Industrial Goods leads NGX sectors with 16.85% gain in October as banks fall 10.42%

The Industrial Goods Index led the Nigerian Exchange (NGX) sectoral performance in October 2026, gaining 16.85% as banking stocks recorded the steepest decline, with the Banking Index falling 10.42% during the month.

The NGX All-Share Index (ASI) and NGX 30 Index also closed higher, gaining 1.23% and 1.46%, respectively.

However, an analysis of NGX market data by Nairametrics Research shows that four of the five major sector indices recorded losses, leaving Industrial Goods as the only sector in positive territory.

What the data is saying

Between September 30 and October 30, 2026, the five major sector indices recorded the following performances:

• Industrial Goods Index: Gained 16.85%, from 10,440.27 to 12,199.20 points.
• Consumer Goods Index: Declined 1.09%, from 4,058.25 to 4,014.03 points.
• Oil and Gas Index: Fell 2.58%, from 6,246.86 to 6,085.42 points.
• Insurance Index: Lost 5.52%, from 1,087.10 to 1,027.06 points.
• Banking Index: Recorded the largest decline of 10.42%, from 2,712.10 to 2,429.46 points.

The 27.27 percentage-point gap between Industrial Goods and Banking highlighted the sharp contrast in sector performance. Meanwhile, the NGX ASI rose from 251,211.67 to 254,299.49 points, while the NGX 30 advanced from 9,241.53 to 9,376.41 points.

Industrial Goods leads as Dangote Cement gains 33.12%

Dangote Cement Plc led notable industrial stock gains, appreciating 33.12% from N1,066.70 to N1,420. CAP Plc gained 10%, Meyer Plc advanced 9.72%, and Austin Laz & Company Plc rose 6.82%.

Other stocks recorded modest losses, including Cutix Plc (-2.17%), HBM Nigeria Plc (-1.41%) and BUA Cement Plc (-1.21%). Berger Paints Plc and Premier Paints Plc closed unchanged. Overall, four of the nine companies gained, three declined, and two were unchanged.

First HoldCo leads banking losses as insurance and oil & gas stocks decline

Banking stocks recorded widespread declines, led by First HoldCo Plc, which fell 25.48%. Zenith Bank Plc lost 11.19%, GTCO declined 9.09%, United Bank for Africa Plc shed 7.59%, and Access Holdings Plc dropped 5.92%.

Other decliners included NPF Microfinance Bank Plc (-4.55%), Jaiz Bank Plc (-3.09%) and FCMB Group Plc (-2.18%). However, Fidelity Bank Plc gained 10.85%, Ecobank Transnational Incorporated advanced 4.41%, and Wema Bank Plc rose 1.59%.

Insurance stocks also recorded broad losses. Cornerstone Insurance Plc fell 18.75%, International Energy Insurance Plc declined 13.33%, Veritas Kapital Assurance Plc lost 9.91%, and Consolidated Hallmark Holdings Plc shed 8.71%. AIICO Insurance Plc and NEM Insurance Plc declined 6.58% and 4.18%, respectively.

Guinea Insurance Plc was the best-performing insurer, gaining 10%, followed by Sovereign Trust Insurance Plc at 6.82% and Lasaco Assurance Plc at 1.69%. Of the 18 insurance companies reviewed, 13 declined, three gained and two closed unchanged.

Oil and Gas stocks also ended the month lower, with none of the seven companies reviewed recording a gain. Japaul Gold & Ventures Plc fell 12.76%, Oando Plc lost 10%, Aradel Holdings Plc declined 5.89%, and Eterna Plc shed 2.84%. Seplat Energy Plc, TotalEnergies Nigeria Plc and Conoil Plc closed unchanged.

Consumer Goods stocks record mixed performance

Multi-Trex Integrated Foods Plc doubled its share price from N0.36 to N0.72, while Honeywell Flour Mill Plc gained 25.28% and Guinness Nigeria Plc advanced 9.93%. McNichols Plc and Unilever Nigeria Plc also rose 5.94% and 3.91%, respectively.

On the losing side, Vitafoam Nigeria Plc declined 10%, Nigerian Enamelware Plc fell 9.95%, Champion Breweries Plc lost 9.09%, Nigerian Breweries Plc shed 5.26%, and Nestlé Nigeria Plc dropped 5.17%. Among the 19 companies reviewed, nine declined, five gained, and five remained unchanged.

Top gainers and losers on the NGX

Beyond the sector indices, Multi-Trex Integrated Foods Plc was the best-performing stock among the companies reviewed, while Critical Minerals Financing Corp Plc recorded the steepest decline.

The 10 best-performing stocks in October were:

• Multi-Trex Integrated Foods Plc – 100.00%
• Livestock Feeds Plc – 64.20%
• E-Tranzact International Plc – 33.61%
• Dangote Cement Plc – 33.12%
• Ava Capital Plc – 32.74%
• Honeywell Flour Mill Plc – 25.28%
• Learn Africa Plc – 19.61%
• Fidelity Bank Plc – 10.85%
• CAP Plc – 10.00%
• Guinea Insurance Plc – 10.00%

Sterling Financial Holdings Plc was excluded because its September and October prices were affected by share reconstruction and relisting.

The 10 worst-performing stocks were:

• Critical Minerals Financing Corp Plc – 30.56% decline
• First HoldCo Plc – 25.48% decline
• Cornerstone Insurance Plc – 18.75% decline
• Zichis Agro Allied Industries Plc – 16.28% decline
• Ellah Lakes Plc – 15.66% decline
• Red Star Express Plc – 15.19% decline
• Royal Exchange Plc – 14.78% decline
• Legend Internet Plc – 13.70% decline
• International Energy Insurance Plc – 13.33% decline
• Japaul Gold & Ventures Plc – 12.76% decline

What you should know

In a previously reported article, Nairametrics noted that the Oil and Gas Index led NGX sectoral performance in September 2026, gaining 18.86%, while the Banking and Industrial Goods indices rose by 3.36% and 1.25%, respectively.

The October figures show a reversal in sector performance, with Industrial Goods taking the lead at 16.85% while Banking recorded the steepest decline.

Sterling Financial Holdings Plc’s 1-for-10 share reconstruction reduced its outstanding shares from 68.5 billion to 6.85 billion.

The company relisted on the NGX on October 9 at N77 and closed at N76.35 on October 30, down 0.84%. Excluding Sterling, nine of the 14 banking stocks declined, three gained, and one was unchanged.