NGX rallies as equity market cap reaches record N163.1 trillion

The Nigerian Exchange Limited (NGX) market capitalisation reached a record N163.16 trillion on Monday, October 26, 2026.

Total equity market capitalisation expanded by N2.64 trillion in a single trading session, rising from N160.52 trillion recorded on Friday, October 23, to close at N163.16 trillion on Monday.

Concurrently, the benchmark NGX All-Share Index (ASI) surged by 4,068.27 points (or 1.65%) to reach a record high of 251,290.54 points, up from 247,222.27 points in the previous session.

The latest milestone beat the previous market cap record of N163.06 trillion reached on September 23.

Market summary

• All-Share Index (ASI): 251,290.54 points, up 1.65% from 247,222.27 points
• Market cap: N163.16 trillion, up 1.65% from N160.52 trillion
• Market value gained: N2.64 trillion
• Trading volume: 329,506,847 shares, down 46.13% from 611,664,685 shares
• Total deals: 43,647 deals, up 30.14% from 33,540 deals

Top 5 gainers

• Dangote Cement PLC: Up 10.00% to N1,222.10 from N1,111.00
• Honeywell Flour Mill PLC: Up 9.78% to N19.65 from N17.90
• Royal Exchange PLC: Up 9.18% to N1.07 from N0.98
• Nigerian Exchange Group PLC: Up 8.20% to N165.00 from N152.50
• First Holdco PLC: Up 7.56% to N155.00 from N144.10

Top 5 losers

• ABC Transport PLC: Down 9.59% to N6.60 from N7.30
• Caverton Offshore Support Group PLC: Down 9.38% to N4.35 from N4.80
• Livestock Feeds PLC: Down 9.09% to N15.50 from N17.05
• Champion Breweries PLC: Down 8.16% to N9.00 from N9.80
• PZ Cussons Nigeria PLC: Down 7.61% to N63.70 from N68.95

Driving the numbers

The primary catalyst behind the market’s valuation expansion was a sharp surge in the NGX Industrial Index, which jumped 5.37% from 10,646.68 to 11,218.05 points.

Heavyweight Dangote Cement PLC anchored this movement by hitting its maximum allowable daily gain of 10.00%, adding N111.10 to close at N1,222.10 per share and elevating its market capitalisation to N20.62 trillion.

• Broad-based buying across key equities further fueled the momentum, led by Honeywell Flour Mill PLC rising 9.78% to N19.65 and Nigerian Exchange Group PLC (NGXGROUP) advancing 8.20% to close at N165.00.
• Compounding the rally was strong momentum in financial services, which pushed the NGX Banking Index up 2.34% to 2,574.45 points and lifted the NGX Premium Index by 3.78% to 32,354.36 points.
• Robust demand for Tier-1 and major financial institution equities lifted First HoldCo PLC by 7.56% to N155.00, Royal Exchange PLC by 9.18% to N1.07, Africa Prudential PLC by 5.88% to N10.80, Access Holdings PLC by 4.15% to ₦27.60, GTCO by 2.54% to N125.10, and Zenith Bank PLC by 1.26% to N120.90.

These industrial and banking gains easily absorbed localized profit-taking in stocks like ABC Transport PLC (-9.59%) and Caverton Offshore Support Group PLC (-9.38%).

Sectoral performance

Sectoral performance on the Nigerian Exchange was overwhelmingly bullish on October 26, 2026, headlined by a remarkable surge in the NGX Industrial Index, which jumped 5.37% from 10,646.68 to 11,218.05 points.

This expansion was driven primarily by Dangote Cement PLC, which surged 10.00% to close at N1,222.10 per share.

• The NGX Premium Index also posted significant gains, rising 3.78% from 31,175.31 to 32,354.36 points, while the NGX Banking Index advanced 2.34% to 2,574.45 points, supported by rallies in Tier-1 and major lenders such as First HoldCo PLC (+7.56%), Access Holdings PLC (+4.15%), and GTCO (+2.54%).
• Additional gains across thematic indices further highlighted broad market strength, as the NGX Lotus Islamic Index advanced 2.08% to 23,574.64 points, the NGX 30 Index rose 1.76% to 9,260.09 points, and the NGX Pension Index climbed 1.57% to 13,005.05 points.

In contrast, select consumer-facing and specialized segments experienced mild pullbacks as profit-taking muted overall sector gains.

• The NGX Consumer Goods Index dipped slightly by 0.06% from 4,014.81 to 4,012.30 points, weighed down by losses in major constituents such as Champion Breweries PLC (-8.16%), PZ Cussons Nigeria PLC (-7.61%), and Cadbury Nigeria PLC (-5.00%), despite counter-rally strength from Honeywell Flour Mill PLC (+9.78%).
• Similarly, the NGX Growth Index shed 1.01% to close at 26,626.93 points, pressured by declines in equities like The Initiates PLC (-6.60%).

Meanwhile, the NGX Oil/Gas Index gained 0.88% to reach 6,089.08 points, bolstered by Aradel Holdings PLC rising 2.48% to N1,439.90, while the NGX Insurance Index logged a modest 0.67% increase to 1,056.47 points, aided by advances in AIICO Insurance PLC (+4.18%) and Coronation Insurance PLC (+2.88%).