Nigeria’s equity market gained N2.01 trillion in October 2026, as strong price appreciation in selected mid-cap stocks and Dangote Cement lifted market capitalisation despite declining share prices across most listed securities.
Market capitalisation on the Nigerian Exchange (NGX) rose by 1.23 percent to N165.11 trillion at the end of October from N163.10 trillion recorded in September, while the benchmark All-Share Index (ASI) advanced by 3,087.82 points to 254,299.49 points from 251,211.67 points.
However, the market’s positive performance was concentrated in a relatively small number of stocks, with 72 of the 146 securities tracked recording losses during the month. Only 28 stocks appreciated, while 46 remained unchanged.
The disparity between gainers and losers highlights the selective nature of October’s rally, as banking, insurance and consumer goods indices declined despite gains in industrial and selected large-cap counters.
Multi-Trex Integrated Foods emerged as the market’s strongest percentage gainer, doubling its share price to N0.72 from N0.36, following its resumption of trading on the NGX after almost eight years of suspension.
The company’s return to the exchange followed the submission of its outstanding financial statements, which showed a significant increase in revenue to N3.61 billion from N47.9 million in the previous year.
However, the revenue expansion came alongside a deterioration in profitability, as its loss after tax widened to N615.06 million from N423.20 million in 2025. The company reported cost of sales of N3.10 billion and operating expenses of N1.11 billion, reflecting the substantial costs associated with its operations.
Livestock Feeds and E-Tranzact International followed Multi-Trex among the month’s strongest performers, gaining 64.20 percent and 33.61 percent, respectively.
Dangote Cement ranked fourth, with its share price appreciating 33.12 percent to N1,420 from N1,066.70. The cement manufacturer’s performance was supported by stronger earnings, as its nine-month pre-tax profit increased 41.5 percent to N1.47 trillion.
The company’s market capitalisation also crossed the N20 trillion threshold during the month, reinforcing its influence on the exchange’s overall market performance.
Other notable gainers included AVA Capital, which advanced 32.74 percent to N7.50, and Honeywell Flour Mills, which rose 25.28 percent to N22.55. Learn Africa gained 19.61 percent to N9.15, while Fidelity Bank appreciated 10.85 percent to N24.
Guinea Insurance and CAP rounded out the top 10 performers, gaining 10 percent each to close at N0.77 and N110, respectively.
October’s market recovery became more pronounced towards the end of the month, with the ASI climbing from 244,956.94 points on October 22 to 254,299.49 points on October 30. This represented a gain of 9,342.55 points, or 3.81 percent, within eight trading days.
Dangote Cement was among the major contributors to the late-month momentum, rising approximately 40.6 percent from N1,010 to N1,420 over the same period.
Meanwhile, Sterling Holdco recorded a share-price increase of 891.56 percent in October, moving from N7.70 to N76.35 following a one-for-ten share reconstruction and its subsequent relisting.
Although the movement made Sterling Holdco appear to be the exchange’s strongest-performing stock based on its unadjusted share price, the increase did not translate into additional market value. Its market capitalisation remained unchanged at N527.5 billion upon relisting.
After adjusting for the share reconstruction, Sterling Holdco’s October performance represents a decline of approximately 0.84 percent, distinguishing its underlying market performance from the mechanical adjustment in its share price.
The exchange’s October performance also represented a slowdown compared with the same period in 2025, when the NGX All-Share Index appreciated by approximately 8 percent, significantly above the 1.23 percent gain recorded this year.