Nigerian stocks add N2 trillion in October as market cap hits N165 trillion

Nigerian stocks closed October with a gain of about N2 trillion in market capitalisation, rising from N163.1 trillion at the end of September to N165 trillion. The All-Share Index gained 1.23% in the month, taking its year-to-date return to 63.42%. A 2.86% rally in the final trading week reversed earlier losses, securing October's second consecutive positive finish and its sixth gain in 10 years.

Late rally saves October

October started on a sour note. The All-Share Index shed 0.97% at the end of the first full trading week on October 9, 2026. The second and third weeks also recorded losses, suggesting the market could finish negative. The early weakness followed a pattern of alternating monthly gains and losses in the index since May. Strong gains in mega-cap stocks, particularly Dangote Cement, helped reverse the losses, with the cement producer gaining 27% in the final week. The All-Share Index recovered from 244,956.94 points on October 22 to 254,299.49 points on October 30, adding 9,342.55 points, or 3.81%. Dangote Cement rose from N1,010 to N1,420 in the same period, a gain of about 40.6%.

Dangote Cement leads monthly gains

Dangote Cement gained 33.12% to close at N1,420 per share from N1,066.70 at the end of September. The increase lifted its market capitalisation to about N24 trillion, supported by strong buying interest towards month-end. The final-week gain followed Nairametrics' exclusive report that Femi Otedola was acquiring a significant stake in the cement giant. MTN Nigeria gained 1.55% to N850. Fidelity Bank rose 10.85% to N24. Guinness Nigeria advanced 9.93% to N423. Ecobank Transnational gained 4.41% to N71. Unilever Nigeria increased 3.91% to N109. Honeywell Flour Mill rose 25.28% to N22.55. CAP advanced 10% to N110. Livestock Feeds gained 64.20% to N13.30. 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 percentage gain in the monthly data, followed by Livestock Feeds and E-Tranzact International.

Earnings support a concentrated rally

The earnings season provided another driver of buying interest, with consumer goods and industrial goods companies reporting higher profits. Dangote Cement reported a 41.5% increase in nine-month pre-tax profit to N1.47 trillion. Despite the headline index gain, the rally was concentrated in a limited number of stocks, as banking, insurance and consumer goods indices declined. Of the 146 securities tracked over the month, 28 gained, 72 declined and 46 were unchanged. In the final week, 33 equities appreciated, compared with 20 in the previous week, while 48 declined, down from 55. Another 65 remained unchanged, compared with 71 previously. Separate corporate updates included Skyway Aviation's nine-month pre-tax profit falling 22.13% to N8.08 billion, UAC's 9M pre-tax profit jumping 262.5% to N37.69 billion as revenue tripled, and OPay's IPO sale being halted after its debut on the NYSE.

The October gain was driven by industrial stocks and selected large-cap counters. Breadth remained weak, with declining stocks outnumbering advancing stocks over the month.