NGX All-Share Index Hits Record 251,290 as Market Value Reaches N163.16 Trillion

The NGX All-Share Index closed at a record 251,290.54 points on Monday, 26 October 2026, after adding 4,068.27 points, or 1.65%, in a single session. The move pushed the value of listed Nigerian equities to N163.16 trillion, according to end-of-day figures reported by Nairametrics.

That market capitalisation is N2.64 trillion higher than Friday's close of N160.52 trillion. It also edges past the previous peak of N163.06 trillion, set on 23 September, which means Monday was the first session in about a month in which the market as a whole was worth more than at any earlier point.

What drove the NGX All-Share Index record

Industrial stocks did most of the work. The NGX Industrial Index rose 5.37% to 11,218.05 points, from 10,646.68, the biggest move among the sector gauges.

Dangote Cement was the single largest contributor. The stock rose by the maximum 10% allowed in one day, adding N111.10 to close at N1,222.10. At that price the cement maker alone is valued at about N20.62 trillion, roughly one-eighth of the whole exchange. When a stock that large hits its limit, the index follows.

Banks helped too. The NGX Banking Index gained 2.34% to 2,574.45 points, and the NGX Premium Index, which tracks the bourse's largest and most liquid names, rose 3.78% to 32,354.36.

Top gainers on 26 October

• Dangote Cement: up 10.00% to N1,222.10
• Honeywell Flour Mill: up 9.78% to N19.65
• Royal Exchange: up 9.18% to N1.07
• Nigerian Exchange Group: up 8.20% to N165.00
• First HoldCo: up 7.56% to N155.00

First HoldCo's gain extends a run that began after its nine-month results. We covered that rally in First HoldCo profit jumps 65% to N744bn in nine months. NGX Group, the exchange operator itself, has also been rising since it reported an 83% jump in nine-month pre-tax profit last week.

Top losers

• ABC Transport: down 9.59% to N6.60
• Caverton Offshore Support Group: down 9.38% to N4.35
• Livestock Feeds: down 9.09% to N15.50
• Champion Breweries: down 8.16% to N9.00
• PZ Cussons Nigeria: down 7.61% to N63.70

ABC Transport's fall came days after the company said it had approval to raise N6.5 billion in fresh capital, a step that can dilute existing holders.

The catch: fewer shares changed hands

The record came on thinner trading. Volume fell 46.13% to 329.51 million shares, from 611.66 million on Friday. The number of deals went the other way, rising 30.14% to 43,647 from 33,540.

More deals with fewer shares points to many smaller orders rather than large institutional blocks. A rally led by a handful of very large stocks, on lower volume, is narrower than the headline number suggests. Several sector gauges actually fell on Monday:

• NGX Consumer Goods Index: down 0.06% to 4,012.30
• NGX Growth Index: down 1.01% to 26,626.93

Others rose more modestly than the main index. The NGX Oil and Gas Index gained 0.88% to 6,089.08, the Insurance Index 0.67% to 1,056.47, the NGX 30 Index 1.76% to 9,260.09 and the Pension Index 1.57% to 13,005.05.

Why the timing matters

The new high lands in the same week as the close of the Dangote Petroleum Refinery share offer, which the exchange has said could bring large numbers of first-time investors into the market. A fresh record tends to draw attention from retail buyers, and the higher deal count on Monday is consistent with more small accounts trading.

It also comes against a mixed macro picture. The naira weakened sharply last week, and bond yields on the 10-year federal paper have stayed above 17%. High fixed-income returns usually compete with equities for local money, so the run in stocks shows that investors are still willing to take equity risk despite those yields.

What to watch next

• Breadth. If more sectors join the industrial and banking indices, the rally is on firmer ground. If Dangote Cement and a few banks keep carrying the index alone, a pullback in those names would hit the headline figure hard.
• Volume. A sustained move higher normally needs volume to recover. Another low-volume session at these levels would suggest buyers are thinning out.
• Earnings. Nine-month results are still arriving. Strong numbers, like those from First HoldCo and NGX Group, have been the trigger for the biggest single-stock moves this month.

For now, the NGX All-Share Index sits above 251,000 for the first time, and Nigerian equities are worth more than at any earlier close. Whether that holds depends on whether the rest of the market follows its largest stocks.

This article is for information only and is not investment advice.