NGX Market Cap Hits Record ₦163.16 Trillion as All-Share Index Jumps 1.65%

Nigerian equities returned to record territory on Monday, October 26, 2026, after the Nigerian Exchange Limited’s total market capitalisation expanded by ₦2.64 trillion in a single session to close at ₦163.16 trillion, breaking the previous peak of ₦163.06 trillion set on September 23, Nairametrics reported. The benchmark All-Share Index climbed 4,068.27 points, or 1.65%, to 251,290.54 points from Friday’s 247,222.27 points close.

The rally snapped a four-week pullback in which weekly reports had shown decliners repeatedly outpacing gainers on the Exchange. Friday’s 0.13% dip to 247,222.27 points had dragged October’s loss to about 1.59%, according to the NGX weekly market report, making Monday’s rebound the strongest single-session move in weeks and enough to put the year-to-date return back near the 58.87% level reported at the end of last week.

Turnover told a more selective story than the index gain. Trading volume fell 46.13% to 329,506,847 shares, even as the number of executed deals rose 30.14% to 43,647, indicating investors paid up for a shorter list of heavyweight names rather than chasing the broader tape, the market data showed.

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Industrial Index Carries the Session

The single biggest driver was the NGX Industrial Index, which jumped 5.37% from 10,646.68 to 11,218.05 points. Dangote Cement anchored the move, hitting its maximum allowable daily gain of 10.00% to close at ₦1,222.10 and lifting its market capitalisation to ₦20.62 trillion, according to Nairametrics’ session data. The cement maker, which ended 2025 at ₦609 per share, has now roughly doubled in value this year.

Honeywell Flour Mill added 9.78% to ₦19.65, Royal Exchange appreciated 9.18% to ₦1.07, Nigerian Exchange Group rose 8.20% to ₦165.00 and First HoldCo gained 7.56% to ₦155.00. On the downside, ABC Transport fell 9.59% to ₦6.60, Caverton Offshore Support Group dropped 9.38% to ₦4.35 and Livestock Feeds lost 9.09% to ₦15.50, keeping breadth mixed even as the headline indices surged.

Banks and Premium Stocks Add Fuel

Financial services equities did much of the heavy lifting behind the headline number. The NGX Banking Index advanced 2.34% to 2,574.45 points, supported by First HoldCo’s 7.56% rise, Access Holdings’ 4.15% gain to ₦27.60, GTCO’s 2.54% lift to ₦125.10 and Zenith Bank’s 1.26% appreciation to ₦120.90. Africa Prudential rose 5.88% to ₦10.80.

The NGX Premium Index, which tracks the market’s largest and most liquid names, climbed 3.78% to 32,354.36 points, while the NGX 30 Index rose 1.76% to 9,260.09 points. The strength in Nigeria’s best-capitalised companies was consistent with the pattern that has defined 2026’s equity market, where corporate capital raising and earnings upgrades have concentrated investor attention on large-cap counters.

What the Breadth Data Suggests

Monday’s advance came with 25 advancers against 28 decliners in some market trackers’ session tallies, a reminder that the rally was led by index-heavyweights rather than a broad, uniform bid. The Consumer Goods Index actually slipped 0.06%, weighed down by Champion Breweries (-8.16%), PZ Cussons (-7.61%) and Cadbury (-5.00%), even as Honeywell rallied inside the same sector. The Growth Index shed 1.01%, pressured by declines in The Initiates and similar names.

That mix matters for positioning. A record driven by a handful of ultra-large-capitalisation stocks is more resilient against profit-taking than a froth-driven broad advance, but it also concentrates single-name risk, with Dangote Cement’s daily limit-up providing an outsized share of the session’s points. Investors watching the tape this week will be asking whether Tuesday’s session can hold the new benchmark above the 250,000-point mark without the same single-company support.

Context: A Market Re-rating Still in Motion

The record close extends a year in which Nigerian equities have repeatedly set valuation milestones on the back of disinflation, an aggressive monetary easing cycle, corporate recapitalisation and the wave of new listings and offers, including the Dangote Petroleum Refinery public offer that closes Tuesday October 27. Monday’s data point is also a fit with fresh research published the same day by Nairametrics, which found Nigerian banking stocks had rallied 79% year-to-date yet still traded at deep discounts to book value, underscoring that the re-rating may have further to run.

At ₦163.16 trillion, the Exchange’s equity market capitalisation has now cemented itself above the September peak, giving policymakers and issuers a stronger platform heading into the final quarter, when listing pipelines and year-end portfolio positioning are expected to collide with liquidity conditions shaped by the Central Bank’s open-market operations.