NGX gains ₦2 trillion in October but rally driven by just 28 stocks—Dangote Cement leads
The Nigerian Exchange added ₦2.01 trillion in market capitalisation in October 2026, pushing total equity value to ₦165.11 trillion—a 1.23% gain. The All-Share Index closed at 254,299.49 points, up 3,087.82 points from September. But the rally was narrow: only 28 of 146 tracked stocks advanced, while 72 declined and 46 were flat.
Dangote Cement dominated, surging 33.12% to ₦1,420 and lifting its market cap to roughly ₦24 trillion after reporting a 41.5% jump in nine-month pre-tax profit to ₦1.47 trillion. Other notable gainers: Livestock Feeds (+64.2% to ₦13.30), E-Tranzact (+33.6% to ₦16.30), Honeywell Flour Mill (+25.3% to ₦22.55), and Fidelity Bank (+10.9% to ₦24). MTN Nigeria edged up 1.6% to ₦850.
The concerning story is sectoral divergence. The Industrial Index jumped 16.9% on Dangote's back, but the Banking Index plunged 10.4% as all FUGAZ banks fell—First Holdco dropped 25.5%, Zenith lost 11.2%, GTCO shed 9.1%. Insurance, Consumer Goods, and Oil & Gas indices also declined. This mirrors October 2025 when the ASI rose 8% on broader participation; this year's 1.23% gain relies heavily on one stock.
Sterling Financial Holdings' 1-for-10 share consolidation inflated its price 891% to ₦76.35, but adjusted for the reconstruction, the stock actually dipped 0.8%.
Analysts at Cordros and Cowry expect cautious, selective trading ahead as investors digest earnings and dividend declarations. Profit-taking in industrial names and potential rotation into oversold banking stocks could shape November.
If your portfolio is concentrated in industrial heavyweights, do you take profits now or bet on the rally broadening? If you're holding battered Tier 1 banks, is this a value entry point or a value trap?