74 per cent from N5.65 to N7.50.
Honeywell Flour Mills gained 25.28 per cent, while Learn Africa appreciated by 19.61 per cent from N7.65 to N9.15.
Fidelity Bank, Guinea Insurance and CAP completed the top 10 gainers, recording increases of 10.85 per cent, 10 per cent and 10 per cent respectively.
On the losers' table, Critical Minerals Financing Corporation led with a 30.56 per cent decline, falling from N4.32 to N3.
First Holdco followed with a 25.48 per cent loss, while Cornerstone Insurance shed 18.75 per cent to close at N4.55.
Zichis Agro Allied Industries declined by 16.28 per cent, while Ellah Lakes and Red Star Express lost 15.66 per cent and 15.19 per cent respectively.
Royal Exchange fell by 14.78 per cent, Legend Internet declined by 13.70 per cent, while International Energy Insurance and Japaul Gold and Ventures recorded losses of 13.33 per cent and 12.76 per cent respectively.
Sterling Financial's share reconstruction distorts price performance
Meanwhile, Sterling Financial Holdings recorded an unusual movement in its share price during the month following a one-for-ten share reconstruction.
The company's share price moved from N7.70 to N76.35 after the reconstruction and subsequent relisting, translating into a reported increase of 891.56 per cent.
However, the adjustment did not result in a corresponding increase in the company's market value, which remained unchanged at approximately N527.5 billion upon relisting.
When adjusted for the share reconstruction, Sterling Financial's October performance represented a decline of approximately 0.84 per cent, rather than the apparent surge suggested by its quoted share price.
October performance trails previous year's rally
A comparison with the corresponding period in 2025 showed that the broader market recorded a considerably stronger performance last year.
The NGX All-Share Index appreciated by approximately eight per cent in October 2025, compared with the 1.23 per cent gain recorded in October 2026.
Dangote Cement, however, performed better this October, gaining 33.12 per cent compared with its 25.69 per cent appreciation in October 2025.
The figures suggest that although selected stocks, particularly industrial and mid-cap counters, attracted significant buying interest, the broader market rally remained relatively subdued compared with the previous year.
Analysts anticipate cautious trading
Looking ahead, market analysts expect trading activities to remain selective as investors evaluate corporate earnings, dividend declarations and other market developments.
Research analysts at Cordros Securities Limited expect cautious trading as investors assess earnings releases and dividend announcements.
Similarly, Cowry anticipates selective buying interest alongside intermittent profit-taking as investors reposition their portfolios in response to prevailing market conditions.
With only 28 stocks recording gains against 72 decliners in October, attention is expected to remain on whether the positive momentum in industrial and selected large-cap stocks will spread to other sectors.
The ability of the market to sustain its recovery beyond a handful of heavyweight counters could therefore prove decisive in determining the direction of the NGX in the coming weeks.