NGX hits fresh record as All-Share Index gains 1,200 points, market cap reaches N164.97 trillion

The Nigerian Exchange Limited closed higher on Thursday, October 29, 2026, with the All-Share Index rising 1,200.24 points to a record 254,083.02 points. Market capitalisation rose to N164.97 trillion from N164.19 trillion on Wednesday, adding N779.31 billion to investors' wealth.

The market gained 0.47% and moved above its previous capitalisation record of N164.91 trillion set on Tuesday, October 27, 2026. Dangote Cement led the heavyweight stocks, gaining 5.82% to close at N1,420 per share and lifting the industrial index by 3.41% to 12,199.47 points.

Banks drag as industrial stocks rally

The NGX Industrial Index advanced 3.41%, while the banking index declined 2.10% on losses in First Holdco and other financial stocks. First Holdco fell 10.00% from N139.50 to N125.55, losing N13.95 per share.

eTranzact rose from N16.00 to N17.60, gaining N1.60 or 10.00%. Sovereign Trust Insurance advanced from N1.98 to N2.17, adding N0.19 or 9.60%. FTG Insurance increased from N1.60 to N1.75, gaining N0.15 or 9.38%. McNichols climbed from N4.90 to N5.35, adding N0.45 or 9.18%. Zichis Agro-Allied Industries rose from N17.00 to N18.40, gaining N1.40 or 8.24%.

Losers and trading volume

Livestock Feeds dropped from N13.40 to N12.10, shedding N1.30 or 9.70%. Tantalizers declined from N3.93 to N3.60, losing N0.33 or 8.40%. C&I Leasing fell from N5.40 to N5.00, down N0.40 or 7.41%. Regency Alliance Insurance dropped from N0.68 to N0.63, losing N0.05 or 7.35%.

A total of 654.14 million shares were traded, up 61.88% from 404.08 million shares on Wednesday. The number of deals declined 8.16% to 35,789 from 38,970. First Holdco recorded 343.8 million shares traded, making it a major contributor to the day's trading volume despite its price decline.

Dangote refinery IPO draws global interest

Earlier, Dangote Petroleum Refinery closed its $1.6 billion initial public offering, attracting investment interest from 119 countries in what could become Africa's largest stock market listing. The offer closed on Tuesday, October 27, 2026, and reportedly secured between $1.5 billion and $1.6 billion in fully funded commitments from Nigerian and retail investors alone. Investors from all 54 African countries also sought allocations in the listing linked to Aliko Dangote's refinery.

The record close shows strong appetite for industrial stocks even as banking stocks weakened. For Nigerian businesses and consumers, a rising stock market can support wealth and capital raising, though the naira impact depends on wider foreign exchange flows.