NGX posts 63.42% year-to-date return as market hits record

By Boluwatife Oshadiya | November 1, 2026

Key Points

• The NGX All-Share Index gained 2.86% week-on-week to close at a record 254,299.49 points, lifting its year-to-date return to 63.42%
• Equity market capitalisation reached approximately ₦165.11 trillion at the October 30 close, crossing the ₦165 trillion threshold for the first time
• Industrial Goods led sectoral gains with a 14.58% advance, while Banking and Insurance declined by 3.42% and 2.13%, respectively

Main Story

The Nigerian Exchange (NGX) closed October with a record All-Share Index of 254,299.49 points, extending its year-to-date return to 63.42% after a 2.86% weekly advance.

Equity market capitalisation rose to approximately ₦165.11 trillion at the October 30 close, while the market’s weekly performance reflected renewed buying interest in selected large-cap stocks. The closing valuation was about ₦165.11 trillion, rather than the ₦165.51 trillion stated in the supplied draft.

Trading activity also increased during the week. Investors exchanged 7.62 billion shares valued at ₦637.99 billion in 192,349 deals, with trading volume, transaction value and deal count reportedly rising by 328.53%, 475.76% and 10.93%, respectively.

However, market breadth remained negative, with 33 advancers against 48 decliners. Cowry Asset Limited said the imbalance indicated that the index’s advance was concentrated in selected stocks rather than reflecting broad-based buying.

The Industrial Goods sector led the market, gaining 14.58%, supported by a rally in Dangote Cement (DANGCEM). Oil and Gas rose 0.82%, while Banking declined 3.42%, Insurance fell 2.13% and Consumer Goods edged down 0.02%.

Dangote Cement led the gainers with a 27.8% appreciation, followed by Honeywell Flour Mills at 26.0%. Caverton Offshore Support Group recorded the steepest decline, losing 25.0%.

The supplied market update does not contain a direct quotation from the NGX or Cowry Asset. The market commentary has therefore been paraphrased rather than presented as a direct quote.

What’s Being Said

Cowry Asset Limited attributed the market’s advance to buying interest in selected equities, while warning that negative breadth showed the gains were not widespread. The investment firm also identified DANGCEM as a major driver of the Industrial Goods sector’s performance.

The NGX closing data confirms a record index level and market capitalisation above ₦165 trillion. No direct statement from the Exchange was included in the supplied material.

What’s Next

• Cowry Asset expects the market to maintain a cautiously positive direction during the coming trading week, supported by interest in selected large-cap stocks.
• Investors are expected to monitor the sustainability of buying interest and whether market breadth improves, particularly across Banking, Insurance and Consumer Goods stocks.

The Bottom Line:

The NGX’s 63.42% year-to-date return signals a strong overall gain for the market, but the negative breadth shows that the rally has not benefited equities evenly. The concentration of gains in selected heavyweight stocks makes sector and stock selection important as investors assess the market’s next direction.