Nigerian Stocks Rally Sees End to Four-Week Losing Streak

BREAKING NEWSNovember 1, 2026 at 11:18 AM UTC

TLDR

Nigerian stocks gained N4.6 trillion in market value during the week ended October 30, 2026, ending 4 consecutive weeks of losses
The Nigerian Exchange (NGX) All-Share Index rose 2.86% to 254,299.49 points from 247,222.27 points a week earlier
Dangote Cement led weekly gainers, surging 27.81% to N1,420 from N1,111 after reporting N974.8 billion in profit for the first 9 months of 2026

Nigerian stocks gained N4.6 trillion in market value during the week ended October 30, 2026, ending 4 consecutive weeks of losses as a rally in Dangote Cement lifted the benchmark index. The Nigerian Exchange (NGX) All-Share Index rose 2.86% to 254,299.49 points from 247,222.27 points a week earlier, while equity market capitalization climbed to N165.114 trillion from N160.519 trillion. The increase pushed the index's year-to-date return to 63.42%, with October closing 1.23% higher.

Trading activity surged during the week, with investors exchanging 7.619 billion shares worth N637.83 billion across 192,138 deals, compared with 2.024 billion shares valued at N110.77 billion the previous week. Trading volume increased 276.43%, while transaction value rose 475.81%. Financial services accounted for 91.75% of shares traded and 89.91% of transaction value. First HoldCo, Guaranty Trust Holding Company and United Bank for Africa accounted for 6.096 billion shares worth N544.44 billion, representing 80.02% of market volume.

Industrial stocks drove the market's recovery, with the NGX Industrial Goods Index rising 14.58%, while the NGX Premium Index gained 7.21%. Dangote Cement led weekly gainers, surging 27.81% to N1,420 from N1,111 after reporting N974.8 billion in profit for the first 9 months of 2026. Honeywell Flour Mills followed with a 25.98% gain to N22.55, while UPDC Real Estate Investment Trust advanced 20.57% to N21.10. Access Holdings rose 7.92% to N28.60.

Banking stocks continued to face selling pressure despite the market's recovery. The NGX Banking Index declined 3.42%, bringing its October loss to 10.42%, while insurance stocks fell 2.13%. Caverton Offshore Support Group recorded the largest weekly decline, falling 25% to N3.60. Livestock Feeds dropped 21.99% to N13.30, while First HoldCo lost 17.31% to N119.15 despite ranking among the most traded stocks.

Market breadth improved, with 33 stocks gaining against 48 decliners, compared with 20 gainers and 55 losers the previous week. Another 65 stocks remained unchanged. In the fixed-income market, bond transactions rose to N2.20 billion from N226.31 million. The exchange also listed N728.98 billion in NBET Finance bonds carrying an 18% annual coupon and maturing in 2033, alongside government savings bonds issued in October.

Points clés à retenir

Nigeria's stock market ended October with a 1.23% gain, but the recovery was driven by a limited number of companies rather than gains across the exchange. The NGX All-Share Index rose 2.86% during the week, although 48 stocks declined and 33 advanced. Dangote Cement played a role in the rebound, gaining 27.81% after reporting a 31.15% increase in profit after tax to N974.8 billion for the first 9 months of 2026. The company's revenue rose 19.6% to N3.77 trillion, while operating cash flow reached N1.8 trillion. Its share price increase helped push the Industrial Goods Index up 14.58%, offsetting declines in banking and insurance stocks. Trading activity also reflected concentration among a few companies. On October 27, investors exchanged 5.23 billion shares worth N441.44 billion, accounting for about 69% of the week's transaction value. First HoldCo accounted for about 4.87 billion shares traded that day. Such transactions can increase reported market turnover without indicating a comparable increase in buying across all listed companies. Meanwhile, the NGX Banking Index ended October down 10.42%, despite remaining up 60.27% since January. The contrast between industrial and banking stocks shows that investors continue to favor some sectors while reducing exposure to others. With the benchmark index up 63.42% in 2026, November's performance will depend on whether earnings support further gains, whether banking stocks recover and whether buying extends beyond companies with large market capitalizations.