NGX Hits Record High as Dangote Cement Leads Market Rally
- The Nigerian stock market rallied by 0.47% on Thursday, adding N779.31 billion to investors’ wealth as market capitalisation hit a record N164.97 trillion
- Dangote Cement led the rally among heavyweight stocks, gaining 5.82% to N1,420 per share and lifting the industrial index by 3.41%
- eTranzact, Sovereign Trust Insurance and FTG Insurance led the gainers, while First Holdco fell 10% to N125.55
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Legit.ng journalist Dave Ibemere has over a decade of business journalism experience with in-depth knowledge of the Nigerian economy, stocks, and general market trends.
The Nigerian stock market closed higher on Thursday, October 29, 2026, as the NGX All-Share Index (ASI) advanced by 1,200.24 points to reach a record 254,083.02 points.
Data from the Nigerian Exchange Limited (NGX) showed that market capitalisation rose from N164.19 trillion on Wednesday to N164.97 trillion, representing an increase of N779.31 billion.
Source: Getty Images
The latest gain pushed the market above its previous capitalisation record of N164.91 trillion recorded on Tuesday, October 27, 2026.
The rally was driven largely by strong buying interest in industrial stocks, particularly Dangote Cement, which gained 5.82% to close at N1,420 per share.
The NGX Industrial Index advanced by 3.41% to 12,199.47 points, while the banking index declined by 2.10% following losses in First Holdco and other financial stocks.
NGX top gainers
- eTranzact rose from N16.00 to N17.60, gaining N1.60 (+10.00%).
- Sovereign Trust Insurance advanced from N1.98 to N2.17, adding N0.19 (+9.60%).
- FTG Insurance increased from N1.60 to N1.75, gaining N0.15 (+9.38%).
- McNichols climbed from N4.90 to N5.35, adding N0.45 (+9.18%).
- Zichis Agro-Allied Industries rose from N17.00 to N18.40, gaining N1.40 (+8.24%).
NGX top losers
- First Holdco fell from N139.50 to N125.55, losing N13.95 (-10.00%).
- Livestock Feeds dropped from N13.40 to N12.10, shedding N1.30 (-9.70%).
- Tantalizers declined from N3.93 to N3.60, losing N0.33 (-8.40%).
- C&I Leasing fell from N5.40 to N5.00, down N0.40 (-7.41%).
- Regency Alliance Insurance dropped from N0.68 to N0.63, losing N0.05 (-7.35%).
Source: Getty Images
Most active stocks on NGX
A total of 654.14 million shares were traded during the session, up 61.88% from 404.08 million shares recorded on Wednesday. The number of deals declined by 8.16% to 35,789 from 38,970.
- First Holdco recorded 343.8 million shares traded, making it a major contributor to the day's trading volume despite its price decline.
- Other actively traded stocks contributed to total market turnover of 654.14 million shares.
Dangote Refinery closes $1.6bn IPO
Earlier, Legit.ng reported that Dangote Petroleum Refinery has closed its $1.6 billion initial public offering (IPO), attracting investment interest from 119 countries in what could become Africa's largest stock market listing.
The offer, which closed on Tuesday, October 27, 2026, reportedly secured between $1.5 billion and $1.6 billion in fully funded commitments from Nigerian and retail investors alone.
Investors from all 54 African countries also sought allocations, highlighting growing international interest in billionaire Aliko Dangote's refinery.
Source: Legit.ng
