The Nigerian Exchange wrapped up October on a positive note, adding roughly N2.01 trillion to its equity market capitalisation. Figures compiled shows that the market grew by 1.23 percent, moving from N163.10 trillion at the close of September to N165.11 trillion. This upward push was largely driven by heavyweights in the industrial sector, led prominently by Dangote Cement, alongside a handful of mid-cap equities that caught the eye of investors.
Tracking the broader pulse of the exchange, the All-Share Index ticked upward from 251,211.67 points to settle at 254,299.49 points, marking a gain of 3,087.82 points. Beneath the headline numbers, however, trading activity revealed a market of contrasting fortunes. Out of the 146 securities monitored during the month, only 28 managed to advance, while 72 lost ground and 46 remained unchanged. Sector-wise, strong rallies in industrial counters and selected large-cap stocks managed to mask notable pullbacks across the banking, insurance, and consumer goods indexes.
The real momentum behind October’s gains crystallized toward the tail end of the month. Between October 22 and October 30, the All-Share Index staged a sharp recovery, climbing nearly 3.81 percent from 244,956.94 points. Dangote Cement anchored this late-month surge, surging 33.12 percent over the full month to close at N1,420 per share, up from N1,066.70 in September. This rally pushed the cement maker’s market capitalisation to around N24 trillion, heavily aided by robust buying interest following an impressive report showing a 41.5 percent jump in its nine-month pre-tax profit to N1.47 trillion.
Market watchers also saw solid movements across other notable equities. MTN Nigeria inched up by 1.55 percent to N850, while Fidelity Bank recorded a 10.85 percent gain to close at N24. Guinness Nigeria advanced 9.93 percent to N423, Ecobank Transnational rose 4.41 percent to N71, and Unilever Nigeria added 3.91 percent to reach N109. Mid-cap and lower-priced stocks also enjoyed intense speculative interest, with Honeywell Flour Mill climbing 25.28 percent to N22.55, CAP advancing 10 percent to N110, and Livestock Feeds jumping 64.20 percent to N13.30. E-Tranzact International appreciated by 33.61 percent to N16.30, while Multi-Trex Integrated Foods doubled its value, leading the month’s percentage gainers by rising from N0.36 to N0.72.
Sector performance highlighted a clear divide among institutional investors. The Industrial Index emerged as the best performer, surging 16.85 percent to 12,199.20 points on the back of Dangote Cement’s stellar run. The Premium Index and the NGX 30 Index also managed modest gains of 5.20 percent and 1.46 percent, respectively.
Conversely, banking shares faced significant headwinds. The NGX Banking Index slumped 10.42 percent to 2,429.46 points, dragged down by sharp downward adjustments among major Tier-1 lenders—often referred to as the FUGAZ banks. First Holdco led the banking downturn with a 25.48 percent drop, followed by Zenith Bank down 11.19 percent, GTCO losing 9.09 percent, UBA dropping 7.59 percent, and Access Holdings falling 5.92 percent. The insurance sector similarly retreated, with the NGX Insurance Index shedding 5.52 percent due to losses in stocks like Cornerstone Insurance, Royal Exchange, and International Energy Insurance. Minor pullbacks were also registered in the commodity, oil and gas, and consumer goods sectors.
On the corporate actions front, Sterling Financial Holdings completed a one-for-ten share reconstruction, moving its share price from N7.70 to N76.35 while keeping its market capitalization steady at N527.5 billion upon relisting. When adjusted for this corporate adjustment, Sterling’s actual performance reflected a mild decline of about 0.84 percent for the month. For perspective, October’s overall 1.23 percent gain fell short of the roughly 8 percent expansion recorded during the same period in 2025, even though Dangote Cement performed better this time around compared to its 25.69 percent gain a year prior.
Looking ahead, market analysts from Cordros Securities Limited have advised a cautious approach as investors comb through ongoing corporate earnings releases and weigh impending dividend announcements. Meanwhile, Cowry financial experts expect a pattern of selective buying mixed with intermittent profit-taking. Because the month’s gains were heavily concentrated in a narrow band of heavyweights, market observers at Zoyols News note that attention will now turn to whether the next trading sessions will spark a broader rally across other sidelined sectors.
