By Kehinde Victor
KEY POINTS
- NGX All-Share Index rose 0.47% to 254,083.02 points on Thursday, recovering from Wednesday’s decline.
- Market capitalisation increased by N779.31bn, lifting the year-to-date return to 63.28%.
- FIRSTHOLDCO accounted for 52.55% of trading volume and 60.63% of transaction value.
- Market breadth narrowed to 27 gainers against 26 decliners, despite the benchmark’s recovery.
- DANGCEM gained 5.82% and reached a new 52-week high of N1,420.
MAIN STORY
Nigeria’s equities market recovered N779.31bn in value on Thursday, 29 October 2026, as renewed buying lifted the Nigerian Exchange (NGX) All-Share Index by 0.47%, reversing the previous session’s decline.
The benchmark gained 1,200.24 points to close at 254,083.02 points, raising its year-to-date return to 63.28%. It also moved 0.57% above its 28 September closing level of 252,635.11 points, according to Proshare’s computation.
However, the recovery was accompanied by a narrow improvement in market breadth. Twenty-seven stocks advanced against 26 decliners, compared with 30 gainers and 25 losers recorded on Wednesday.
ETRANZACT led the gainers, while major stocks supporting the market included Dangote Cement, which rose 5.82%; ETI, up 2.90%; ACCESSCORP, up 1.90%; NGXGROUP, up 1.85%; and OANDO, also up 1.85%.
FIRSTHOLDCO led the decliners. Meanwhile, DANGCEM reached a new 52-week high of N1,420.00. REGALINS and ELLAHLAKES traded below their previous 52-week lows at N0.63 and N7.00, respectively.
THE ISSUES
Trading activity increased sharply on Thursday, but FIRSTHOLDCO accounted for more than half of the market’s transactions.
Total volume rose 61.90% to 654.28 million shares, while value traded increased 105.52% to N57.36bn. However, the number of deals fell 8.18% to 35,821, according to Proshare’s computation.
FIRSTHOLDCO dominated both measures, recording 343.80 million shares worth N34.78bn. Its transactions represented 52.55% of total volume and 60.63% of the value traded.
GTCO and UBA followed in volume, accounting for 6.20% and 4.03%, respectively. DANGCEM and GTCO ranked behind FIRSTHOLDCO by transaction value.
The concentration is important because the overall increase in market activity does not necessarily mean that trading participation expanded evenly across listed companies. FIRSTHOLDCO alone accounted for most of the value traded, while the number of deals declined.
This follows Wednesday’s session, when trading activity had dropped sharply after FIRSTHOLDCO dominated Tuesday’s transactions. Its renewed contribution on Thursday again played a major role in shaping the market’s aggregate figures.
WHAT’S NEXT
Investors will also be watching third-quarter financial disclosures and corporate announcements as companies continue to release updates.
Financial statements listed in Thursday’s report included filings from Meyer, Tantalizers, Nestlé Nigeria, Prestige Assurance, Japaul Gold and Ventures, and Cadbury Nigeria.
Corporate notices included Fidelity Bank’s announcement of the full redemption of its Eurobond and Nestlé Nigeria’s disclosure concerning a joint venture with Platinum Equity.
In the foreign exchange market, the naira appreciated marginally by 0.05% to N1,346.91/$ at the Nigerian Foreign Exchange Market (NFEM) window. The average Bureau de Change (BDC) rate remained unchanged at N1,390/$.
The gap between the two rates widened to 3.20% from 3.15%, according to computation.
In the commodities market, Brent crude traded at $113.58 per barrel as of 3:11 p.m. GMT, while gold was quoted at $4,024.17 per ounce.
BOTTOM LINE
The NGX recovered on Thursday, but the improvement was heavily influenced by FIRSTHOLDCO, which accounted for more than 60% of the value traded. With market breadth narrowing and the number of deals declining, the next sessions will show whether the recovery can attract broader participation beyond a few heavily traded stocks.
Source: Proshare
