Nigerian stocks closed October with a gain of approximately N2 trillion in market capitalisation, rising from around N163.1 trillion at the end of September to N165 trillion.
The supplied market data showed that the All-Share Index gained 1.23% during the month, taking its year-to-date return to 63.42%.
A 2.86% rally in the final trading week helped reverse earlier losses, securing October’s second consecutive positive finish and its sixth gain in 10 years.
Late rally reverses October losses
October started on a sour note, with the All-Share Index shedding 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 the month in negative territory.
- The early weakness followed a pattern of alternating monthly gains and losses in the All-Share Index since May, before October’s late recovery secured another positive close.
- 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%, over the period.
- Dangote Cement rose from N1,010 to N1,420 during the same period, representing a gain of approximately 40.6% and highlighting the strength of its month-end rally.
The recovery ensured that October ended with a modest monthly gain despite the weakness recorded during its first three weeks.
Dangote Cement leads monthly gains
Dangote Cement emerged as a major contributor to October’s rally, gaining 33.12% to close at N1,420 per share from N1,066.70 at the end of September.
The increase lifted the company’s market capitalisation to approximately N24 trillion, supported by strong buying interest towards month-end.
- The company’s final-week gain followed Nairametrics’ exclusive report that Femi Otedola was acquiring a significant stake in the cement giant, while its monthly advance placed it among the prominent gainers tracked.
- MTN Nigeria gained 1.55% to N850, Fidelity Bank rose 10.85% to N24, and 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, and CAP advanced 10% to N110.
- Livestock Feeds gained 64.20% to N13.30, while 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 supplied monthly data, followed by Livestock Feeds and E-Tranzact International.
Earnings support a concentrated rally
The earnings season provided another plausible 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, alongside the strong advance in its share price towards month-end.
- Despite the headline index gain, the monthly 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, showing that declining stocks outnumbered advancing stocks.
- 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.
The weekly figures showed an improvement in market breadth as October drew to a close, although the monthly figures still reflected broader price weakness across the securities tracked.
Gains in industrial stocks and selected large-cap counters therefore remained central to October’s positive overall market performance.
SOURCE: Nairametrics