BREAKING: Dangote Cement, Transcorp Power, Oando drive N2.32 trillion stock market rebound

The Nigerian equities market bounced back strongly on Monday, November 9, 2026, gaining N2.32 trillion in market capitalization or 1.44% to close higher at N163.92 trillion, up from N161.59 trillion and driven by robust gains in industrial stocks led by Dangote Cement and Transcorp Power Plc.

The NGX All-Share Index (ASI) also rose 1.44% to 252,456.74 points, lifting its year-to-date return to 62.23% while market capitalisation improved by 64.95% year-to-date (YTD).

Dangote Cement gained N128.90 to close at N1,469.90, and its gain alone accounts for most of the day’s N2.32 trillion. Transcorp Power rose 5.65% and Oando 8.46%. Market breadth was negative, with 28 decliners against 20 advancers, a ratio of 0.7x.

Dangote Cement’s N128.90 gain is worth about N2.18 trillion in market value, roughly 94% of the day’s N2.32 trillion gain. Without it, the market would have been close to flat, which fits the negative breadth and the 0.03% decline in Consumer Goods.

Trading activity improved, with deals up 31.30%, volume up 20.03% and value up 13.71%.

Oando’s rally came after a streak of losses that saw the price tumble despite modest improvement in its earnings in the nine months to September 2026.

Nairametrics reported that Dangote Cement gained 33.12% in October to close at N1,420 from N1,066.70, and the market added N2.01 trillion in October to reach N165.11 trillion. Today’s N1,469.90 close is above that level.

Nairametrics also reported that Transcorp Power recorded the strongest price gain on November 4, alongside gains in GTCO, Zenith Bank and UBA.

Dangote Cement’s shares rose 69.79% from N609.00 at the start of the year to N1,034.00 by July 31, taking its market capitalisation to about N17.45 trillion. At N1,469.90, the stock is up about 141% on the N609.00 starting price.

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