Transcorp Power Leads NGX Gainers as Market Cap Rises N308bn

The Nigerian stock market closed higher on Wednesday, November 4, 2026, as the NGX All-Share Index gained 0.19% to 254,762.81 points. Market capitalisation rose from N165.107 trillion to N165.415 trillion, a gain of N308 billion.

Banks and Transcorp Power support market

Buying interest in banking stocks and Transcorp Power supported the positive close, despite losses in the insurance, consumer goods and oil and gas sectors. The index rose from 254,289.35 points to 254,762.81 points. The market's year-to-date return increased to 63.72%, while month-to-date return improved to 0.2%.

Top gainers and losers

Transcorp Power rose from N184.60 to N203.00, gaining N18.40 or 9.97%. Caverton Offshore Support advanced from N3.05 to N3.35, adding N0.30 or 9.84%. E-Tranzact International increased from N15.50 to N17.00, gaining N1.50 or 9.68%. Haldane McCall climbed from N3.26 to N3.50, up N0.24 or 7.36%. International Energy Insurance rose from N1.65 to N1.77, gaining N0.12 or 7.27%.

On the losing side, Eterna fell from N42.75 to N38.50, losing N4.25 or 9.94%. Sovereign Trust Insurance dropped from N2.12 to N1.91, shedding N0.21 or 9.91%. Learn Africa declined from N9.15 to N8.25, losing N0.90 or 9.84%. Cornerstone Insurance decreased from N4.30 to N3.90, shedding N0.40 or 9.30%. Mutual Benefits Assurance fell from N2.92 to N2.72, down N0.20 or 6.85%.

Trading activity and bank stocks

A total of 552.31 million shares worth N37.46 billion were exchanged in 32,874 deals. Zichis led trading by volume with 127.48 million shares. First HoldCo recorded the highest transaction value at N12.67 billion. GTCO gained 5.13% to close at N123.00. Zenith Bank advanced by 2.65% to N120.00. UBA rose by 2.68% to N42.10.

OPay shelves NYSE IPO

Separately, OPay has suspended its planned initial public offering on the New York Stock Exchange following a regulatory inquiry in a foreign jurisdiction. In a statement issued on October 31, 2026, the company said it made the decision after discussions with the underwriters and described the move as the most prudent course of action under the circumstances. The decision follows the mutual termination of the underwriting agreement signed on October 29, 2026.

For the naira and Nigerian investors, the positive close keeps the equities market in focus as banking stocks and power stocks attract buying interest. The market's year-to-date return of 63.72% shows strong investor appetite so far in 2026, even as some insurance and consumer names remain under pressure.