Nigerian stocks closed October with a gain of roughly N2 trillion in market capitalisation, rising from round N163.1 trillion on the finish of September to N165 trillion.
The equipped market knowledge confirmed that the All-Share Index gained 1.23% through the month, taking its year-to-date return to 63.42%.
A 2.86% rally in the ultimate buying and selling week helped reverse earlier losses, securing October’s second consecutive optimistic end and its sixth gain in 10 years.
Late rally reverses October losses
October began on a bitter observe, with the All-Share Index shedding 0.97% on the finish of the primary full buying and selling week on October 9, 2026.
The second and third weeks additionally recorded losses, suggesting the market may end the month in detrimental territory.
- The early weak spot adopted a sample of alternating month-to-month positive aspects and losses in the All-Share Index since May, earlier than October’s late restoration secured one other optimistic shut.
- Strong positive aspects in mega-cap stocks, significantly Dangote Cement, helped reverse the losses, with the cement producer gaining 27% in the ultimate week.
- The All-Share Index recovered from 244,956.94 factors on October 22 to 254,299.49 factors on October 30, including 9,342.55 factors, or 3.81%, over the interval.
- Dangote Cement rose from N1,010 to N1,420 throughout the identical interval, representing a gain of roughly 40.6% and highlighting the energy of its month-end rally.
The restoration ensured that October ended with a modest month-to-month gain regardless of the weak spot recorded throughout its first three weeks.
Dangote Cement leads month-to-month positive aspects
Dangote Cement emerged as a significant contributor to October’s rally, gaining 33.12% to shut at N1,420 per share from N1,066.70 on the finish of September.
The enhance lifted the corporate’s market capitalisation to roughly N24 trillion, supported by robust shopping for curiosity in the direction of month-end.
- The firm’s final-week gain adopted Nairametrics’ unique report that Femi Otedola was buying a big stake in the cement large, whereas its month-to-month advance positioned it among the many distinguished gainers tracked.
- MTN Nigeria gained 1.55% to N850, Fidelity Bank rose 10.85% to N24, and Guinness Nigeria superior 9.93% to N423.
- Ecobank Transnational gained 4.41% to N71, Unilever Nigeria elevated 3.91% to N109, Honeywell Flour Mill rose 25.28% to N22.55, and CAP superior 10% to N110.
- Livestock Feeds gained 64.20% to N13.30, whereas E-Tranzact International rose 33.61% to N16.30; Multi-Trex Integrated Foods doubled from N0.36 to N0.72.
Multi-Trex recorded the strongest proportion gain in the equipped month-to-month knowledge, adopted by Livestock Feeds and E-Tranzact International.
Earnings help a concentrated rally
The earnings season offered one other believable driver of shopping for curiosity, with shopper items and industrial items corporations reporting larger income. Dangote Cement reported a 41.5% enhance in nine-month pre-tax revenue to N1.47 trillion, alongside the robust advance in its share worth in the direction of month-end.
- Despite the headline index gain, the month-to-month rally was concentrated in a restricted variety of stocks, as banking, insurance coverage and shopper items indices declined.
- Of the 146 securities tracked over the month, 28 gained, 72 declined and 46 had been unchanged, exhibiting that declining stocks outnumbered advancing stocks.
- In the ultimate week, 33 equities appreciated, in contrast with 20 in the earlier week, whereas 48 declined, down from 55; one other 65 remained unchanged, in contrast with 71 beforehand.
The weekly figures confirmed an enchancment in market breadth as October drew to a detailed, though the month-to-month figures nonetheless mirrored broader worth weak spot throughout the securities tracked.
Gains in industrial stocks and chosen large-cap counters due to this fact remained central to October’s optimistic total market efficiency.
