Industrial Goods leads NGX with 16.85% gain as Banking drops 10.42% in October
Industrial Goods Index tops NGX sectoral performance in October with a 16.85% surge, while Banking Index plunges 10.42%—the steepest decline across five major sectors. The NGX All-Share Index edges up 1.23% to 254,299.49 points, but four of five sector indices finish in red.
Dangote Cement drives Industrial Goods rally, jumping 33.12% from ₦1,066.70 to ₦1,420. CAP Plc (+10%), Meyer Plc (+9.72%) also gain. Banking sector bleeds: First HoldCo crashes 25.48%, Zenith Bank drops 11.19%, GTCO falls 9.09%. Only Fidelity Bank (+10.85%), Ecobank (+4.41%), Wema Bank (+1.59%) buck the trend.
Insurance and Oil & Gas sectors also decline broadly. Multi-Trex Integrated Foods doubles to ₦0.72 (+100%), leading all gainers. Critical Minerals Financing Corp tops losers at -30.56%.
This reverses September's script when Oil & Gas led with 18.86% gain. For investors, the 27.27 percentage-point gap between Industrial Goods and Banking signals sharp sector rotation. Are you rebalancing toward industrial plays or hunting value in beaten-down bank stocks?