Best performing Nigerian stocks in October: Dangote Cement lead N2.01 trillion rally

The Nigerian Exchange (NGX) recorded a N2.01 trillion increase in equity market capitalisation in October 2026, rising by 1.23% to N165.11 trillion from N163.10 trillion at the end of September, driven largely by Dangote Cement and selected mid-cap stocks.

The NGX market performance data for the month indicate that the benchmark All-Share Index (ASI) increased to 254,299.49 points from 251,211.67 points, representing a gain of approximately 1.23% or 3,087.82 points.

Of the 146 securities tracked, 28 gained, 72 declined and 46 were unchanged.

The rally was concentrated in a limited number of stocks, as banking, insurance and consumer goods indices declined despite gains in industrial and selected large-cap counters.

Dangote Cement emerged as a major contributor to October’s market rally, gaining 33.12% to close at N1,420 per share from N1,066.70 at the end of September.

October’s rally was particularly pronounced towards month-end, with the ASI recovering from 244,956.94 points on October 22 to 254,299.49 points on October 30, gaining 9,342.55 points, or 3.81%.

Dangote Cement gained approximately 40.6% during the same period from N1,010 to N1,420, following its reported 41.5% increase in nine-month pre-tax profit to N1.47 trillion.

The NGX Industrial Index recorded the strongest sectoral performance in October, increasing by 16.85% to 12,199.20 points, largely supported by Dangote Cement.

The NGX Premium Index also gained 5.20%, while the NGX 30 Index rose 1.46%, reflecting stronger performance among selected blue-chip stocks.

The broader market recorded 28 advancing stocks, 72 declining stocks, and 46 unchanged securities among the 146 tracked. This indicates that the increase in overall market capitalisation was driven by a relatively narrow group of stocks rather than widespread market gains.

Sterling Financial Holdings moved from N7.70 to N76.35 following a one-for-ten share reconstruction with its market capitalisation unchanged at N527.5 billion upon relisting. This resulted in an 891.56% share price increase in October.

Research analysts at Cordros Securities Limited expect cautious trading as investors assess earnings releases and dividend declarations, while Cowry anticipates selective buying and intermittent profit-taking.

With market gains concentrated in a limited number of stocks, investors will be monitoring whether the rally broadens beyond industrial and selected large-cap counters in subsequent trading sessions.

Your email address will not be published. Required fields are marked *

Save my name, email, and website in this browser for the next time I comment.

Notify me of follow-up comments by email.

OPay post-IPO trading halted after raising $304 million

NGX market cap adds N140.55 billion to hit N165.11 trillion all-time high

eTranzact leads NGX tech stocks with 10% gain as market rises 0.47%