BREAKING: Dangote Cement, Transcorp Power, Oando drive N2.32 trillion stock market rebound

The Nigerian equities market bounced back strongly on Monday, November 9, 2026, gaining N2.32 trillion in market capitalization or 1.44% to close higher at N163.92 trillion, up from N161.59 trillion and driven by robust gains in industrial stocks led by Dangote Cement and Transcorp Power Plc.

The NGX All-Share Index (ASI) also rose 1.44% to 252,456.74 points, lifting its year-to-date return to 62.23% while market capitalisation improved by 64.95% year-to-date (YTD).

However, the rally was narrow.

Dangote Cement gained N128.90 to close at N1,469.90, and its gain alone accounts for most of the day’s N2.32 trillion. Transcorp Power rose 5.65% and Oando 8.46%. Market breadth was negative, with 28 decliners against 20 advancers, a ratio of 0.7x.

Highlight of market performance:

• ASI: 252,456.74 points; up 1.44%, from 248,877.22 points.
• ASI YTD gain: 62.23%.
• Market capitalisation: N163.92 trillion; up 1.44%, from N161.59 trillion.
• Market capitalisation gain: N2.32 trillion.
• Market capitalisation YTD gain: 64.95%.
• Deals: 42,891 transactions; up 31.30%, from 32,666.
• Volume traded: 453.31 million shares; up 20.03%, from 377.66 million.
• Value traded: N30.55 billion; up 13.71%, from N26.87 billion.

Sector performance:

• NGX Industrial: 12,331.52 points; up 5.68%, from 11,668.33.
• NGX Insurance: 1,039.87 points; up 1.28%, from 1,026.74.
• NGX Commodity: 1,859.15 points; up 0.42%, from 1,851.36.
• NGX Banking: 2,375.68 points; up 0.25%, from 2,369.84.
• NGX Oil/Gas: 5,872.20 points; up 0.22%, from 5,859.28.
• NGX Consumer Goods: 3,956.13 points; down 0.03%, from 3,957.25.

Top 5 Gainers:

• Mansard Insurance: up 9.75%, from N11.80 to N12.95.
• Sovereign Trust Insurance: up 9.74%, from N1.95 to N2.14.
• Dangote Cement: up 9.61%, from N1,341.00 to N1,469.90.
• Oando: up 8.46%, from N33.10 to N35.90.
• Fidelity Bank: up 6.85%, from N23.35 to N24.95.

Top 5 Losers:

• Thomas Wyatt: down 9.62%, from N2.60 to N2.35.
• UPL: down 8.70%, from N4.60 to N4.20.
• FTG Insurance: down 7.38%, from N1.49 to N1.38.
• TIP: down 6.88%, from N26.90 to N25.05.
• Zichis: down 5.59%, from N17.00 to N16.05.

Blue-chip stocks driving the gains:

• Dangote Cement: up 9.61%, gaining N128.90 to N1,469.90. Its surge explains the 5.68% jump in the Industrial index.
• Transcorp Power: up 5.65%, gaining N12.40 to N232.00.
• Fidelity Bank: up 6.85%, gaining N1.60 to N24.95.
• Access Holdings: up 2.23%, gaining N0.60 to N27.50.
• Zenith Bank: up 0.09%, gaining N0.10 to N117.50.

What the data is saying

Dangote Cement’s N128.90 gain is worth about N2.18 trillion in market value, roughly 94% of the day’s N2.32 trillion gain. Without it, the market would have been close to flat, which fits the negative breadth and the 0.03% decline in Consumer Goods.

• Today’s gain is a partial recovery. Nairametrics reported that the ASI closed at 254,762.81 points on November 4, with market capitalisation at N165.42 trillion.
• The market therefore lost about N3.83 trillion between that close and Friday’s N161.59 trillion, and today’s gain recovers about 61% of it.
• The ASI remains about 0.9% below its November 4 level.

Trading activity improved, with deals up 31.30%, volume up 20.03% and value up 13.71%.

More insights:

Oando’s rally came after a streak of losses that saw the price tumble despite modest improvement in its earnings in the nine months to September 2026.

• Transcorp Power, despite today’s gain, is still below where 2026 began. Nairametrics reported that its share price closed 2025 at N307.00, which puts today’s N232.00 about 24% lower.
• Zichis fell -5.59% from N17.00 after notifying the NGX on Monday that Futureview Asset Management had acquired a 10.45% stake from Chilla Entertainment.

What you should know:

Nairametrics reported that Dangote Cement gained 33.12% in October to close at N1,420 from N1,066.70, and the market added N2.01 trillion in October to reach N165.11 trillion. Today’s N1,469.90 close is above that level.

Nairametrics also reported that Transcorp Power recorded the strongest price gain on November 4, alongside gains in GTCO, Zenith Bank and UBA.

Dangote Cement’s shares rose 69.79% from N609.00 at the start of the year to N1,034.00 by July 31, taking its market capitalisation to about N17.45 trillion. At N1,469.90, the stock is up about 141% on the N609.00 starting price.