NGX Overall Technical Performance For October 2026

Nigeria’s composite All-Share Index (NGX ASI) rose 1.23% to close at 254,299.48 basis points for the month of October, almost breaking the index’s 52-week high. In the first half of the month, the composite index fell sharply. Afterwards, it regained momentum, strengthening its recovery phase.

The index remains in Wave III of the grand cycle, with strong liquidity and momentum, suggesting the market has potential for a continued bullish rally. Given this sentiment, investors should watch for improved MACD bullish momentum and a major resistance breakout.

The banking sector lost 10.42% to close at 2,429.46 bps. During the month, the index experienced strong bearish pressure led by First Bank Plc. Despite this strong bearish momentum, the index remained strong above its moving average within Wave 5 of Wave III of the grand cycle. This performance suggests that the sector still has potential. In line with this performance, the NGXBNK’s liquidity and relative strength remained high and strong.

Top gainers: FIDELITY (+10.85%), ETI (+4.41%), WEMABANK (+1.59%)

Top losers: FIRSTHOLD (-25.48%), ZENITH (-11.19%), GTCO (-9.09%), UBA (-7.59%), ACCESSCORP (-5.92%)

The consumer goods index fell 6.55% and closed at 7,118.95 basis points. During the month, the NGXCSMG experienced strong bearishness and attempted to recover. However, the selling pressure from the finance sector dominated the index. Despite the bearish momentum, the index closed above its moving average with strong volume and relative strength. Additionally, the sector trades within Wave 5 of Wave III of the grand cycle, offering long-term investment opportunities

Top gainers: ETRANZA (+33.61%), HONEYFLOUR (+25.28%), GUINNESS (+9.93%)

Top losers: ROYALEX (-14.78%), NEIMETH (-11.69%)

The industrial sector gained 16.85% to close at 12,199.20 bps. The index experienced strong bullish momentum during the month, led by Dangote Cement. This performance strengthened the index’s recovery phase, relative strength, and liquidity. Investors should note that the index remains within its recovery phase; thus, they should watch for strong breakout performance to determine the index’s outlook.

Top losers: TRIPPLE (-14.89%), BUACEMENT (-1.21%), CUTIX (-0.88%)

The oil and gas index shed 2.58% to close at 6,085.42 bps. During the month, the NGXOGSE consolidated after breaking its 52-week high in September. This performance signified mild profit-taking as the bearish volume closed relatively low. Notably, the index’s volume and momentum improved, suggesting sustained investor interest.

The insurance index shed 5.52% and closed at 1,027.06 basis points. The index sustained another loss this month amid the recovery phase. However, the selling pressure was low as the NGXINS consolidated sideways. The index has long-term investment potential because it hasn’t started its Wave III of the grand cycle. Thus, investors should watch for strong support levels within the 1.618 Fibonacci level. In line with this sentiment, the index’s liquidity and relative strength remained solid and attractive for investment.

Top gainers: SOVRENI (+6.82%), LASACO (+1.69%)

Top losers: CORNERS (-18.75%), INTENEG (-13.33%), VERITASKAP (-9.91%), CONHALLPLC (-8.71%), REGALIN (-7.14%)