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 leads October rally

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.

• The price increase lifted the company’s market capitalisation to approximately N24 trillion, supported by strong buying interest towards the end of the month.
• MTN Nigeria gained 1.55% to N850, while Fidelity Bank rose 10.85% to N24 and Guinness Nigeria advanced 9.93% to N423.
• Ecobank Transnational increased by 4.41% to N71, while Unilever Nigeria gained 3.91% to N109.
• Honeywell Flour Mill rose 25.28% to N22.55, while CAP advanced 10% to N110.
• Livestock Feeds gained 64.20% to N13.30, while E-Tranzact International increased by 33.61% to N16.30.
• The market’s strongest percentage gainer was Multi-Trex Integrated Foods, which doubled to N0.72 from N0.36, followed by Livestock Feeds and E-Tranzact.

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.

Highlight of the 10 stocks behind the rally: (September 30 vs. October 30)

• Dangote Cement: +33.12%, from N1,066.70 to N1,420.00
• MTN Nigeria: +1.55%, from N837.00 to N850.00
• Fidelity Bank: +10.85%, from N21.65 to N24.00
• Guinness Nigeria: +9.93%, from N384.80 to N423.00
• Ecobank Transnational: +4.41%, from N68.00 to N71.00
• Unilever Nigeria: +3.91%, from N104.90 to N109.00
• Honeywell Flour Mill: +25.28%, from N18.00 to N22.55
• CAP: +10.00%, from N100.00 to N110.00
• Livestock Feeds: +64.20%, from N8.10 to N13.30
• E-Tranzact International: +33.61%, from N12.20 to N16.30

Industrial stocks outperform banking shares:

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 NGX Banking Index declined by 10.42% to 2,429.46 points due to a sharp fall in Tier 1 banks: First Holdco, UBA, GTCO, Access and Zenith (also known as FUGAZ banks).
• First Holdco fell 25.48%, while Zenith Bank declined 11.19%, GTCO lost 9.09%, UBA dropped 7.59%, and Access Holdings fell 5.92%.
• The NGX Insurance Index declined by 5.52%, with Cornerstone Insurance, Royal Exchange, and International Energy Insurance among the month’s biggest losers.
• The NGX Commodity, Oil and Gas, and Consumer Goods indices declined by 2.71%, 2.58%, and 1.09%, respectively.
• Other major decliners included Critical Minerals Financing Corp, which lost 30.56%, and Zichis Agro Allied Industries, which declined by 16.28% despite reporting a 179% increase in nine-month pre-tax profit.

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.

Top 10 Best Performers by Percentage Gain:

• Multi-Trex Integrated Foods: +100.00%, from N0.36 to N0.72
• Livestock Feeds: +64.20%, from N8.10 to N13.30
• E-Tranzact International: +33.61%, from N12.20 to N16.30
• Dangote Cement: +33.12%, from N1,066.70 to N1,420.00
• AVA Capital: +32.74%, from N5.65 to N7.50
• Honeywell Flour Mill: +25.28%, from N18.00 to N22.55
• Learn Africa: +19.61%, from N7.65 to N9.15
• Fidelity Bank: +10.85%, from N21.65 to N24.00
• Guinea Insurance: +10.00%, from N0.70 to N0.77
• CAP: +10.00%, from N100.00 to N110.00

Top 10 Worst Performers by Percentage Loss:

• Critical Minerals Financing Corp: -30.56%, from N4.32 to N3.00
• First Holdco: -25.48%, from N159.90 to N119.15
• Cornerstone Insurance: -18.75%, from N5.60 to N4.55
• Zichis Agro Allied Industries: -16.28%, from N19.90 to N16.66
• Ellah Lakes: -15.66%, from N8.30 to N7.00
• Red Star Express: -15.19%, from N15.80 to N13.40
• Royal Exchange: -14.78%, from N1.15 to N0.98
• Legend Internet: -13.70%, from N3.65 to N3.15
• International Energy Insurance: -13.33%, from N2.25 to N1.95
• Japaul Gold & Ventures: -12.76%, from N2.90 to N2.53

Sterling share consolidation:

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.

• After adjusting for the share consolidation, Sterling’s October performance represents a decline of approximately 0.84%.
• In October 2025, the NGX ASI increased by approximately 8%, compared with the 1.23% gain recorded in October 2026.
• Dangote Cement gained 25.69% in October 2025, compared with its stronger 33.12% increase in October 2026.
• The comparison shows that Dangote Cement recorded a larger percentage gain this October, although the broader market advance was considerably smaller than a year earlier.

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.