A Record-Breaking Session on the Nigerian Exchange
The Nigerian stock market closed at an all-time high on Thursday, 29 October 2026, as the NGX All-Share Index advanced by 1,200.24 points to settle at a record 254,083.02 points. Market capitalisation climbed from N164.19 trillion on Wednesday to N164.97 trillion, adding N779.31 billion to investors’ wealth in a single session. That figure eclipsed the previous capitalisation record of N164.91 trillion set just two days earlier on Tuesday, 27 October. The rally confirmed a sustained upward momentum on the exchange, with industrial stocks at the heart of it.
Dangote Cement Carries the Day
The session’s standout performer was Dangote Cement, which surged 5.82% to close at N1,420 per share. That single stock was the primary engine behind a 3.41% advance in the NGX Industrial Index, which reached 12,199.47 points by the close of trading. Strong buying interest in the cement giant reflected broader confidence in Nigeria’s industrial sector, even as other segments of the market struggled. The contrast with the banking index was sharp: financial stocks dragged that sub-index down by 2.10%, largely on account of heavy losses in First Holdco.
Top Gainers and Losers
Stocks That Rose
Beyond Dangote Cement, several smaller stocks posted impressive gains across the session. eTranzact led the percentage gainers, climbing from N16.00 to N17.60, a full 10% increase. Sovereign Trust Insurance was close behind, rising from N1.98 to N2.17, a gain of 9.60%, while FTG Insurance added 9.38%, moving from N1.60 to N1.75. McNichols gained 9.18%, advancing from N4.90 to N5.35, and Zichis Agro-Allied Industries rounded out the top five with an 8.24% rise from N17.00 to N18.40. These gains spanned insurance, fintech and agro-allied sectors, suggesting appetite for risk across a broad range of market participants.
Stocks That Fell
First Holdco bore the heaviest losses of the day, tumbling 10% from N139.50 to N125.55, a drop of N13.95 per share. Livestock Feeds was not far behind, shedding 9.70% to close at N12.10 from N13.40. Tantalizers fell 8.40% to N3.60, C&I Leasing declined 7.41% to N5.00, and Regency Alliance Insurance lost 7.35% to settle at N0.63. The losses in financial and consumer-facing stocks provided a reminder that the headline index gain masked a more mixed picture beneath the surface.
Trading Volume Jumps Sharply
A total of 654.14 million shares changed hands during the session, a substantial 61.88% increase from the 404.08 million shares traded on Wednesday. First Holdco alone accounted for 343.8 million of those shares, making it the most actively traded stock despite recording the steepest price decline of the day. The number of deals, however, fell by 8.16% to 35,789 from 38,970 the previous session. The divergence between volume and deal count suggests that large block trades, rather than a broad surge in retail activity, drove much of the day’s turnover.
Dangote Refinery’s $1.6bn IPO Closes
Sitting alongside the market’s record session is a separate but related development: Dangote Petroleum Refinery has closed its $1.6 billion initial public offering, which attracted investment interest from 119 countries. The offer closed on Tuesday, 27 October 2026, reportedly securing between $1.5 billion and $1.6 billion in fully funded commitments from Nigerian and retail investors alone. Investors from all 54 African countries also sought allocations, underlining the scale of international appetite for exposure to Aliko Dangote’s refinery. If the listing proceeds as anticipated, it could become the largest stock market listing in African history, a development that would carry significant implications for the NGX and for Nigeria’s standing as a destination for serious capital.