Industrial Goods gains 16.85% in October as Banking Index falls 10.42%

The Industrial Goods Index led the Nigerian Exchange in October 2026 with a 16.85% gain, while the Banking Index recorded the steepest decline at 10.42%. The All-Share Index and NGX 30 also closed higher, up 1.23% and 1.46% respectively.

Between September 30 and October 30, 2026, four of the five major sector indices lost ground. Industrial Goods was the only positive sector. Industrial Goods rose from 10,440.27 to 12,199.20 points. Consumer Goods fell 1.09% from 4,058.25 to 4,014.03 points. Oil and Gas dropped 2.58% from 6,246.86 to 6,085.42 points. Insurance lost 5.52% from 1,087.10 to 1,027.06 points. Banking fell 10.42% from 2,712.10 to 2,429.46 points. The gap between Industrial Goods and Banking was 27.27 percentage points. The ASI rose from 251,211.67 to 254,299.49 points. The NGX 30 advanced from 9,241.53 to 9,376.41 points.

Dangote Cement leads industrial stocks

Dangote Cement Plc gained 33.12% from N1,066.70 to N1,420. CAP Plc rose 10%, Meyer Plc added 9.72%, and Austin Laz & Company Plc gained 6.82%. Cutix Plc fell 2.17%, HBM Nigeria Plc lost 1.41%, and BUA Cement Plc slipped 1.21%. Berger Paints Plc and Premier Paints Plc closed unchanged. Four of the nine companies gained, three declined, and two were unchanged.

First HoldCo leads banking losses

First HoldCo Plc fell 25.48%. Zenith Bank Plc lost 11.19%, GTCO declined 9.09%, United Bank for Africa Plc shed 7.59%, and Access Holdings Plc dropped 5.92%. NPF Microfinance Bank Plc fell 4.55%, Jaiz Bank Plc lost 3.09%, and FCMB Group Plc declined 2.18%. Fidelity Bank Plc gained 10.85%, Ecobank Transnational Incorporated rose 4.41%, and Wema Bank Plc added 1.59%.

Insurance stocks also fell. Cornerstone Insurance Plc lost 18.75%, International Energy Insurance Plc declined 13.33%, Veritas Kapital Assurance Plc fell 9.91%, and Consolidated Hallmark Holdings Plc shed 8.71%. AIICO Insurance Plc and NEM Insurance Plc dropped 6.58% and 4.18% respectively. Guinea Insurance Plc gained 10%, Sovereign Trust Insurance Plc rose 6.82%, and Lasaco Assurance Plc added 1.69%. Of 18 insurance companies reviewed, 13 declined, three gained, and two closed unchanged.

Oil and Gas stocks ended lower, with none of the seven companies reviewed posting a gain. Japaul Gold & Ventures Plc fell 12.76%, Oando Plc lost 10%, Aradel Holdings Plc declined 5.89%, and Eterna Plc shed 2.84%. Seplat Energy Plc, TotalEnergies Nigeria Plc, and Conoil Plc closed unchanged.

Consumer goods mixed as Multi-Trex doubles

Multi-Trex Integrated Foods Plc doubled from N0.36 to N0.72. Honeywell Flour Mill Plc gained 25.28%, Guinness Nigeria Plc rose 9.93%, McNichols Plc added 5.94%, and Unilever Nigeria Plc rose 3.91%. Vitafoam Nigeria Plc fell 10%, Nigerian Enamelware Plc lost 9.95%, Champion Breweries Plc declined 9.09%, Nigerian Breweries Plc shed 5.26%, and Nestlé Nigeria Plc dropped 5.17%. Among 19 companies reviewed, nine declined, five gained, and five were unchanged.

Multi-Trex Integrated Foods Plc was the best-performing stock reviewed. Critical Minerals Financing Corp Plc recorded the steepest decline. The 10 best-performing stocks were: Multi-Trex Integrated Foods Plc 100.00%; Livestock Feeds Plc 64.20%; E-Tranzact International Plc 33.61%; Dangote Cement Plc 33.12%; Ava Capital Plc 32.74%; Honeywell Flour Mill Plc 25.28%; Learn Africa Plc 19.61%; Fidelity Bank Plc 10.85%; CAP Plc 10.00%; Guinea Insurance Plc 10.00%. Sterling Financial Holdings Plc was excluded because its September and October prices were affected by share reconstruction and relisting.

The 10 worst-performing stocks were: Critical Minerals Financing Corp Plc 30.56% decline; First HoldCo Plc 25.48% decline; Cornerstone Insurance Plc 18.75% decline; Zichis Agro Allied Industries Plc 16.28% decline; Ellah Lakes Plc 15.66% decline; Red Star Express Plc 15.19% decline; Royal Exchange Plc 14.78% decline; Legend Internet Plc 13.70% decline; International Energy Insurance Plc 13.33% decline; Japaul Gold & Ventures Plc 12.76% decline.

September reversal and Sterling reconstruction

In September 2026, the Oil and Gas Index led sector performance with an 18.86% gain. Banking and Industrial Goods rose 3.36% and 1.25% respectively. October reversed that trend, with Industrial Goods leading at 16.85% and Banking falling the most. Sterling Financial Holdings Plc completed a 1-for-10 share reconstruction, cutting outstanding shares from 68.5 billion to 6.85 billion. It relisted on the NGX on October 9 at N77 and closed at N76.35 on October 30, down 0.84%. Excluding Sterling, nine of the 14 banking stocks declined, three gained, and one was unchanged.